Millennials make up a big chuck of Canada’s home-buying cohort. These 20- and 30-somethings approach their purchase very differently than their parents and grandparents did. Many Millennials are tech-minded, lifestyle-focussed and thanks to historical housing trends in Canada, they recognize the short- and long-term value of home ownership. Although some millennial housing preferences echo those of generations past, such as ample storage and updated bathrooms, they also have a few new items on their list. If you’re thinking of selling your home in the next few years, here are five things to consider doing now.
Open Kitchen
As part of an overall trend away from rigidly compartmentalized floor plans, there has been a move in recent years toward the open kitchen. Many homebuyers are now opting for kitchens that flow seamlessly into other spaces, as opposed to formal dining rooms, so that they can cook, socialize and watch television all at the same time. While a modern kitchen has always been on many homebuyers’ wish lists, it now has to have an open concept as well.
Office Space
As working from home becomes increasingly common, working from the kitchen table no longer cuts it. Many homebuyers are now seeking a designated office space that allows them to conduct business as usual, away from household distractions. Although an extra room is often sought out by growing families, it is becoming increasingly popular among professional couples that are looking to make a living from home.
Low Maintenance
People are busier than ever nowadays, meaning they have less time to spend keeping up with their homes. As a result, more and more buyers are looking for turnkey homes that require little or no maintenance. That’s why low maintenance materials, such as hardwood floors and granite countertops, are an increasingly popular choice. Not only do they look modern, they are easy to wipe up and mop down, which is especially convenient for families with young children.
Outdoor Living
Perhaps a side effect of social media platforms like Pinterest and Instagram, more and more homebuyers are seeking functional outdoor living spaces. Long gone are the days of a simple patio set and umbrella—today’s homebuyers want outdoor fireplaces, comfy lounge chairs and a hammock where they can take a Sunday afternoon nap. This is as true for those with mild weather year-round as it is for those who just want to make the most of those few precious summer months.
Energy Efficiency
An increasing focus on environmental sustainability, as well as rising energy costs, has many modern homebuyers gravitating toward green homes. Although it is not the most important factor when selecting a home, energy efficient features are certainly a welcome bonus for this environmentally conscious generation. These features don’t have to be elaborate either—they can be as simple as energy efficient appliances or double-paned windows.
If you’re thinking about selling your home in the foreseeable future, it’s important to keep millennial home buyers in mind. Whether you plan to do some renovations or simply stage your home to suit more modern tastes, these five things might help fetch a quicker sale and a higher price.
