Millennials make up the largest generation of homebuyers. So, it is crucial to figure out what they like when selling them a home. Knowing which upgrades are essential to millennials will help sellers maximize their return on investment and quickly sell the house. Let’s look at the trends in real estate that millennials care about today.
Environmental and financial factors are hot topics for millennials. One reason might be related to education. Millennials have a better education than any other generation.
The curriculum in college covers climate change. According to PEW, around 39% of millennials ages 25 to 37 have a bachelor’s degree or higher. Most college graduates without a competing political ideology have a greater chance of saying humans cause climate change. This tendency sheds some light on why the generation cares about energy efficiency.
Climate change isn’t the only thing that motivates millennials to desire energy efficiency. They care about saving money, too. Albeit more educated, they don’t make as much money as other generations. So, it makes sense they’d value any savings that may come from efficiency upgrades.
Battery technology has come a long way. Nowadays, home batteries can power an entire house. The average Virginia resident will lose power for at least 70 hours every year. Home batteries make excellent sources of backup power.
Home batteries can also supplement power to the house when grid power is more expensive. We can avoid peak billing rates by using battery power during costly hours. Recharging the battery when the rates are more affordable reduces the total cost of energy billed.
One of the best ways to offset grid power costs is to pair home batteries with a solar system. Charging batteries with solar power that we would otherwise waste during the day is a great way to maximize the return on your savings.
Nothing says energy efficiency quite like solar panels. Solar panels have become more affordable, and incentives can offset the installation price. For example, the Solar Investment Tax Credit (ITC) allows for a 26% federal deduction on installation costs for homeowners. Longer-term investment properties may benefit more from this type of upgrade.
Solar panels on a rooftop add curb appeal when the time comes to sell the home. Buyers like clean and shiny solar panels. So make sure listing pictures represent any solar panels in a positive light.
Besides caring about energy efficiency, millennials are tech-savvy. This generation grew up with computers in their classrooms and was among the first explorers of the internet. Let’s look at some of the updates that resonate with this technology-focused generation.
Excellent Internet Connectivity
Today, nearly all millennials use the internet. The internet is the doorway to work, school, and entertainment.
They certainly don’t want their connection to drop during their next work meeting. In addition, this generation is less likely to get cable television. They’re more likely to watch content online and sign up for streaming services. Finally, remote instruction makes it easy to attend or teach classes from home.
The internet is increasingly important. The property value of homes without internet is lower due to lack of service. So, an excellent connection is paramount.
Being tech-savvy usually means owning several devices.
When you own several devices, you have to have a way to charge them. While we don’t have to look far to find a USB wall adapter, they have a funny way of hogging an entire outlet. Buyers enjoy sockets with built-in USB charging functionality.
Gone are the days of finding the right power brick.
Smart thermostats are some of the most popular smart devices on the market. These devices let us remotely adjust the temperature before we get home and after leaving. Shoppers will undoubtedly notice a smart thermostat. They’ll be even more intrigued when you tell them about the smart outlets.
We call them smart because we can connect with devices like phones and tablets. Like an upgraded The Clapper sound-activated switch, smart outlets make it easy to add regular appliances to your home’s network of smart devices. Turn the lights on or TV off from the convenience of your phone. We can even program smart home devices to respond to voice commands.
Home Office / Technology Room
A large percentage of the workforce wound up working from home in 2021. This trend found a lot of favor with millennials, as many continue to work from home in 2022. Therefore, any room dedicated to a home office is a potential profit center for the buyers who work from home.
Market the room as a technology center to buyers that don’t work from home. In addition to having a proper place for the computer desk, millennials appreciate having a multipurpose area with plenty of room for activities.
Saving Money on Big Ticket Items
Sellers want to make the most out of any offer that comes through. While millennials don’t mind doing some work themselves, they will be concerned about big-ticket repairs. Big-ticket repairs usually take longer to complete. They can also be expensive.
Sellers usually only have a couple of weeks to complete the repairs required in offers. So waiting until the closing process to negotiate repairs like this could kill the sale.
The roof is one of the most critical items on the list. Buyers don’t want to spend money on the roof right after buying the house. Millennial buyers place a lot of value on new roofs. Sellers should ensure the roof is in appropriate condition. If you’re in a hurry to sell the home, you’ll want to begin looking at the roof right away.
Look for roofers who use software to provide customers with free estimates and timeline transparency tools that send them new roofing leads. Going with pros that use these tools will streamline the assessment and repair. We also save time finding them once we’ve decided to hire a pro through the corresponding app. Today, we can find a tradesperson with little effort. But, the repair process still takes time.
During frigid and snowy winters, efficient heating is a high priority. Gas furnaces with forced air are the most popular type of heating in homes. Service the furnace and ensure the ducts are clean. Saving money on utility bills is important to buyers.
This generation is willing to do some work themselves, but they save the most difficult tasks for the real professionals. When applicable, septic systems should be serviced and in working order. The buyers shouldn’t have to worry about significant leaks or old pipes.
The water heater is among the most crucial plumbing-related repairs that concern buyers. Energy-efficient water heaters, like electric water heater pumps, can be valuable additions in the eyes of homebuyers. Buyers are prone to buy if they’re not swamped with plumbing issues and other big-ticket repairs.
While smart outlets can be a fun upgrade, some older homes may require a different approach.
Replacing old wiring requires the expertise of professionals. Knob-and-tube (K&T) wiring is an early form of building wiring and was prevalent in homes from the 1880s to the 1940s. Unfortunately, upgrading old wiring can be rather costly. So while millennials might like old clothes and furniture, they’ll shy away from K&T wiring.
Even though they’re tech-savvy, many of them are not electricians. So we’ll need to address any outstanding electrical issues before marketing to millennials, or the thoughts of the repairs will turn them off.
In addition, we need to ensure the appliances are all working. Down payments generally consume the entire budget for buying a house. Buyers might pass if they’ll be replacing appliances right away. Devices with the ENERGY STAR certification are important to millennials. It may be worthwhile to buy ones that millennials will care about if we have to replace appliances.
This generation is more educated and has a deeper understanding of climate change. As a result, millennials feel a stronger sense of personal responsibility for making meaningful changes.
Millennials care the most about practical upgrades. They prefer to brag about their eco-friendly features more than the number of garage doors their homes have. So anything that saves them money in the long run and helps the environment is a win.
The tech-savvy nature of millennials leads to positive responses to fast internet, smart homes, and home offices. In addition, they tend to be more minimalistic. Instead, they favor doing easy projects themselves and hire pros for advanced repairs.
Millennials are happy as long as they have a working fridge, climate control, the internet, and a way to charge their phones.
There are three main themes to the upgrades millennials care about: technology, energy efficiency, and saving money. Whether they’re trying to save or improve the planet, solar panels and home batteries are desirable upgrades in the eyes of millennials. In addition, today’s shoppers require fast internet connections and know the value of a home office. USB outlets are the icing on the cake.
It is vital to remember that millennials buy homes in a world where they make less than other generations and homes cost more than before. Buyers spend their entire budget on the down payment. They don’t have much leftover for big-ticket repairs like roofs, heating, plumbing, or electrical. Sellers must address the most fundamental upgrades because millennials typically can’t afford to after they buy the house. Millennials appreciate upgrades that help the environment, save money, and make using technology more manageable.
Originally published on coldwellbankerelite.com