What Home Upgrades Do Millennials Want?
Whether you’ve made the decision to rent or sell your property, the realities remains the same; upgrading your home to fit the right demographic is paramount in attracting the right people. So, how can you outfit your property to reach a millennial market?
With millennials leaving college behind and preparing themselves for the next step, it’s key to know exactly what they want. The current strain of millennial home seekers are a different kind of home buyer/renter; they are privy to a more accessible job market and are using that money for mortgages over marriages. The opportunity is out there for savvy property owners to capitalize on the millennial mindset and turn a healthy profit in the process – but how?
Secrets of Space
While the job market is ensuring that more millennials are securing work, they are doing it their own way. A study was conducted that resulted in 92% of millennials proclaiming their wish to work from home, and many of them are making this a reality. This means that newer home buyers and renters are likely to be looking for space in your property to facilitate a remote work situation.
“I own and rent property in a college town and there’s nothing that lights up the eyes of a millennial like a home office, craft room or ‘man-cave’,” says investment property owner Jeff Porter. “The easiest solution is to market that spare room accordingly and let the potential owners/renters use their imagination for the space.”
Another spatial element that should be considered when targeting youthful tenants revolves around the kitchen. Millennials crave open floor plan concepts and high on the priority list is an open kitchen. Perhaps it’s because many millennials believe that food and community go hand and hand – or maybe they just need more space to charge their laptops and smartphones. Whatever the reason, you can bet on an open kitchen speaking loudly to both their sensibilities and their wallets.
Smart Homes Speak Volumes
If you’ve been living under an old, dusty rock for the past few years, the term ‘smart home’ may sound a bit strange. However, the smart home revolution is in full swing and adapting quickly can bring in sizable returns.
Smart homes are all about ease of use and ultimate control. In a nutshell, a smart home is any home that has technology that can be remotely controlled and set using your computer, smart phone or tablet device. So, how can you translate this technology into tangible home upgrades?
There are numerous products and options for you to consider, and a great start is to outfit your property with smart thermostats. These nifty, digital interfaces allow users to completely customize their schedules and save money. Millennials will immediately see value here; their hectic schedules and inherent fluency in technology will make them clamor for any upgrade of this sort.
Additionally, appliances still factor heavily into the minds of potential home buyers and renters. Many young home owners won’t even consider a home that has outdated appliances.
“The first question I always get is what the washer/dryer situation is in the property. Then we move on to the refrigerator, oven and dishwasher. Young buyers and renters crave new appliances that will wow them. The costs can add up quickly, but the ‘wow factor’ is always there,” says Porter.
Thankfully there are many options on the market—and the look on a millennial’s face when you tell them they can run a gentle cycle from their smart phone will be priceless.
Lastly, the smart home boom has also meant much safer properties. Smart security systems allow users to remotely lock their doors, monitor their home through cameras via smart phones and plan accordingly. This will resonate with many younger buyers and renters, especially if your property is located in a city.
Green is the New Black
If there’s anything millennials crave more than flexibility and customization, it’s sustainability. So it should be no secret that millennials have adopted an energy conscious and sustainable worldview. The great thing is that by upgrading your property with the smart features above, you will be killing two birds with one stone.
A smart security system will not only act as a deterrent for burglars and break-ins, but it also allow users to save energy. This is due to the fact that many smart security solutions feature a lighting component which can be used to time when lights are on/off. This is just one example of a dual solution that will spark the interest in millennials.
Taking this one step further, you could outfit your property with solar panels. While they are a bit pricy to have installed, it could pay back in dividends if you are renting or selling your property to millennials. This is a top dollar green upgrade and millennials will pay accordingly. Plus, you can cut the cost of a solar power system by up to 50 percent if you utilize all the tax rebates and incentives available to you.
The bottom line is that if you are going to effectively target the millennial market, you’re going to need to invest a healthy chunk of change into your existing property. However, every gray hair you may sprout per upgrade will lead to one more fresh-faced millennial that will be interested in your property.