Back in 2006, I went to a weekend real estate investing seminar and listened to a real estate guru, who shared...
3 Things That Millennial Home Buyers Want
Flipping homes seems simple, right? You find a low-cost property on the market, the location is great, and all you need to do is a little renovating before you feel the windfall of cash fall into your pockets. Or, that’s what those who make it look easy would have you believe.
Whether you’re new to fix and flip investments or you’re navigating new changes in the market, you’ll know that your renovation efforts need to provide an edge over other investors in the area doing the same. One way to achieve this is to target a unique market of home buyers, and one such market with increasing prospects are Millennials.
The easiest way to market your home to Millennials is to ensure it has all the features they want. Despite receiving a bad rap in the press for having it easy, this is a discerning market of first-time home buyers with specific tastes. While there’s no guarantee you’ll please everyone, adding the following features to your renovation property will place you a step ahead of your competitors.
Open plan spaces that serve multiple purposes
Long gone are the days of formal dining rooms and kitchens that were designed for food preparation only. Today, Millennials want open plan spaces that flow, have potential, and serve multiple purposes.
For example, in the downstairs areas, you may find that an amalgamation of cooking and dining areas are necessary. And, there’s no need to close those areas off from the living space where TV watching, socializing, and exercising takes place. They should all flow into one another, giving the sense of open living and easy communication that now prevails in most American offices.
Why do Millennials want this? Because their lives are hectic, ever-changing, and the prize is being able to communicate with one another. Some may even appreciate the appearance of an alcove, which they can dedicate to working, relaxing, or even as a play space when little ones come along.
The opportunity to enjoy green living, the simple way
According to one post from Fast Company, Millennials love spending their time in an eco-friendly manner. Additionally, there’s evidence suggesting that Millennials would prefer to buy a property that minimizes their carbon footprint as much as possible. Given that most lead busy lives, doing so should be convenient.
Fortunately, many of the features a property needs to remain eco-friendly are not left-field. Solar panels are commonplace, insulation sometimes comes with government grants, and composting devices are easy to access. If you need to renovate a property, accessing recycled materials will give you some serious green bragging rights.
The desire for environmentally-friendly living isn’t going to go away any time soon. If the property you’re flipping is old, it’s probably less energy efficient. Using some of the tools listed above, you can overcome this and broaden your appeal to the millennial market.
Specialty rooms are an added bonus
As a generation that loves flexibility, Millennials are more likely to invest in properties that offer a prospective specialty room. What is a prospective specialty room? It’s a space you create that they can then use as they wish. As their lives change, they’ll re-dedicate it to another aspect of their lifestyle.
Because a lot of Millennials telecommute, it’s fair to assume that they’ll search for a house where one room could double up as an office. However, not just any old room will do. They may crave natural light that contributes to better mental health. Enough room for a sofa bed for when guests come to stay. Hardwood flooring that has been repurposed and is easy to clean, plus enough ventilation to feel refreshed at all times. And, acoustics that makes them peaceful places to work, no matter what’s happening outside.
While such rooms don’t sound spectacularly special, all of the above features lend themselves well to other spaces. For example, relaxation and meditation areas, home libraries, fitness suites, and playrooms. When you can add a malleable room to your property and market it in the right way, it becomes enticing to this niche market.
With each change you make, your home will benefit from the features that Millennials want. After that, all you need to do is market them appropriately to secure a quick sale.