Buying a house is a long term financial commitment. Because of this, home buyers must find a home that meet their needs for many years to come. Below is a list of 9 things that young buyers are looking for:
Big Kitchen with Open Floor Plan
Both the kitchen and the family room have become the spaces where they hangout, talk, watch TV, and entertain. The open space facilitates the ability to talk to each other in a larger space. The big kitchen makes it easier to cook for larger families or entertain larger groups of people.
The younger generation looks at a variety of things when it come to the location of the home. Is the neighborhood a relatively safe place to raise a family? Is it conveniently close to shopping, entertainment, and their employer? How close it it to public transportation? Are the streets clean and in reasonably good repair? What are the local schools like? Is the value of the neighborhood increasing or decreasing?
One factor that I believe will increase values of some Indianapolis neighborhoods is the addition of the Rapid Transit Bus Line that will run from Broad Ripple to just South of the University of Indianapolis. This will make several neighborhoods such as Garfield Park more desirable to many young buyers. Construction is expected to begin for this rapid transit system called “The Red Line” in Spring 2017.
Technology and Energy Efficiency
Today’s home buyers want to know about the home’s technology and energy efficiency. What is cell service like? Who provides Internet and TV to the area? Has the house been updated with energy efficient appliances, windows, and fixtures? How is the house currently wired for Internet and TV?
HOA Dues, Property Taxes, and Assessments
Young first time home buyers tend to be on a tight budget. They need to pay attention to every cost involved in owning and maintaining a house. HOA dues are becoming common place, especially with newer homes. If you live in a place with high HOA dues, property taxes, or assessments, it will turn away some potential home buyers.
Newer Home and New Appliances = Less Maintenance
According to surveys, over half of potential buyers are willing to pay more for a house if it is a newer model with new appliances. The two primary reasons for this is that the house looks more attractive and there is an inherent sense of lower maintenance costs for the foreseeable future.
Smart Storage Space
Whether in the kitchen, bathroom, bedroom, or garage, storage is a practical and important part of owning and using a home. Young savvy buyers look for functional, as well as sophisticated, storage space. A whopping 60% of homeowners were willing to pay extra for a walk-in closet in the master bedroom, with 44% of people between the ages of 35 and 54 viewing this feature as very important. The walk-in closet is desired for two main reasons: space and status. The space is very desirable for people as they get older and acquire more clothes, allowing people to be more organized. Having a walk-in closet in the master bedroom is also a status symbol. Likewise, smart and sophisticated looking cabinets and closets in the kitchen and bathroom also increase the appeal and usefulness of those rooms. Also, garages for two or more cars with smart storage is now becoming more standard in modern designs.
In previous generations, homes with carpets were considered better in order to conserve energy. However, younger people looking to entertain at the house, hardwood floors are more desirable because they are easier to clean than carpets.
If you’re serious about attracting young buyers, you need to think about how your property shows online. Provide quality photos and think about a video tour. Younger buyers start their searches for homes online. If they do not like what they see online, they will quickly move on.