Do you remember how you purchased your first property? Most of the time, property investments are life-defining moments. It can change your lifestyle and the way you live. However, things are pretty different now. Today, millennial investors purchase their first-homes when they are extremely young. And, they would have invested in multiple properties by their fifties and sixties. Years ago, the millennial era was considered as a generation that spent around 300 USD on a pair of jeans. And, they inspect at least 75 pairs before finalizing. The way they shop properties is not different.
According to experts, the millennial era has changed the way we buy properties. This article focuses on how the millennial generation has changed our home buying habits.
It is an Integral Component!
First of all, property investors consider homes as an integral part of their living. They treat investments like a “dream”. Unfortunately, millennial investors have hefty student debts. They spend a considerable amount of money on wages and student loans. Saving for a property is never easy for them. As a result, the millennial era has very little money to spend on properties. Thus, they shop for properties only when they are prepared to pay and move in.
The millennial era has increased the need for modern bathrooms and kitchens. They look for green features like a perfect neighborhood, solar panels, perfect internet services and open floor plans. Around 60% of the millennial generation invests in brand new properties to avoid unnecessary repairs and replacements. Nevertheless, only 15% consider these properties as a permanent investment. The rest sell their properties when it is 10 to 15 years old. This means brand new properties are owned by the millennial era for six to ten years. This trend has a prominent impact on other generations too!
Next, the millennial era wants sellers to cater to their pickiest needs. If they are first-time buyers, they want sellers who would follow up and answer all their questions. Here are few things millennial buyers are keen on:
- You must prepare a list of all repairs and replacements
- You should consider improving the baths and kitchen. These modifications will increase your chances of selling a property. New buyers have made the baths and kitchens extremely important.
- You should upgrade all your energy units. Energy efficient audits must be performed on the properties. This includes the installation of solar panels.
- You must get rid of old appliances from your property.
- You should invest in programmable equipment like thermostats. These are smart home features buyers look for.
Let’s Get Online
Buying properties has turned into an online venture. Most buyers spend hours researching and studying properties online. Naturally, they prefer homes that look and feel good online. Do you know that 2/3rd of investors are driven by homes with beautiful photos and videos on the internet? This is why sellers and real estate agents are obliged to present information. They must highlight features that are important and highly relevant.
Home buying habits are changed and improved by the millennial era. This is because they have ample buying potential. The millennial generation carries lots of money to make real estate investments. They ask for help from their parents. And, parents are happy to close deals on behalf of their young investors. This makes the entire family dynamic and ready for investments.
The Ultimate Bottom Line
On the whole, the millennial era has changed the real estate industry drastically. You don’t need an agent to look for properties. The millennial era is working its art and strategies by the side! And, these moves are affecting the entire market.