The real estate market is changing rapidly, and in recent years, it has seen a significant increase in the number of millennials who are searching for their first home. Developers are struggling to understand this generation’s needs and preferences to construct homes that meet their expectations.
According to a Montreal real estate broker, millennials are becoming the driving force in the real estate industry, and you can’t afford to ignore them. Millennials represent a growing power in the real estate industry making up over a third of potential home buyers active in the market today.
These people want everything right, and they don’t mind spending a lot of money to acquire the right home. Here are some of the critical things that millennials look for in a new home.
This generation seems to be mindful of the environment since they prefer acquiring homes that are environmental-friendly. Adding simple things such as LED lighting, double-paned windows, and solar panels will instantly make a home more attractive to millennials.
This is a generation that is highly focused on reducing the carbon print and also saving money when it comes to energy bills. If you want to attract the growing millennial market to your property, make sure that you show-case how eco-friendly the home is and also ensure that there is a high-speed internet connection.
City vs. Suburbs
Although many millennials reside in cities, many of them are looking to buy their first homes in the suburbs. Research shows that millennials prefer the quiet and serene environment away from cities since it offers them the much-needed peace of mind.
As they age, millennials’ presence in cities will slowly start to evaporate. In fact, some millennials say that their preference for city life will fade as soon as they become established in their careers and start families.
It is no secret that millennials love pets. Ask any Montreal real estate broker, and he/she will tell you that millennials are more likely to purchase a home simply because it has plenty of open space where their dog can run around and nothing else.
Millennials are heavily factoring their pet’s needs when looking for a home to purchase. More living space and the opportunity to build equity are the other top reasons that drive millennials to buy a property. If your property rules restrict certain breeds of dogs, you might attract only a few millennials.
Open Layouts and Multi-Functional Interiors
Interior layouts that attract millennials come in all sorts of variations, but most of them tend to love fewer partitions and walls since they like to live and socialize casually. For instance, instead of taking their meals in the dining room, they might prefer to eat at the kitchen table and convert the dining room into a gaming or even multi-media room.
Millennials hate to abide by some awkward rules, and they will be extra careful while purchasing a home. Privacy isn’t a big issue for them as long as the bedroom is well-secured. Open layouts offer them the much-needed freedom to convert the rooms into anything that they like.