Millennials are known for their ability to change the status quo, whether it’s demanding more options for remote work or raising families in an urban environment rather than settling in the suburbs. And now, when it comes to real estate, they’re changing the meaning of “luxury.” Many of who are in or entering their 30's, are building their wealth and showing interest in high-end homes. Here are a few of the luxury home features millennial home buyers desire.
Less space, more functionality. Millennials are forgoing larger houses, choosing smaller luxury homes that make smart use of space and are filled with high-end amenities and furnishings. Some of the most in-demand features include open-concept living areas with plush living rooms and showcase kitchens, spa-like bathrooms, and multiuse rooms. Millennials desire functional layouts for entertaining and the flexibility to alter spaces to fit their needs, such as a yoga studio that can be converted into a bedroom for overnight guests. Their preferred lifestyle and personal interests inform what they most want in a home.
A portal to the Internet of Things. Constant connectedness, both personally and professionally, has become the norm for millennials. Fast internet access for telecommuters who work from home is a must. Another characteristic of the daily lives of millennials: embracing the internet of things to create a smart home filled with connected devices. This can include smart appliances, speakers, thermostats, and security systems, as well as networked audio systems for the entire house and voice-controlled lighting. If you’re selling a home with smart features, make sure potential buyers are aware of all its bells and whistles. If possible, set up an iPad with instructions so visiting guests can experience hands-on demonstrations.
Greater commuting options. As millennials go to urban areas, walkability and proximity to public transportation are highly sought attributes. Many millennials are interested in living in neighbourhoods where they can mingle with like-minded individuals and stroll to local amenities like restaurants, community gathering areas, and entertainment. They may also prefer to commute via public transportation or use rideshare services. This is also a boon for millennial buyers looking to cash in on the short-term rental craze. Walkability and convenient transportation options will help buyers boost their home’s profile on rental sites. It’s also possible you’ll encounter urban-based millennials who don’t want to buy a primary residence in the city; instead, they’re choosing to rent their primary home and purchase a vacation home elsewhere.
Indoor and outdoor living spaces. Millennials want the option to stretch their living areas beyond the walls of their homes to include outdoor spaces. This is particularly true for those who live in cities, where green space is at a premium. Balconies, decks, or rooftop gardens are all excellent spots to take advantage of fresh air and offer additional places for entertaining, relaxing, and practising mindfulness. High-end condo developers have started adding lush outdoor amenities meant to encourage wellness. String up party lights and group outdoor furniture and tables on an all-weather rug to ensure potential buyers can envision the space as a seamless extension of the home.