Millennials represent a significant segment of home buyers. In fact, more than half of all first-time buyers are under the age of 36. Like generations before them, millennials have unique needs and preferences that make certain homes more attractive than others. Here are some strategic home renovations that can help pique interest in these buyers.
Redecorate with a neutral palette.
HGTV and Instagram have nurtured a widespread appreciation for neutral gray and white color schemes. While it’s important to paint rooms with neutral tones, you shouldn’t stop at wall colors. Ensure that everything has a consistent, neutral palette, from doorknobs and light switch plates to counters and tiles.
Remove outdated materials.
It can be difficult to convince yourself to strip out materials when they’re still in good shape. To appeal to the millennial market, however, you will need to make some tough choices. Remove any wallpaper, carpet and outdated tile, even if they are in spectacular condition. Sellers often have a difficult time accepting this renovation tip, because it seems like a needless waste. Unfortunately, outdated materials and décor can bring down home value especially in the eyes of younger buyers.
Make the home move-in ready.
Busy with careers, social activities and community causes, millennials don’t have a lot of extra time to remodel, tear down or replace. Most are looking for a property that is essentially move-in ready. Ideally, your home should have a great aesthetic while requiring little to no maintenance.
While certain buyers may be willing to accept deferred maintenance for a price cut, younger buyers are less likely to go for this. Most are looking for a home that’s ready to go, so they can focus their time on travel, work and social and political engagement.
Spruce up outdoor spaces.
Millennials rank outdoor living space as one of the most important factors in choosing a new home. Make sure your outdoor spaces look fresh, inviting and usable.
Keep things open.
The National Association of Home Builders (NAHB) reports that nearly 80% of millennials prefer open-concept living spaces. While you may not be able to tear down walls, you should take steps to open up your home. Try removing or rearranging furniture to enhance flow and make things look more open. In general, less is more when it comes to creating an open-concept living space. Remove obstructions and needless bells and whistles as much as possible.
Focus on appliances.
Every generation of home buyers has unique values and priorities. Baby boomers and Gen X-ers are more willing to overlook deferred maintenance issues if they think it will get them a better deal.
Have an old or broken dishwasher? A baby boomer may be willing to fix it, buy a new one or negotiate appliance expenses into the home sale. A millennial, on the other hand, might walk away to avoid the hassle of repairing the appliance or buying new.
Obviously, newer smart appliances are going to pique interest in millennial buyers. That said, you don’t have to go overboard. While it may not be practical to spend hundreds to thousands of dollars updating your appliances, you should at least make sure they are working optimally before you start showing your home.
Add some smart features.
While you may not want to spend a ton of money on smart home technology, a few targeted investments can set your home apart from similar inventory in the area. Consider ditching your old-fashioned doorbell for a modern video system that allows you to hear, see and speak to anyone at your doorstep using a smartphone app. Young millennial couples who both work will appreciate the added convenience and security.
You should also consider installing mobile-controlled thermostats and locks which can make older homes seem more innovative at a reasonable expense.
Upgrade your lighting.
Light fixtures are kind of like a timestamp on a property. To appeal to younger buyers, you will need to get rid of your antique brass, flush-mounted ceiling fixtures. Instead, upgrade to something more modern such as a semi-flush fixture with a sleek drum shade.
You should also update your bathrooms fixtures with LED lighting and install dimmer switches wherever possible. This will allow you to adjust the lighting based on the time of day your house is being shown.
If you’re thinking of selling your home, The Wheaton Team can help. For more than a decade, we’ve specialized in residential real estate in Colorado Springs and all of El Paso County. Let us help streamline the complicated selling process and help you secure a price that meets your expectations. Contact us today to learn more.