If it seems like a lot of younger people are entering the home buyer's market, it is by design. A 2016 study from the National Association of Realtors shows that millennials — those people born between 1980 and 2000 — are the largest population of buyers at 36 percent. Generation X (people born between 1965 and 1979) are close behind at 26 percent.
Whether it’s for a simple home with little to no repairs needed, or a fixer-upper that can be updated and used for potential future value, the next generation of homeowners know what they are looking for in potential houses to buy. This guide from UBC Homes shows some of the features millennials are looking for in their next home.
On The Inside
One of the big factors for millennial home buyers is in a place most people take for granted. Younger people like having the kitchen and bathroom updated as, since most of the budget will go to furnishing and down payments, it leaves little for overhauling fixtures in these rooms. Low maintenance options are often sought after, including hardwood floors and granite counters.
Speaking of kitchens, the bigger the better. The younger generation views the kitchen as the ultimate hangout spot, compared to a dining room, so having an open floor plan where the kitchen can easily transition to a TV room is a major plus. Also, with an increase of people working from home, having a designated office space is becoming more of an important feature to include.
As with many other things, millennials are looking for the latest technology to include in their new home. What used to include cable hookups and telephone service is now replaced by internet and wireless. Even if these options are out of the seller’s control, they should be prepared to face questions regarding both of these and how they can be useful for the new purchasers.
Technology is not just limited to the inside of the house. Energy efficiency is an important feature for home buyers as they want properties that homes that are green. Mostly this includes insulation levels and parts of the home that can be energy efficient.
Location, Location, Location
Of course, where the house is located can be the biggest factor for a home purchaser. As more and more younger people look to homes in major cities, many buyers in this age range are taking into consideration walkability and access to public transportation. This can change for those with children, as they may look for property in more residential areas.
What UBC Homes Offers Millennial Home Buyers
With a higher number of younger people looking to buy a house, it’s important for them to find real estate agents that understand the things they are looking for in a home. At UCB Homes, we have a wide selection of homes throughout the Vancouver area that provide features that match the needs of millennials and other buyers. For more information, call 778-991-0649, and view our listings on our web site.