5 Top Draw Cards For Millennial Home Buyers
Category Buying
The oldest millennials are officially moving into their 30s, which means that this generation is dominating the real estate market.
This trend is picking up especially in developing countries like South Africa where the majority of the country is between the ages of 16-35.
Many buyers in this generation are first-time home buyers which means that they might have to compromise on the property that they buy initially until they decide to purchase additional homes.
But there are certain features of a home that are total deal breakers for millennials and can simply not be compromised. Here are the top five:
No.1 - Open plan
Open-plan living areas are a must for millennials, especially one that connects the kitchen, the dining area, and the scullery.
Trends have shown that they tend to eat-in and entertain at home more than other generations, and they want their guests to keep them company in the kitchen when they cook.
They like the dining space to flow into the TV-room or living room so that entertaining stretches throughout the whole area.
On the other, hand they prefer their dirty dishes and laundry to be separate and closed off from where they are entertaining.
No.2 - Good connections
The millennial runs on a type of fuel that is absolutely needed in order to survive: technology.
Millennials aren't just tech-savvy, but as seen above, a large number of them are dependent on the internet, fiber, and technological devices in order to make a living and do their work.
A millennial is unlikely to buy a home that is off the grid or has poor cellular service. Their house should have access to broadband or WiFi coverage.
Fiber-optic connections are also becoming increasingly popular and many millennials would actually prefer living in an area where this connection is possible.
No.3 - Separate home office
Millennials are often called the 'gig' generation because they are the ones that make up the freelancing market.
They are increasingly finding new contracts online or running services off the internet. This means that they never have to leave home to work, a trend that is increasing every year.
Millennials prefer having dedicated office spaces where they can keep their work and their home life separate. A room that is permanently set up as an office and where they can dedicate to and focus on the work that they are doing, is a huge must in a millennial's home.
No.4 - Low maintenance
It is true that millennials are at home most of the time, but that does not mean that they are going to spend their time doing housework.
They are not a generation that enjoys making repairs, maintaining a house every weekend, or doing any types of chores.
Besides, they probably don't have the time because they are constantly working. They are always going to prefer properties with long-lasting and low maintenance furnishings.
Things like tile floors, granite countertops, and aluminium frames are always popular and they are very cost-effective.
No.5 - Low levies
Millennials often have to work more than one job or supplement their main income with freelancing work in order to make their finances stretch.
A huge chunk of their finances will likely go towards the bond instalments, so low levies are what they are looking for.
They will avoid complexes and estates where the levies are high, even if the facilities are superb. They rarely have any money left in their budget for special levies, so they will be very apprehensive when it comes to buying into communal properties.
Millennials are all about the new age, so it is natural that they look for a house that can suit their needs.
Author: ImmoAfrica.net
