The millennial generation has emerged as one of the dominant consumers in the real estate market. In an age where smartphones and apps dominate our lives, the modern house hunters demand have changed drastically. Due to the fluctuating real estate prices, the present-day home buyer is more sensitive to price than before. Most of them are just young professionals who prefer designer homes that require little modification. Their likes, dislikes and even their lifestyle choices are unique, this makes their needs for real estate properties really distinct. Before you sell or purchase a new home, you must understand what the present-day buyers are looking for.
Given below are the 10 most necessary things that modern home buyers look while purchasing a new home.
#1. Millennials want simplified ‘Smart homes’
People who hunt for homes these days are used to living a life filled with technology. Their life revolves around gadgets and smartphones. Studies have shown that more than 85% of the millennials are willing to pay 25% more for a “smart home”. Homes with built-in security, light control, and smart locks are features they just don’t want to miss out. Today’s buyers are seeking a place with tons of space in central living areas rather than going for a huge property. In fact, modern home buyers will shell out more for a compact house that could be managed through just a smartphone from any corner of the World.
#2. Energy efficient and completely furnished
The current generation cares about the environment, they want to conserve energy and go for smart homes.Since they bear the brunt of the financial drain, it’s highly necessary that they manage their energy usage at home as they have a strong inclination to protect the environment as well. Millennials keep shifting frequently, this means they will prefer homes which are pre-loaded with appliances such as refrigerator, washing machine, and even air conditioners.
#3. Security is a top priority
Home security is one of the most discussed topics in online forums. Consumers are more pragmatic and tend to be cautious while selecting their next home. Security is one of the primary concerns for any buyer. With the advent of latest technologies, safety and security measures have massively doubled the past few years. Luxury flats for sale in Chennai have added special features such as sensors for windows and motion-detecting lighting for the exteriors and interiors. Besides these, automated doors and security cameras for doorbells are an added advantage.
#4. Availability of natural light in the living spaces
People prefer well-illuminated, bright living spaces. This is the benchmark for a smart modern home. No one wants to live in a dark, gloomy house. Natural light is the biggest selling point for most of the houses. Buyers like houses with large windows and balconies through which natural light can enter the house. This saves up unnecessary costs associated with artificial illumination.
#5. Modular kitchen and well-designed washroom
These two are the most important aspects of a house. The designing trends associated with kitchen have changed considerably over the past few years. The yesteryear designs look very much out-dated compared to the present. Many apartments for sale in Chennai are offering these modular kitchens as a complete package. Revamped kitchens and washrooms will offer a great return on investment during the sale of a house. Today’s buyers are very conscious and are particularly aware of the wear and tear. So please ensure the fittings and the plumbing work are perfect.
#6. Spacious rooms with a multi-functional aspect
Leaving the washrooms and kitchen aside, buyers want more spacious bedrooms which could serve as utility rooms as well. Bedrooms must be well-furnished and should have built-in storage places. Work-place dynamics have changed and many millennials prefer working from home. Home offices are just not for people who work from home full-time but also many young professionals have the option to work from home, therefore a dedicated office space is imperative. Most of the upcoming luxury projects in Chennai provide specific utility rooms which could be converted into office or private spaces.
#7. Easily accessible and easy to commute
Younger home buyer’s perception of location differs from their previous generations. They never faced any high fuel prices or traffic issues. But in today’s World, buyers are faced with these issues and are looking for properties that are closer to their workplaces and have access to public transportation. Younger buyers with children favour more of a residential place than proximity to the city. There are many flats in Medavakkam which are well connected and accessible to the rest of the city.
#8. Low on the maintenance factor
Millennials want to have work-life balance, they have to juggle between meetings, business trips and won’t have much time to take care of the garden, mow a lawn or waxing the floor. They simply won’t have so much time to take care of the property. Instead, they look for homes that won’t drain their income on maintenance costs and are relatively easy to maintain.
#9. Presence of an entertainment space
The modern home buyer considers their home as a place more than to just eat or sleep. It is a place where he demands to get entertained. As such they look for features such as game rooms, indoor basketball courts, and outdoor recreational areas. These opens spaces could also serve as party halls for social events and will help people have it all in one space.
#10. Dedicated room for handling laundry is a must
Recent surveys have revealed that new home buyers feel laundry room is a must in every home. These days many builders offer utility spaces that could serve as laundry rooms. Having a specific room for keeping the washing machine and drying the clothes could be beneficial for a typical single family.
With the rapid changes happening in the real estate segment, it is no wonder the demands of the modern home buyer also have changed. To embrace the needs and wants of the buyer, tech companies and builders are joining hands to create new, exciting features to entice today’s home buyers. The market is expanding and the need for sustainable living with smart technology in homes is greater than before. Millennials approximately represent 67% of the first-time home buyers, and the aforementioned factors are a must for every home that modern home buyers seek.