According to a recent survey from Morning Consult, 28% of millennials who don’t already own homes are more interested in purchasing one because of the pandemic.
While millennials have been known to delay home buying, the pandemic, combined with historically low-interest rates and the popularization of working from home seems to have millennials moving in that direction. After waiting to buy a home for many years, millennials know what they want in a property. Let’s take a look at the features most commonly found on their wishlists.
The home office has been topping the wish lists of not only millennials but most homebuyers these days. With working from home is becoming ever more popular, it is important to have a dedicated space with a clean, clutter-free background for video calls and the ability to close the door and keep noise at bay. Many families are looking for two separate home offices, so everyone has their separate space to work.
With families spending much of their time together in the kitchen, a large area that allows several people to cook together while still helping the kids with homework is at the top of millennials’ wishlists.
Space to Grow Into
After waiting for so long to buy their first home, many millennials are ready to skip the so-called “starter home” and move right into a home that will allow them and their families to stay there for a long time. Thinking of the future, several bedrooms should give them the option to expand the family or have older parents move in.
Hardwood or Laminate Flooring
While carpet was the norm a few decades ago, today’s millennial homebuyers prefer hardwood or laminate flooring. The largest benefit is that these floors are easier to clean and to maintain, especially when children and pets are involved.
Whether it is for their pets to run free, for their kids to have space to play outside, or to entertain family and friends, millennial homebuyers want a private backyard. As long as they have the space, the privacy, and some fencing, millennials are often willing to do some work to turn it into the backyard of their dreams.
Millennials want their homes to be as user friendly as their smart phones and tablets. They prefer digital locks that can be opened via code or a phone app, security cameras, smart thermostats, and other smart home features.
As environmental concerns increase, it is important to millennials that their homes consume energy efficiently. While energy-efficient appliances can easily be added to a home, other things such as smart design, solar tempering to help regulate the home temperature and highly insulated windows and doors are much easier to add to a home in its construction phase.
Does this sound like your wishlist? Or do you have something else entirely in mind? Search for your dream home on our home search platform and get a cash reward of 0.5% of the value of the property you purchase when you work with one of our recommended real estate agents!
At Resource Financial Services, we love making people’s dreams of home ownership a reality. Visit us online today at rfsmortgage.com to get started. Then contact a Resource Financial Services mortgage banker at 877.797.4545 to discuss your mortgage options and your financial goals. Let us walk you through the process and welcome you home to a better mortgage.