Every week it seems like there’s a new thing that Millennials have supposedly “killed” – cereal, casual chain restaurants, cable TV, and diamonds are just a few of the things this generation is credited for offing in the last couple of years.
But perhaps it makes more sense to look at why people who are now in the 22-37 age range don’t have use for these things. Technology, culture and the economy have all significantly impacted the lifestyle choices these young adults make.
And it certainly affects what they’re looking for when shopping for their first Chicago home. When it comes to purchasing, it turns out that Millennials have very different wants and needs from Baby Boomers, the generation that is selling at a faster rate than any other.
So, while you might think that Millennials would be buying homes from their Boomer counterparts, they’re passing on these houses and looking for something different.
What Millennials Don’t Want in A Home
Most millennials are having smaller families than their Boomer parents or grandparents, so they don’t want large, sprawling homes that come with higher mortgages and more maintenance.
Outdated Chicago homes with lots of traditional elements simply do not appeal to Millennial homebuyers. Most are just not going to get excited about columns, ornate crown moldings or wainscoting.
Location has always been important in real estate, but it’s becoming an even bigger factor for Millennial homebuyers. Whether they want to cut down on car usage or just enjoy a shorter work commute, many are looking for homes closer to the action.
Since most Millennials rent longer, they’re not used to being on the hook for home repairs and are wary of saddling themselves with a Chicago fixer upper home that will require lots of expensive updates.
What Millennials Want in A Home
Energy efficiency is not only a financial concern, but also an environmental one that’s important for many younger buyers. Energy-efficient Chicago homes will certainly have an edge in today’s real estate market.
For the first generation who grew up with technology, having a high-tech home is often a requirement. Chicago houses or condos that are already outfitted to be smart homes will be a lot more popular with the Millennial crowd.
Minimal Design & Discreet Appliances
Although it’s impossible to generalize when it comes to the wishes or styles of all homebuyers in a generation, it’s fair to say that Millennials generally go for a more minimal look with sleek appliances that blend into the background. So, if you’re considering a remodel any time soon, keep that it mind for a better resale.
Home Office Space
Technology has made it possible for many more people to work remotely, so you’ll find that lots of Millennial homebuyers are keen to find a place that can accommodate a home work space.
Close to Public Transport
Unlike generations past, many Chicago Millennials choose not to own cars, even if they could theoretically afford them. Instead, they prefer to live close to convenient public transportation and forgo the additional cost of owning and parking a car in the city.
How to Appeal to Millennials When Selling Your Home
Contrary to what you may have hears, Millennials do want to become homeowners and that desire will only increase over the next 5-10 years as they age. However, they may be choosier and seek a more perfect fit for what they have in mind and what they can afford.
While it may be impossible to completely change your home to appeal to Millennial buyers, you can certainly make adjustments that make the space more attractive. For example, Chicago home staging can show how an area of the dining room can easily be used for a workspace. Or you can install a smart thermostat or other smart home devices.
If you’re a Baby Boomer homeowner looking to sell soon, it’s important to keep in mind that Chicago Millennial house hunters have different lifestyles that significantly impact their home wish list.