Millennials are fast becoming the country’s largest consumer market, now outnumbering both boomers and gen Z. Because of that, they’re looking to get on the property ladder and do what countless generations have done before them: store their wealth in their homes.
Researchers are very interested – for obvious reasons – in what millennials want from their homes. Everyone in the supply chain, right from the architects down to sellers, is looking for ways to tailor their properties for the emerging market.
Millennials will likely have the cash to put down for a deposit shortly. The majority of people looking for a home under the age of thirty say that they’ll be able to approach the bank for a loan within five years.
So what exactly is this market looking for? And, are you among them?
Millennials aren’t just interested in things like location and future property values like the generations that came before them. They also care enormously about gadgets.
It turns out that millennials are sold on the concept of the smart home. They want to speak to their home assistant in the morning and tell it to switch on the TV or turn on the lights. And in the future, as these technologies improve, they’ll expect additional innovations, like automatically ordering stuff off Amazon when they run low.
Millennials are also sold on the idea of flexible working – especially since the advent of the coronavirus. Most want to go into the office a couple of times per week to discuss their ideas with colleagues and then spend the rest of the time at home.
For that reason, a decent home office is essential. There needs to be a separate space in the property where the young worker can flip open their laptop and get on with earning money in peace. A kitchen stool is not ideal.
Freshly Maintained Roofing
Millennials are keenly aware of the maintenance issues that can crop up on properties that they buy, such as broken tiles and gutter cleaning. However, most don’t have experience dealing with these problems on a practical level – landlords dealt with it in the past.
Thus, millennials typically look for properties with new roofs and freshly repaired masonry. They don’t want to deal with these issues themselves.
In the past, architects designed homes that split the kitchen from the rest of the house. Millennials, however, don’t want this, according to research from Natwest bank. Instead, they prefer layouts where the kitchen and lounge are a single room.
The reason for this comes down to the desire to entertain. Millennials want to be able to invite people over and cook and talk to them at the same time.
Apartments Instead Of Homes
Lastly, millennials are buying apartments instead of homes. Lack of space and the high cost of travel are the main reasons driving this trend. But also millennials want places that are simple to maintain while they focus on the early stages of their careers. And that often means keeping things simple.