As millennials continue to have an ever-increasing impact on the luxury property market, it’s important to consider how this can affect your home’s value. Over the past few years, millennials have established that their tastes and preferences significantly differ from those of their parents. If you’re hoping that your house will appeal to this new group of luxury homebuyers, here are five features that millennials look for in real estate.
With the rise of technology and the amount of personal information that gets put into the public sphere, millennials have placed a premium on their privacy. They want to be able to enjoy their living space without having to worry about prying eyes, whether that means being in a gated community, living in a building with a doorman and security, or simply having a backyard that’s enveloped by trees and vegetation.
Millennials are more mindful of their carbon footprint than past generations, and for good reason. Because of this, they have demonstrated a willingness to pay extra for energy-efficient appliances that have a lower impact on the environment. By investing in sustainability, you’re increasing the value of your home.
Being able to control your thermostat or make sure you remembered to lock the door using your mobile phone are luxuries that emerged as this group came of age in the real estate market. Millennials see smart home technology as a way to save time while also delivering extra peace of mind.
Proximity to Nature
Whether they’re in the city or the suburbs, having access to nature is essential for today’s young and affluent demographic. Younger consumers today are more active and health-conscious than ever before, meaning that communities with walking, hiking and biking trails will speak to millennials. Additionally, lush outdoor living areas where they can unplug from technology have major appeal.
Millennials are a generation of entrepreneurs and remote workers. Because of this, they’re more likely to work from home. Having an office or designated workspace is conducive to their lifestyle, which mixes work and play more freely than past generations.