Until recently, the prognosis for the housing market wasn't great. With the economy in a free fall, home sellers swiftly took down their "For Sale" signs and many buyers chose to wait out the
7 Home Upgrades That Will Attract First Time Home Buyers
Young first-time homebuyers are often attracted to spaces with plenty of room for entertaining friends and family. Stage your home so it showcases those spots and help potential buyers envision having guests over.
There’s a common misconception about millennials being uninterested in, or simply unprepared for, homeownership. The statistics simply don’t bear this out: A realtor.com analysis published in early 2019 found millennials accounted for more than 40% of all new home loans.
The implication for home sellers is clear – there’s a decent chance that some of the house hunters who show up to your property are going to be in the millennial age range, so it can really pay off to know your prospective buyer demographic and home upgrades that will definitely catch their attention.
Specifically, there are some home upgrades that tend to be more appealing to those in the millennial buying bracket. As you think about the best way to sell a property, keep these upgrades in mind:
Smart home technology.
A home office.
Smart Home Technology
Millennials have a reputation for being tech savvy, so it makes sense that they would be interested in whole-house connectivity, including home automation options that allow them to control things like the thermostat, sound system, garage door or the security system alarm from an app on their phone.
Technologies that help reduce the cost of utilities, such as a smart home thermostat, are especially marketable.
When selling your house, one of the most important steps is staging. And if you think you’ll have some first-time buyers show up for a tour or an open house, you might stage your home to emphasize areas where the homeowners can gather with their friends.
For example, if you set up a room in such a way that it looks just perfect for kicking back, watching the big game or even firing up a video game console, that might really appeal to young couples eager to entertain.
Smartphones are ubiquitous, and millennials are going to have their eyes open for easily available charging stations. If you convert even one or two outlets to include USB chargers, that can go over very well with millennial house hunters. Ultimately, this small investment can really help you sell your home.
A Home Office
Historically, real estate agents have actually advised against having home office spaces, simply because they have generally not been very attractive to buyers. In recent years, that’s started to change, especially among younger professionals. Remote work opportunities are on the rise, and millennial buyers may be eager to find a space that’s created for them to set up shop.
If your house has more than a couple of bedrooms, you may consider configuring one to look more like an office setting, simply demonstrating to buyers how flexible the space can be.
Millennial buyers tend to be on the lookout for ways to reduce the expenses incurred by homeownership. One natural option is energy-efficient appliances.
Replacing your washing machine, dryer or dishwasher with something Energy Star-certified can be a good way to signal to potential buyers that there are savings embedded in your property.
This is actually just good advice no matter which homebuying demographic you’re appealing to. Most house hunters prefer soft, neutral colors to anything bright or garish, and millennials are no exception. So try to look for those soft grays or warm tans when repainting.
Again, millennial buyers are known for their embrace of all the latest technology, and you may have some who want to bring the most up-to-date gadgets out to the garage. This may even include charging a smart car.
Newer garage door openers are equipped with remote technology, allowing you to open and close the door from an app. This can be a smart gesture toward the lifestyle of your millennial buyers.
These are just a few of the home upgrades we’d recommend when your millennial-aged buyers are likely to be considering your home. There are definitely more home upgrades to consider when attracting any buyer. But this list is a great place to start.
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....