Eight ways to attract millennial homebuyers
Millennials are currently the largest group of homebuyers in the UK and will continue to revolutionise the housing market for years to come. As more millennials pursue homeownership, it is essential to revitalise your home to attract multiple offers from this surging demographic.
Luckily, plenty of affordable upgrades and simple ways to spruce up your home appeal to millennial homebuyers and sell your house quickly.
1. Updating your kitchen and bathroom
Most younger buyers want to see if they can afford their first home. They probably won’t have the money or time to redo a kitchen and bathroom. Millennial homebuyers will be looking for an updated kitchen. A kitchen that includes new countertops, fresh cabinets, and hardwood floors. Updating your cabinets and countertops is a great way to spruce up your kitchen or even give it a unique look. Hardwood floors are becoming increasingly popular among homebuyers and can dramatically improve your kitchen's look.
First-time homebuyers are also looking for a bathroom with new tiling and modern fixtures. Hiring a team of professionals and spending money on a kitchen and bathroom remodel can attract more millennial homebuyers to your property. Not only that, but you’ll probably recoup a lot of your costs in your home’s selling price.
2. Creating an open floor plan
Millennials are attracted to large, open spaces. Larger spaces can be used to entertain guests or as multi-functional rooms are favourable for millennials. Essentially, they don’t want to feel like their family or friends have to be separated into different home parts. If you are already planning on remodelling your kitchen, you may consider tearing down a wall or two to create a more relaxed look.
3. Choosing low-maintenance materials
Millennial homebuyers are interested in low-maintenance homes. They are not looking for a fixer-upper like Gen-Zers and other past generations. Millennial homebuyers don’t want to spend their time on significant repairs, home maintenance, or even cleaning their homes. They prefer things that will last and are easy to maintain.
Consider choosing low-maintenance materials. These materials include quartz countertops, full-sheet materials like back-painted glass, and quartz backsplashes to eliminate grout lines for easy cleaning. As well as installing vinyl, sealed concrete or hardwood floors in your kitchen and bathroom to provide the new homeowners with durable, easy to clean surfaces.
4. Adding innovative home technology
Adding technology to the home will excite millennial buyers into purchasing your home. Many millennial homebuyers are interested in looking at homes that can manage all their home devices from one place. A smart home ecosystem has many benefits, including remote control functions, increased home security, and energy efficiency. These functions allow homeowners to conveniently control their homes from anywhere and reduce their energy bills.
5. Installing energy-efficient appliances
Millennials care about the environment and will even pay extra to protect it. Younger homebuyers want appliances designed to help reduce power consumption, reduce environmental impact, and contribute to a healthier planet. 75 per cent of millennial homebuyers want energy Star-rated appliances in their homes. They also want these appliances to save money and have the latest features and technology to make everyday tasks easier.
6. Adding a home office
Creating a space that can double as a home office is intriguing to many millennial homebuyers. Many do commute to work, primarily if they work in the city. But there is also an increasing number of millennials working from home at least a couple of days a week. Creating this space allows these millennial homebuyers to have a designated area where they can work from home easily and comfortably.
7. Painting your home
Opt for neutral colours on walls, trim, and baseboards if you need to freshen up your paint and appeal to millennial homebuyers. Light grey, cream, and other soft neutrals are preferred. If you have children and their rooms are all shades of bright green, blue, and pink, consider painting those to match the rest of your home. Having this neutral base will make your home easy to stage and design. It also will bring a more simple, sophisticated look that millennial homebuyers find alluring.
8. Highlighting proximity and walkability to market your home
A “walkable community” means a home near public transportation, grocery stores, restaurants, local businesses, and public services. Homes receive a Walk Score based on how many errands can be accomplished on foot. Millennial homebuyers are very interested in homes that have a great location. Fifty-six per cent of millennials and 46 per cent of baby boomers prefer walkable communities with a range of housing amidst local businesses and public services. If your home is considered walkable, you’ll want to market it that way. Doing so will attract more buyer interest, and you’ll potentially be able to price your home higher.
As time progresses, millennials are beginning to make up a more significant population of homebuyers than ever. As the playing field of buyers changes, it isn’t a bad idea to update your home to cater to the larger home buying demographic. Following these tips can help provide you with more bids from potential buyers and possibly sell your home quickly and for more money.