What Gen Y Looks for in a Home to Buy
If you've lived in your home for some time, you notice when the neighborhood around you is changing to a younger demographic. Thinking this might be a good time to sell, you wonder what was so appealing about the house down the street to the young couple that just moved in.
The first thing you need to understand is that trying to put Gen Y's—or so called "Millennials"—into a box may only lead to frustration when trying to sell your home. According to Forbes, the millennial generation, those born between 1980 and 2000, accounts for 4 in 10 of the US population. So before you run to the local DIY or call a contractor, talk to us first. We can help you determine the most important changes, upgrades or improvements to put your home on the Gen Y radar. Using recent comparables in your neighborhood, we can show you how your home stacks up, and recommend the appropriate fixes.
The most important prized priority in a home is functionality. Informality rules the day and a flexible layout strikes a positive chord with millennials that want room for a home theatre, game space, and home office rather than a formal living or dining room. So, even if you have formal spaces in your home, staging them so that a Gen Y buyer can see dual or multi-purpose can add appeal. They may not otherwise visualize an office in the corner of the dining room opposite a game table if your formal dining suite completely fills the space. Add shelving and a small desk area to a corner of the living or dining room, or even in a kitchen nook.
The second item a younger buyer looks for is entertainment space. For some, a patio with a hot tub and barbeque pit fills the bill, while others prize an open kitchen with room for guests to socialize over food preparation. Stage your kitchen with a mobile island and stools, if they'll fit.
Generation Y tends to lean toward brighter colors and signature pieces of art. If your home already has color, just refresh it with a new coat of paint. Conversely, if your home is mostly white, consider changing up the color to a warmer hue like these, or adding bright pops of color with pillows, strategically placed flowers, a bowl of apples or pomegranates.
Many millennials are drawn to older styles in homes, decor and even vehicles. Many have adopted decor from the 60s and 70s in to their homes, and some even draw inspiration from the 50s. If your home is older and has original craftsmanship, detailing, or fixtures, don't be afraid to highlight those when describing your home's features. In fact, if you have covered over some of those architectural details, now might be the time to revisit that decision and bring them back out in the open.
Low Maintenance Exteriors
When thinking about changes to the exterior of your home, consider reducing the amount of upkeep required. This generation is all about the experience of life, so while they may want to put in their own vegetable garden, they usually don't want to have to worry about annually repainting the house. If you are thinking of replacing siding, for instance, consider fiber cement siding that mimics wood, brick or stone, but is impervious to termites and fire, doesn't require painting, and won't rot. Before making a change, though, talk to us about the best return on your investment, not just its appeal to one group of buyers.
We can help you put your home in the best light to appeal to Generation Y, Generation X and even Boomers, so give us a call and we can talk about what you need to do next to sell you home.