Before you build a house, it’s important to consider millennial home buyers, their needs, lifestyle, architectural preferences and a plethora of other factors that they prioritise before buying a house. This is important as they have become a focus for real estate development and property trends. Before we proceed, let us take a look at who millennials really are.
Who Are Millennials?
Millennials, also known as Generation Y, are categorised as those born between 1980 and 1995; with a population of over 2 billion worldwide. Below are some of the factors you should consider when building homes for this generation.
Interesting Real Estate Facts About Millennials
Did you know that 75% of millennials believe homeownership is important and consider it a long-term goal while another 73% of them are absolutely convinced that an investment in the real estate space is a good one?
According to a study, 15% of this population already own a home while 60% of them have plans to buy a house in the near future.
Millennials who are over the age of 25 constitute 15% of new home shoppers and this number is expected to rise over the next 5 years. By that time, they will account for about two-thirds of new homes. So, what are the factors to consider when building houses for millennial home buyers?
Factors to Consider When Building For Millennial Home Buyers
Millennial home buyers don’t settle for random homes. Below are some of the things you should focus on when building homes for them.
1. Design Counts
According to several studies, millennials have identified the design of a home as one of their biggest motivating factors. Industry experts have also pointed to design to be the biggest trend for millennials.
2. Function Trumps Size
Millennials home buyers have a preference for function over size when it comes picking their homes. Majority of millennials have a soft spot for a home designed and built according to the principles of Universal Design. They consider such homes a better investment than standard homes that look as though they have been built for decades.
If you are building with millennials in mind, then you will need to build a home that will accommodate all ages and lifestyles regardless of abilities because a functional home is a healthy home.
3. It’s Not All About Contemporary Designs
Millennial home buyers are not as fascinated by contemporary designs as most people within the real estate space think. They were recently asked to pick a house style from a range of home designs and an impressive number of them settled for modern traditional designs. This was followed by houses styled on a budget, casual organic and modern home designs.
4. Outdoor Living Space is a Deal Breaker
In a recent survey, millennial home buyers ranked outdoor living space as a major deal breaker. Millennials will not hesitate to turn down an offer for a home without sufficient space for parking cars, entertainment and general living space.
In the survey titled you and your home, 3 out of 4 millennial home buyers considered outdoor space crucial in the list of things they look out for in a house they take seriously when hunting for homes to buy.
5. They Prefer Single-Family Homes
A single-family home is a stand-alone house, also known as single-detached home or detached house). It is a free-standing residential building, which is totally different from a multi-family residential home.
Their preference for single-family homes is born out of a combination of factors. One of such factors is the rising cost of construction. This spills into the challenge of affordability and millennial home buyers are opting for single-family homes. These houses are cost effective for you as a builder and affordable for them as millennial home buyers.
A growing number of millennials can see the inherent benefits of owning a home and are looking forward to buying their first homes, especially those have not inherited a home from their parents.
The most popular choices for millennial home buyers are the 3-bedroom and 4-bedroom homes with plenty of outdoor space that can serve a multitude of purpose.
Final Thoughts on Millenial Home Buyers
Professionals in the real estate business especially architects, developers, designers, real estate agents and property marketers must see and embrace the emotional attachment that millennial home buyers have with their homes. They need to look into the core of what propels millennials to buy homes. Only then would they fully understand how to build and design homes for them.
Millennial home buyers are technologically advanced and they can see trends and changes that are taking place within the real estate space all over the world. You can’t expect them to accept the same types of homes that were built for the older generations. Their architectural preferences and taste have to guide your decisions especially if you don’t want to miss out on the inherent opportunities.
