Millennials are finally ready to buy their own homes, and this generation is turning into one of the biggest markets for growth. Most believe in buying and living in their dream home, but certain factors must come from themselves and not from the usual societal standards previous generations often adhere to, ideally reflecting their personality and lifestyle.
If you are looking to reach this market, you will have to know what attracts them to what you are offering.
Millennials, also known as Generation Y, are finally part of the house-buying market. Born between 1980 to as late as 1999, this young but street-smart generation has been the target of various think pieces for the last few years, often doubting their ability to lead independent lives. However, most would argue they are just taking time in creating informed decisions rather than diving in debt just to stick to a certain status quo. Today’s developers for houses and condominiums now realize that and have factored in several essential features they know millennials look for today.
Energy Efficient
Millennials are particular about saving energy, not just because of money, but also because this generation is very much concerned with the environment. Often, they want a home that has minimal carbon footprints – efficient energy-saving appliances, big windows for outdoor light sources, solar panels, and programmable air conditioning are just a few ideas for sustainability.
Centrally Located
In the Philippines and worldwide, millennials are very concerned with living in an ideal location that is convenient when it comes to going to work and getting what they need (groceries, shopping, entertainment, and the like). While many millennials have taken the brave step of buying a car, many still rely on public transportation, so properties near transportation hubs are especially attractive. Additionally, being close to leisure hubs and entertainment centers is also a must.
Safety, Plus Proximity to Health Centers and Hospitals
Millennials are very concerned with safety, especially if they intend on living alone for a while. Homes with safety features, as well as a community that is well-guarded 24/7, are attractive to these young adults. Additionally, close proximity to pharmacies, health centers, and hospitals are also ideal. Plus, some homes even feature either keycard entrance or even employ the use of thumbprints!
Low Upkeep
Today’s modern young homeowner prefers low upkeep, often favoring a replacement rather than bothering to repair things themselves (or paying for expensive repairs). Indoor fixtures that may easily be replaced when damaged, such as tile or hardwood floors, easily changeable curtains and blinds, and few but efficient and easily reachable lighting fixtures, are just a few ideas.
Low Association Fees
Millennials are a savvy, money-smart generation, and often do not mind expenses as long as they get value for their money. Ideally, they want to maximize their monthly budgets and as such, homes with low monthly assessments are more attractive – affordable association dues often should include safety and other necessary fees, while access to amenities such as gym and pool often become optional as not everyone is inclined to using them.
Stylish Yet Practical
While millennials often get a bad reputation for being into expensive style, it is certainly not always true – people in this generation have varied tastes but a commonality is looking for someplace simple and stylish, yet practical. Often they look for clean, open spaces they can easily redecorate to their heart’s content. Convertible spaces such as studio apartments are often attractive because, with the exception of fixed items (like the bathroom and kitchen’s locations), people can easily shift things around to their liking. Rather than the traditional compartmentalized homes, millennials often prefer open rooms that offer easy transitions between areas, even often utilizing furniture with a dual purpose. Such examples are expandable tables, coffee tables with hidden storage, bed frames with built-in storage, and the like.
Smart, Connected Homes
It’s no secret, Generation Y is one of the most connected generations ever, and their lives are entwined through the Internet. As such, smart homes are more attractive than ever. Easy installation of or built-in connections to cable TV, internet, and telephone are no longer perks but necessities. Millennials love to stay connected to their outside world, especially as more and more people are either working from home or living away from their families, and talking on video calls and chats are a daily requirement.
With different and ever-evolving tastes, millennials all have one thing in common: they want affordable homes that cater to their needs and are close to the most important things in their lives.
