Simple Tips to Attract Generation Y Home Buyers
The Generation Y was once called “self-absorbed” by The Daily Planet because they were not prone to getting married and planning a family. Today, however, the members of this generation are finally getting on their feet and starting to buy properties and live independently.
According to a study done by Genworth Canada, 42% of first-time homebuyers are families with kids, while 34% are couples planning to have children in the near future. Since most of them are born between 1980 and 1995, it is safe to assume that Generation Y is dictating the trends on the real estate market, therefore, the basic goal of real estate agents and homeowners will be to satisfy their needs.
Generation Y is born into technology, and they like to keep up with its changes. They love to have all the latest gadgets in their pocket, and the same goes for their house. The so-called smart house gives them a sense of control and offers significant advantages over conventional homes – accessibility, convenience, and security. Automating your home can be just as cost-effective an investment, as remodeling the kitchen has always been.
With the average of 8 working hours a day (40 a week), and sometimes working overtime or at home, Generation Y workers have little time to spend with their families, socialize and dedicate to themselves. Cleaning and maintaining the house must be streamlined so it doesn’t consume their days. The new generation of buyers will, therefore, search for houses with low-maintenance features, such as granite countertops, stone floors, area rugs (instead of wall-to-wall carpeting), etc.
Generation Y doesn’t want to see an empty space where they have to picture their ideal life. On the contrary, they love their potential homes decorated according to the latest trends. Sure, the large-scale projects should be left to new homeowners, but you can always change the house’s appeal with painting and accessories.
What these buyers want are some modern items like those perfect rugs from Hong Kong that will upgrade the style of the interior. The latest trend you can easily implement are Pantone’s twin colors of the year and they will refresh the look of the entire space and appeal to buyers searching for such resourcefulness.
Open Floor Concept
Unlike their parents who considered a formal dining room a decisive feature for making a purchase, Millennials prefer open concept kitchen and open plan living. They have moved past the formality, and want for both the kitchen and the dining room to be places to “hang” with their friends and families. In fact, this is so important to them, that tearing down the wall dividing these two rooms would be an excellent idea before you put the house to the market.
Energy-efficiency is a feature that can make or break your sale. For the new generation of home buyers, it is essential, not only because of the reduced energy bills but also because of the impact they are making on the planet. Some of the most desirable energy-efficient upgrades are proper insulation, double glazed windows, LED lighting, and low-flow shower.
Maximally Used Space
Millennials like their homes well-organized and with storage space everywhere, even in the most unexpected places (under the bench, armchair, behind a curtain, etc.), so showing them a house with enough walk-in closets and storage options leads to a sure sale. Although they prefer open concepts, they also love to have efficient ways to keep their privacy. Enter room dividers – from glass to wood, you can find them in all shapes and colors. Certainly the most appealing ones are green living walls, offering functionality and a breath of nature in the home, at the same time.
Also, generation Y members will appreciate a simpler house hunting experience, where all the facts and photographs (high-quality) will be presented to them online, so that they can decide whether or not the offer deserves scheduling for house viewing.