Millennial home buyers have entered the housing market in a big way. This group is now considered to be the largest group of home buyers. If you are thinking of selling your own home, these are the things you have to know before you do so.
68% of millennials say they will use their first home as a stepping stone towards their dream home, but this does not mean that they will ignore its condition and surroundings. On the contrary, this group of buyers claims that it will check every corner of the property, making sure it is suitable to live. One of the most important factors while choosing a house or flat is that it should be newly constructed versus “fixer-uppers”. The reason here is simple – Generation Y, or in other words, Millennials are not willing to fix electricity or plumbing problems. We recommend at least doing a cosmetic renovation if the apartment is considered to be old.
Millennials claim that they will check every corner of the property, making sure it is suitable to live.
Meet Their Expectations
If you want to satisfy and get a competitive advantage in the market, make sure the apartment you are about to sell has at least one of the below-listed components:
Home office. According to a Deloitte study, nearly 75 percent of Millennials believe that a “work from home” or “work remotely” policy is essential, meaning that the physical layout of the office may transform, giving your potential buyers more flexibility. If you have an extra empty room – we strongly invite you to transform it into a home office. If the apartment is too small, get inspired by some great ideas from IKEA.
Outdoor/Indoor Open Floor Plans. Today we live in a co-shared society. We share cars while using Uber, and we share homes through the use of the Airbnb platform, etc. When it comes to millennial’s homes, they want open floor plans, increased light, a social environment within the household. Would you be willing to create a shared terrace or garden with your neighbors? A room that would combine your living room with your kitchen? There are many ideas out there to help you boost your apartment’s potential.
Ideal Location. Your potential buyers have the tendency to move to places where a high number of millennials already reside, despite the fact that this often entails higher home prices and cost of living. Moreover, it is important that a gym, their favorite brunch place, and a coffee shop is merely a walk-in or bike-in distance. Before renting or selling your property to this group of people, make sure you know all the trendy places around or simply ask a Zillien consultant to help you.
Sometimes millennials are difficult to catch-up with but this group should never be ignored. Our real estate agents are in a position to assist you to meet the needs of millennials and all the latest trends. Contact us today for more info.