What are Millennial Home Buyers Looking For?
Generally, today’s millennial buyers are looking for mid-market homes that won’t require any post-sale renovation. Even minor repairs can turn millennial home buyers off from a property.
Based on millennial preferences, what improvements should (and shouldn’t) you and your seller look into?
1. Address deferred maintenance.
Even if they’re minor issues, take care of them. Millennials are more likely to reject a home because of small problems (e.g. a broken dishwasher or damaged porch light).
2. Update kitchens and baths.
While updating kitchens and baths always pays off, the value goes even further with the millennial market.
3. Ensure a neutral palette is used throughout the home.
Thanks to Instagram and HGTV, the universal love of neutral gray and white color schemes remains strong. But don’t stop at wall colors. Make sure everything from light switch plates and doorknobs to tiles and counters has a consistent, neutral palette.
4. Remove any carpet, wallpaper, and outdated tile—even if they’re in great condition.
Sellers have a harder time accepting this renovation suggestion because it’s not intuitive to get rid of features that are in good shape. Unfortunately, these décor options are outdated and can bring down the home value.
5. Spruce up and stage any outdoor spaces.
Millennials consider outdoor living space as one of the top three most important factors in choosing a home, so make outdoor spaces look fresh and usable.