The Millennial population, generally born between 1981 and 1996, represent the most influential age cohort in today’s residential property market. As Millennials enter into a stage of their life where they are moving out or starting families, they are seeking larger dwellings and moving from lease/rent basis into owner-occupation.
As a seller, there is a good chance that a Millennial may be a prospective buyer. Therefore, it is vital that you are prepared to meet any expectations and figure out how you can make your home appealing to this generation.
Busting the Myth that House Ownership is Out of Reach for Millennials
As a seller, many are under the impression that ongoing affordability is affecting Millennials’ ability to purchase homes and that they would rather use the money to travel. This is not true! Millennials represent the most influential age cohort today and are still chasing the Australian dream of owning their own home. And with the help of the First Home Loan Deposit Scheme, we are seeing an influx of first-home buyers.
Millennials are placing more importance on environmentally friendly appliances that can save costs in the long term. If you show them that your home is installed with energy-efficient, eco-friendly appliances, they will be more likely to purchase!
Millennials are always on top of the latest trends! Nowadays, the trend is Minimalism. Millennials will want clean, minimalistic, sophisticated decor. So keep things simple, and ensure that your decor and colours are neutral and trendy.
Millennials want spaces that are less fuss and easy to maintain and can serve multiple purposes. They want kitchens that can also serve as a great place to hang out while cooking or a lounge-room that can open up and extend into the balcony. They are quite an outgoing and entertaining bunch, so open spaces are what they are looking for.
A Space For Work Purposes
As more Millennials are preferring to work from home or setting up their own business, they are looking for homes with extra space that they can transform into a home office or that they can set aside for their business services.
Selling your home to a Millennial can be challenging, but with these tactics, you can make your home more Millennial-friendly. These tips will allow you to make your home more attractive to prospective Millennial buyers, while still leaving room for other generations.