What millennials want when they buy a home
Millennials, the next big wave of homebuyers, people in their 20s and early 30s, have very different ideas about what makes a perfect home from the Baby Boomers and Generation X buyers that came before them.
Rawson Property Group MD, Tony Clarke, pointed to a major study done by global research company Nielsen in 2014, which found that 62% of Millennials would prefer to live in a mixed-use or live-work-play community in an urban centre, where they can preferably walk to work, shops, restaurants, and the gym.
“Indeed, the survey revealed that Millennials are currently already living in urban areas at a higher rate than any other previous generation, and that 40% of them are not planning to leave the city and relocate to the suburbs in the future.”
But while they may not be keen on the suburbs, he said, there is quite a large contingent of Millennials that do like the “alternative” idea of living in a small country town, provided that everything they need is also within walking distance, and that the town has excellent cell phone and internet connectivity to enable them to work remotely.
Clarke said that while most younger busy people prefer smaller homes to larger ones requiring a lot of upkeep, what is interesting is that they also generally don’t like “cookie-cutter” apartments, townhouses or clusters that all look the same or have the same floorplan.
“Millennials are big on individuality and on DIY, and these characteristics definitely spill over into their choice of homes,” said Clarke.
Younger home buyers also expect technology in their homes including smart-phone-controlled temperature, sound and security systems, and an efficient use of space.
“Millennials lead very technology-driven lives, so they expect an increasingly high level of home automation, and most will also not regard ‘green’ features like additional insulation, energy-efficient windows and appliances, solar panels, rain tanks and natural or recycled building materials as anything really special,” said Clarke.
When it comes to the floorplan, Clarke said, several surveys by major building companies have shown that Millennial buyers prefer homes with an open layout to facilitate entertaining, and outdoor spaces like patios, decks and large balconies to extend their living areas.
“However, many of them also work from home, so home offices are rapidly becoming a must-have as well. Millennial buyers also need plenty of storage space for gadgets and sports equipment, and they like homes with a spare room that can become a home gym, library or games room just as easily as it can become a guest bedroom.
“And finally, the research also shows that they generally prefer neutral colours and clean architectural lines that won’t date, lots of light and very durable, unfussy finishes,” Clarke said.
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