There is a myth going around that Millennials and younger generations are choosing to rent property rather than purchase. However, according to the National Association of Realtors, the largest percentage of home buyers are actually between the ages of 29 to 38 – the Millennials.
Even though young home buyers are just entering the real estate game, they are certainly switching things up. Sellers and real estate agents need to understand what will be the most important selling points for Millennials and younger generations. Then adjust their listings appropriately to attract them.
Here are four simple but effective tips for selling your property to younger buyers.
1. Minimalistic and Simple Design
Buying a home is expensive in and of itself. But conducting renovations and repairs just adds thousands of more dollars to the cost.
According to a survey from Bankrate, 63% of Millennial homeowners regretted their purchase because they failed to account for additional costs like renovations.
While younger home buyers want to bring their own design to the table, they don’t want to spend thousands of dollars to achieve that vision. I mean, who does?
So, it is best to give them a simple canvas they can easily add to - without having to totally redesign the property.
If you are willing to make the investment yourself, consider repainting your home with neutral colors like whites and greys.
Additionally, avoid any excessive decoration or design elements, like gaudy light fixtures or detailed crown moldings, and stick to more minimalistic layouts.
2. Eco-Friendly Materials
Younger generations are quite conscious of the environment and want to purchase homes that are made with sustainable materials. In fact, 68% of people in the market for a home stated they wanted to purchase an environmentally-friendly home.
If you are selling an older home, consider updating things to promote sustainability - rather than starting from scratch with new materials. You can just follow the three basic principles here: Reduce, Reuse, Recycle.
First, start by reducing the amount of materials and resources you need for any projects by trimming the fat where possible.
Second, see what you can simply reuse or fix rather than getting rid of things. For instance, consult a comprehensive woodworking guide to help you refinish and repair wooden structures like flooring, cabinets, and doorframes - instead of just replacing them.
3. Flexible Room Designs
Another key characteristic about Millennials and younger generations is they are starting families at a later stage in life. Additionally, many are having fewer children than their parents.
So, marketing extra rooms as potential nurseries and bedrooms might not mean much to first-time home buyers with no plans to start a family in the near future.
Instead, explore other possibilities like turning rooms into home office spaces. 43% of people work from home at least part of the time.
If a room has a separate entrance and bathroom, it could be turned into a rental property or Airbnb for an extra income source. This could be quite attractive to cash-strapped home buyers.
4. Create a Smarter Home
Younger buyers are far more comfortable with technology. Finding a home that allows them to utilize their favorite devices will be a major selling point.
This can be as simple as installing smart lighting fixtures controlled through a smartphone or device like Alexa and Google Home. Smart thermostats are another popular feature, as well as doorbell cameras or Bluetooth speaker systems.
Many of these options are fairly inexpensive to install, and they can increase the property value tremendously.
Attracting young home buyers can be difficult. They all have different motivations and desires when it comes to purchasing real estate. Since Millennials are buying their first homes slightly later in life than past generations, they are taking their time until they find a property that fits their needs.
This also means they are not so willing to settle on a home unless they truly love it. So, if you are trying to market your home to this generation, you need to know what will make your property stand out and seem attractive.
By making these small (but still significant) changes, you can create a property listing that is far more likely to capture younger buyer’s attention and get them in the door.
Author Bio : Riley Swanson is a lifestyle blogger, passionate about food, fashion, home improvement, and traveling. She is also an avid traveler and shares her traveling experiences in her blog Riley+Christian Travel.