In the last decade the Generation Y (those born between 1980 and 2000) or the millennial generation, has become market dominant force with young earners who have fresh buying capacity including in the real estate market. Unlike their predecessors (Generation X), Millennials have very different tastes and lifestyle choices, which mean that they are setting new trends in home buying compared people of other generations.
In this article we will discuss the top 4 things that Millennials look for in household property.
1. Efficient, green and healthy technology
We live in an age of technology where almost everyone has a mobile device and going wireless has become the norm. Today’s buyers want their homes to be technologically fitted, with wifi capabilities and a fast internet connection. But that is not all, millennials are also adopting a more sustainable and healthy lifestyle and will thus be looking for homes with energy efficient systems, good waste management and use of recyclable materials to reduce their carbon footprint. Property development with a green footprint will certainly be a popular draw with this group of people.
2. Low Maintenance
Most millennials nowadays tend to work for long hours and are extremely money conscious, which is why they prefer homes that require little maintenance. Having low-upkeep features and fittings such as floors made of faux wood and granite countertops in the kitchen are looked upon as positives by millennials. Today’s millennials do not want to spend their spare time doing household chores; they would rather go on a nature hike.
3. Good location
Location has always been important in the real estate industry, and for most millennials the preferred location for a home is close to an urban centre where they may have easy access to services and amenities such as shopping, clinics, hospitals, public transportation, and movie theatres. Office goers may not want to travel long distances for work or for leisure. However, millennials with children may prefer someplace more open and residential.
4. Open and multifunctional interiors
During the time of Generation X, every house had spare rooms and every room was given its own key role; the dining room was for eating, the drawing room was for relaxing and entertaining guests and the kitchen was for cooking food. For the most part these rooms had their own boundaries and each room had only one function. However, millennials do not think the same way; they are looking for a home with open spaces where a dining room can also easily transition to a drawing room or kitchen. In smaller homes and condos, multifunctional spaces take on an even greater importance. Nowadays it is not uncommon to find exercise equipment or an office desk in a bedroom.
We should state that these points may not hold true for all millennial home buyers; rather think of this article as a guideline for what most millennials want from the property they looking at and what influences their decisions on whether they should invest in a property or not. Millennials will be the driving force for the real estate market in the future, so making yourself familiar with what they want now will work to the advantage of any serious real estate investor in the future.