Young professionals want to buy homes that don’t need work, and are ready to move in, as-is. The most notable requirement that has been observed by this age group is that they have certain ”must-have” requirements on their lists.
This generally includes a home with brand new kitchen and bath fixtures. The reasoning for this is that they have tighter budgets. Most of their savings will go toward the down payment and furnishings. Kitchens and bathrooms are also the most expensive parts of a home to update, which they usually can’t afford to fix, or update. Here are the main requirements young professionals look for in a home:
Big kitchen, open floor plan
An open kitchen space that can easily transition from kitchen to TV room has become extremely important. Young buyers are very attracted to open floor plans over compartmentalized rooms.
More and more Americans are starting to work from home, and that trend is expected to continue. This is why offices are so important to young professionals.
Younger buyers have learned that certain locations have higher utility prices than others. Because so many of them have learned through renting, they want homes that are low on costs, and want properties that are close to public transportation.
Most young buyers look for homes that are low-maintenance features. This includes wanting wood floors over carpet, and granite countertops in the kitchen and bathrooms. These are sought after because they obviously, are more attractive, but also because they stain less easily, so they don’t require replacing.
Buyers want to hear about cell service and Internet, not cable and telephone. In some cases, a house’s appeal can be increased or diminished because of the strength of a mobile carrier’s signal or its Internet service provider options. While cellphone and Internet services are out of the seller’s hands, sellers should expect their agent to be prepared to field questions on that front.
With energy costs on the rise and growing interest in protecting the environment, young buyers are conscious of buying homes that are green. And actually, these days, it is not just young buyers that are looking for energy-efficient homes. It really is everyone. Buyers factor non energy efficient costs into the consideration of the home. This is because buyers will often factor
Young buyers tend to get caught in a trap when gauging the affordability of condos or town homes. The asking price often fits their limited budgets, but HOA dues and the possibility of large assessments can sink the purchase.
When it comes to condo buildings, younger buyers are looking for properties with no special assessments. They want to maximize their monthly housing budget by finding a property with low monthly assessments.
Younger buyers start their searches online. The home must have professional photography that shows the home in its best light, or they will move on before ever stepping foot in the door. While younger buyers look to the internet first and foremost when searching for a home, realtors are the second most common resource for finding a home.
For further reading, see Millennials, Here’s What Your First Home Might Look Like; and, Why Millennials are Better at Home Buying Than You.