What defines a “dream home” includes overall trends, consumer needs and individual preferences. As millennials transition to owning their first home, the checklist has been modified to include compact design, high-tech gadgets and energy-efficient features.
1. Compact Design
While massive foyers and family homes may have been the norm in years past, millennials are no longer seeking these large features. Extra space is also one of the first things to sacrifice when buyers are attempting to stay within their budget. More expensive materials were concluded to be far more important than extra finished space when determining whether or not to purchase a home. In addition, millennials would rather not have to worry about taking care of a spacious home. Since more time is spent working outside of the home, it makes more sense to have a smaller space that is easier to clean and maintain.
2. High-tech Gadgets
The prevalence of technology in the modern world deems the need for high-tech gadgets to be both relevant and essential. Whether it is a remote that can control everything from the TV to the temperature or a security System you can tailor through a cell phone, new inventions are being created almost daily. These new creations are creating a convenient way for homeowners to incorporate taking care of their homes into their daily lives. Since millennials have incredible knowledge of technology, they feel more comfortable utilizing innovative gadgets in their home. As even more technological advancements are introduced, older homes may require updates in order to be of interest to younger buyers.
3. Energy-Efficient Features
Energy-efficient takes the form of appliances and Windows in the new “dream home”. Millennials are very conscious of this trend and look at it as one of the most important requirements in a home. There are several ways that a home can incorporate energy-efficient aspects including programmable thermostats and the Energy Star seal. This seal can be featured on appliances and Windows and ensures that the item reduces energy consumption and pollution and increases energy security. A major appeal of the energy efficient trend includes saving the environment and overall costs. The inclusion of energy efficiency in a home is so important to millennials that they are even willing to pay 2-3% more!
Overall, millennials are seeking to buy their “dream home” despite the tendency to marry and have children later in life. With lower prices and a more opportune housing market, millennials will surely capitalize on their ability to get everything they desire in their first home.