Real Estate Report:
Millennials, age 18 to 35, are now the largest group of homebuyers, according to the National Association of Realtors. With this in mind, it’s important to know what it is they are looking for in a home.
At the top of the millennials’ wish list is a separate laundry room. In fact, 55% of respondents in a recent survey from the National Association of Homebuilders (NAHB) said they wouldn’t buy a new home if the laundry wasn’t separate.
New kitchen appliances are also important. It doesn’t require an entire kitchen remodel, but having matching and newer appliances is important.
Also important to this younger buyer age group is making your home energy efficient. Millennials say they’re willing to pay up to 3 percent more if they feel a home’s energy efficiency upgrades will help reduce utility costs, according to the NAHB survey. Solar panels are impressive, but more economical improvements include better insulation, insulating ductwork, weather stripping and caulking around doors and windows.
The NAHB survey also showed that more than two-thirds of millennials think “smart home” technology is a good investment, but this type of improvement can become outdated quickly. Some of the popular technology items that offer the “wow” factor are Nest thermostats, Sonos speaker systems, and keyless entry such as the Yale brands newer lock that works in tandem with a smartphone and needs no key at all.
Another popular feature in a home for the millennial population is the home office. More employers are allowing telecommuting/working from home. Home offices also allow for a tax break for homeowners.
Lauren Bunting is a licensed Associate Broker with Bunting Realty, Inc. in Berlin, MD.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
