Younger buyers make up a considerable chunk of the real estate market — that’s why it’s smart to start looking into making your home more “millennial friendly” when you decide you’re going to sell. There’s a good chance that you could sell your home to a younger buyer and, if you use these tips, you could even get a better profit, too.
Update Your Kitchen and Bathroom
The majority of young buyers who are looking for a new home don’t have the money or time to redo a kitchen and bathroom when they move into a new place. They’re going to be looking for a brand new kitchen with granite countertops and new stone tiling in the bathroom so they don’t have to pay and do it themselves. By putting some money toward a kitchen and bathroom remodel, you can attract more millennial buyers to your property. Not only that, but you’ll probably recoup a lot of your costs in the selling price of your home. Remodeling.net showed that in 2016 homeowners received $11,769 more for their homes on average if they remodeled the bathroom, as well as $38,938 more on average for a remodeled kitchen.
Create an Open Floor Plan
Millennials are attracted to large, open spaces. In 2014, the National Association of Realtors found that most younger buyers are interested in large, open spaces with fewer walls and partitions. Younger buyers want larger spaces to entertain or use as multi-functional rooms. They don’t want to feel like their family has to be sectioned off in different parts of the home.
As a seller, this means that as you’re remodeling your kitchen, if you can tear down a wall or two to open the kitchen up into the living room or dining room you’ll most likely attract some younger buyers.
Creating a space that can double as a home office is also interesting to many younger buyers. Although many do commute to work, they tend to work from home in the evenings to finish up on projects. Creating a space for a home office can also draw younger buyers.
Tout Your Home’s Walkability
A “walkable community” means the home is 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. Younger buyers are very interested in homes that have a great location, especially considering the amount of money that gas costs these days and average commute times. If your home is considered walkable, make sure to market it that way. You’ll have more millennial interest, and you’ll potentially be able to price it higher. According to Redfin.com’s recent study, each point on the walkability score can increase a home’s price by an average of $3,250.
Choose Low-Maintenance Materials
Next, younger buyers are interested in low-maintenance homes. They don’t want large gardens that need constant tending, and they don’t want to spend their time fixing and cleaning the homes. They want things that will last and are easy to maintain. Consider choosing low maintenance materials such as quartz or recycled glass countertops when redoing the kitchen or bathroom.
Adding technology to the home (such as adding a smart thermostat or energy efficient appliances) can also excite younger buyers into purchasing the home. Many younger buyers are interested in looking at homes that can be controlled from a smart phone. There are many different products that you can use to turn your home into a smart home.
You should also consider purchasing a home warranty for your buyer. Many home warranty companies offer “listing coverage” that you can easily turn into a year-long plan for a buyer to repair or replace worn down systems and appliances. Consider a home warranty for your younger buyers, because many are enticed by the idea of having a company do the groundwork of calling a contractor and scheduling repairs for them.
Hire an Agent Who’s Good with Technology
Although many real estate agents are older than millennials, most of them have had to learn the types of technology that millennials use to communicate. You want to hire someone who can work with a tech-savvy young buyer and their buyer’s agent in order to get the best profit for your home. Otherwise, you may lose buyers who don’t feel like the transaction is going quick enough or don’t feel like they’re up to speed on everything that’s going on with the transaction.