According to a study by the Australian Bureau of statistics, millennials worldwide are finding it more difficult to purchase a house. Approximately one-third of the people aged between 25 and 34 own a house. This group of home buyers is very pedantic about what they are looking for in a house than the generations that came before them. In addition to knowing what they want, millennials consider the investment value of a house and its potential to make profits should they decide to resell later on.
The presence of millennial buyers in the real estate market provides a challenge to property owners as they have to impress the young investors. If you are looking forward to impressing this young generation, here are seven upgrades you can perform on your investment to make it more lucrative.
A Home Office
With the advancement in technology, most corporates are moving towards working from home models. With collaboration tools such as GitHub and Trello, some people can work remotely. Most millennials are freelancers, and they tend to work from home. The study place for dads is being replaced by a home office where people work to earn their living.
Incorporating a home office in your house is a power move, even if you are not using the space yourself. If you plan to put your property on show, consider staging one of the well-lit rooms as a home office. Most real estate agents are using the home office as a bargaining chip.
Modern Design
If you decide to upgrade fixtures in rooms such as bathrooms and kitchens, go for modern fixtures. Modern features and sleek surfaces have replaced old color schemes and designs. These are some of the features millennials look for when finding the right agent for their investment. To be on the winning side, invest in a modern design approach that will attract the current generation. Millennials will go for an agent who sells houses with modern and durable quartz or granite kitchen tops.
Energy Efficiency
The efficient use of energy has become a global concern in the 21st century. Most home buyers are more likely to invest in a house with energy-efficient appliances than those with outdated fridges and stoves that consume energy very fast. Unlike their power-hungry ancestors, millennials are attentive to their energy use and lean towards eco-friendly options.
Upgrading your house to energy-efficient appliances may be expensive, but is more likely to get you a buyer.
Smart Home
Smart homes are no longer science fiction. Today, homes have smart thermostats, doorbells, and lighting. Most households have incorporated the Internet of Things in their homes. First, the millennial generation wants to ensure they can connect to the internet. They will also be impressed by other home automation systems.
Smart is an acronym for Self-Monitoring Analysis and Reporting Tech. Most home automation systems revolve around security, monitoring systems, door locks, and home energy surveillance. Most of these improvements are not costly, so don’t shy away from them.
Outdoor Living Space
Most people value outdoor spaces in their homes for barbecue nights. When discussing home upgrades with your real estate agent, they might suggest incorporating design and décor that makes the outside feel like an extension of the home.
Most millennials like keeping pets and hosting outdoor parties in their homes. A run-down backyard may not be enough to spike interest in millennial buyers, but an outdoor living space will. So, consider it when you are upgrading your home.
Game Rooms
Young buyers are looking forward to houses with game rooms where everyone can gather and blow off some steam. Game rooms and gathering spaces will address this need. When staging the home for sale, try making one of the rooms like an ideal place to relax with the family. You can incorporate a welcoming ambiance and comfortable couches with home entertainment appliances you own. If you do not have extra space, consider rearranging your living room to include a gaming room – you could even look into furniture rental for staging, if you need a few extra pieces to help you bring some life to the space and show potential buyers exactly what they could do with it
Storage Space
Storage space is an essential asset to the millennials. Most of them will be put off by the lack of it in the house, already anticipating the extra costs they will incur on alternative storage space. Consider adding closets and multifunctional pieces that can serve as extra storage spaces.
The property market is always fluctuating. Renovating and improving your house will help you sell your property fast. For millennials, incorporating technology and modern designs will make an impression. A comfortable outdoor living space might be a good start.
