What Happens When Real Estate, Home Renovations and Millenials Converge?

Written by Posted On Wednesday, 10 October 2018 07:07

While millenials are considered the most indebted generation with huge student-loan debt being a major source, surprisingly, millennials are still buying homes. Millennials consisted of 34 percent of homebuyers in 2017 in the US, which was more than any other age group, according to the National Association of Realtors. And while around 70 percent of millennials have plans to own single-family homes by 2020, only a quarter actually do right now. That means that millennials are a driving population in the real estate industry.

 

So what are millennials looking for in real estate? Millennials have priorities that are different than those of previous generations. The are looking for diversity, to be close to the action - cultural centers, restaurants, bars and public transportation, and ease of access. Additionally, they are also looking for homes in neighborhoods that focus not on isolation but rather on community, a city that is bike friendly, and that has lots of access to and options for ride sharing. Finally, since many millennials often don’t purchase their first home until they are in their mid-thirties or older, they want a home that’s updated and that will last, not a fixer upper or starter home.

This is where renovations are key for homeowners looking to attract millennial buyers. It is important, however, to think twice before jumping forward with any big project. That’s because dishing out lots of money on a renovation is not guaranteed to automatically up the value of a home or attract prospective buyers. To get a strong return on investment, the renovation project needs to be carefully selected and should align with the priorities of millennials.  

 

When it comes to renovations, the ones that may be the most worthwhile are bathroom and kitchen remodels. Millennials are looking for minimalistic and clean designs that maximize the space, are eco-friendly, feature up to date technology, and that offer luxury in the form of high quality appliances, generous storage space and other attractive features.


Since bathrooms and kitchens are central to every home, it is especially important and crucial to work with trusted and reputable contractors, electricians and plumbers, according to the experts at Drain Master Ohio. Otherwise, what should be a straightforward renovation intended to increase a home’s value could warp into a money sucking disaster.

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James Stevenson

Hi, My name is James and I've been involved in the property and real estate industry for 10 years now. I hope people will like to read about my thoughts and experiences in the industry and please contact me if you want to discuss my articles further!

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