Building Homes for Future BuyersDecember 6, 2019
Studies show that millennials are more likely to purchase a home than people in other generations within the next year. Great, you may be thinking. How does this affect me? As it turns out, a whole lot if you’re in the business of home building or real estate! Perhaps the most important takeaway is understanding what future buyers (aka: millennials) are looking for in a new home—and customizing your product to them. The simple truth is that every future buyer will have different wants and needs when it comes to their home. But looking at the general needs for the millennial population is a good place to start when finalizing your home designs. Any idea what most millennials are looking for? What options are feasible? What price point should be considered? What they prefer to be close to?
When building homes for future buyers, start by considering these three things.
This is a big one. When building homes for the millennial generation, high-end finishes, large square footage, and expensive are not the right direction! As a generation in which many are making less than their parents did at their age, millennials are much less likely to be able to afford an expensive home. And most of them don’t want it! So keep cost in mind when building to this target market. Instead of granite and marble countertops, use ceramic tile, concrete, and quartz. Consider low down payments and affordable mortgage payments. Think open spaces to maximize less square footage.
Millennials like their furry friends so building homes that keep the family pets—especially dogs—in mind is a big selling point. Unlike earlier generations, millennials are more likely to buy a house because they have a dog, not because they have a kid. It’s true! More and more millennials are waiting to have children. So homes that are dog-friendly are ideal. Think big yards and fences, surfaces that are easy-to-clean, storage space for dog food and toys, and even a built-in dog wash station. Millennial dog owners will also likely take the neighborhood into consideration. Is it near a dog park? Are there nearby walking trails? Keep these things in mind as you plan your community to ensure millennials will feel comfortable in their new home with their pets.
This is a BIG one! Millennials are an incredibly waste-conscious, energy-conserving generation. To build homes that are attractive to this demographic, consider details such as solar panels and energy-efficient appliances. Using recycled materials in your construction is also huge. Spaces for vegetable gardens and compost piles, as well as low-water yards, can also attract homebuyers. As for the neighborhood, think of spaces that are close to public transportation or that provide easy ride-sharing and bike paths.
Millennials make up a very different home buying generation than those of generations past. And in order to be successful in selling communities, taking their needs and desires into consideration can only help you! So consider the above three tips as you create new home designs for your upcoming communities.