For years we’ve heard about Millenials not buying houses at the same rate as their parents. While that may have been true then, this generation now makes up nearly half of first-time home buyers. Even in this crazy market!
Millennials aren’t just buying a new home. They’re making the first big-ticket purchase of their life. Here at Dream Finders, we have paid very close attention to this checklist of items below to ensure that all of our floor plans across all of our communities include them.
1. Home Office/Multifunctional Space
At the beginning of the pandemic, we thought that people would go back to the office as usual when things “calmed down.” Now it’s two years later, and most workers are still working from home.
In fact, employers are having a hard time getting workers to come back to the office at all, even on a hybrid schedule.
Millennial home buyers are looking for a house that can function as an office and a living space. Ideally, this office would be separate from the rest of the living space to deliver a hint of work-life balance.
In smaller homes, these first-time homebuyers are looking for multifunctional spaces that can deliver two or three uses in one.
2. Open Concept
Given the fact that Joanna Gaines is so popular with middle to older millennials, they’re big on the idea of an “open concept” home. Spaces should flow organically into one another, and there should be clean sightlines.
Millennial parents want to be able to watch their children play while they’re making dinner or supervise them doing their homework while the parents work from home.
Many clients are willing to forgo traditional spaces, like a “formal dining room,” in exchange for functional areas. This plays back into the idea of multifunctional spaces above.
3. Energy Efficient and Well-Located
Millennials were the first generation with widespread climate dread. As such, they’re more sustainability-minded than generations before them. That means they want to see energy efficient features such as Energy Star appliances, well-sealed windows, and programmable thermostats.
While it’s not always possible, a highly bikeable or walkable location will pique these buyers’ interest. That way, they can reduce their carbon footprint and save on gas prices, which are more unpredictable than ever!
Millennials Buying a New Home: They Expect Turn-Key Ready
If this generation decides to buy a new or custom build, they expect all the work done for them. They are likely balancing more than one job plus family obligations and don’t have time to renovate.
If they’re going to make the investment of buying a new home in this market, they expect to get high value for their money. Appeal to them with multifunctional spaces, clean sightlines, updated kitchens, energy-efficiency, and a great location.