As each day passes, more and more Millennials are starting the search for their first home. In fact, it’s believed that millennials have been the largest group of homebuyers over the last 5 years. However, times change, and what was once valued by previous generations may not be as relevant in today’s market.
In this blog, we will be looking at the defining values of millennials, discussing what millennials look for in a property, and offering some tips and advice for marketing your home to Millennials. So whether you’re a buy-to-let investor aiming your properties at local university students, or simply planning on selling your home in the future, understanding the current generation of homebuyers will keep you one step ahead!
What is a Millennial?
Millennials are the generation that followed ‘Generation-X’ and are typically defined as anyone born between 1980 and 2000. Previous generations have often had defining views, values, and traits, and Millennials are no different! Arguably the most distinguishing trait of Millennials is that they’re very connected to the surrounding world and very dependent on the internet with a generally positive view on technology. Research suggests that Millennials use social media, mobile phones, and online news sources more than any other generation, leading to views that often aren’t commonly seen in mainstream media. This means that if you’re marketing your home to a Millennial market, you should focus on using social media, online portals and online resources to reach this market. In the workplace, Millennials are seen as good team players with strong and transparent communication skills. However, they’re also ambitious individuals, seeking early success in life and promotion up the corporate ladder. Conversely, research suggests that Millennials have low retention rates in the workplace and are frequent job-hoppers. They also hold strong values regarding good work-life balance and often reject standard 9-5 roles for jobs with flexible working hours and freedom, taking up many roles within the creative sectors.
What do Millennials want in a property?
Whilst everyone will have different needs and will value different features within their home, we can make some generalisation based on knowledge, experience and research.
Energy efficiency and environmentally friendly
Something that we didn’t mention above is that many Millennials view themselves as ‘global citizens’. Meaning that they are less patriotic, more understanding of different cultures, and more responsible for their action affecting the rest of the world (mainly caring for the environment). Their responsibility for the environment and their love of technology has created a need for energy efficient features in their homes. Click here to find out how you can make your home more energy efficient.
Open layout and functionality
Walk into the office of any Millennial’s start-up business and the chances are you will notice a very open space. The same is true for Millennial’s homes, with many rooms having an open-plan layout and serving multiple functions. Therefore, if you’re planning on making renovations to your home, removing internal walls to create open spaces with multi-functional features may be the perfect choice!
As many millennials work long hours and are also very money conscious, properties with low maintenance costs will be very appealing.
Whilst many Millennial’s value the busy city setting, they also value greenery and fresh air. They value cities as they like to stay well connected and close by to facilities and amenities. This makes Norwich a prime location for Millennials, with a vibrant and active city centre and an escape into the countryside just a short drive away. Properties located close to university are also very popular options for millennials.
Fast broadband speeds
Millennial’s reliance on the internet has also created a reliance on fast broadband speeds. This is something that will be highly valued and can add to your properties value. Clear here to read more about broadband in Norfolk.
If you would like to discuss the ways Norfolk Property Online can market your home, get in touch! We can be reached on 01603 300900 or by email: [email protected]