Wednesday, November 29, 2017

Millennials: what are they looking for in Real Estate?

You’ve all probably heard this word constantly: “Millennials”. This is the new generation of investors that was born between 1980 and 2000. They have all grown up and now they are looking for new horizons, so buying a home is their next step in life. Technology is their anthem and social media is their flag, the real estate market is of a whole different shade for them than it was for prior generations. Keep reading to find out what millennials want when looking for a home, it might even change your own perception of the market.

Millennials have one thing straight: being practical is a priority. This is the generation of fast, easy, and immediate transactions. Saving time is saving money, it all has to be quick and instant. This is why millennials usually look for properties that are close to their jobs. It seems like location is still a must in the real estate industry, but millennials are no longer thinking about families or kids, but rather their own comfort and time-saving. However, near the city is more popular than in the city, they rather live outside the urban center, just close enough to get there fast.

Convenience and time-saving are also why millennials are searching for move-in ready homes where they don’t have to spend too much of their time fixing and accommodating. And if the home is tech-friendly, then this will definitely be their first choice when looking for a new house. So, their perfect match is a new home where they don’t have to spend any more money renovating and where they can move the very next day after closing the deal. 

Regarding the property itself, space distribution is essential for millennials. They are not looking for a normal home, with a normal living room, a normal kitchen, and a normal bedroom. No, this is definitely not the definition of a home for a millennial. This generation often searches for modern kitchens, open floor plans, and big bedrooms. The master room is a key point for them; the bigger, the better. They appreciate their personal space, and the bedroom is their sanctuary. As for kitchens, the most popular ones around millennials are those with new appliances, they want new and cute. Plus, since the kitchen is their main hangout center, it is important that it connects to other rooms, such as the living room, so open floor plans are very popular among this generation.

Another important factor for this generation is work space. Every day, working from home is getting more attractive for millennials (as well as for other generations). The internet allows us to keep connected to the world without having to go out. So, a working space at home is a very important thing to keep in mind when showing a house to a millennial.

Having a home office is a convenient, money-saving solution. And this should come along with new technology, which is a must for millennials. Fast internet and great cell reception are essential for a millennial. If one of those fails, a millennial won’t probably invest, since they are important parts of their daily life. 

Understanding what millennials are looking for in the real estate is not as hard as it seems. Technology and practicality are key. At Doral Riches we understand their interests and we have all the best properties that fit their needs!

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