It’s no secret that millennials are the newest and largest generation of home buyers, making up around 37% of the home-buying demographic. If you plan on selling or investing in a luxury property with this particular sector in mind, it’s necessary to understand their specific interests and lifestyle choices.
Here’s a breakdown of what millennials search for when looking at luxury homes:
- Location and convenience
Location is an important aspect among millennials buying a luxury home. Privacy, exclusivity, and convenience are the factors that they value the most when looking at a luxury home location. That’s why they opt for non-traditional luxury neighborhoods offering these features.
The convenience of walkability is also important to this age set. And since they are very much into health, wellness, and fitness, they will be drawn more toward neighborhoods with gyms, yoga studios, and other fitness centers that are only within walking distance from home.
- Modern interiors
Being more carefree and adventurous than all other home-buying age groups, millennials will gravitate toward modern interiors. Designs of this nature are typically characterized by contrasting neutral hues, ample natural lighting, metallic pieces, clean lines, and uncluttered spaces. Some more edgy millennials may also want to see eye-popping colors like bright yellow or burnt orange on some accent walls and specific furniture but overall, most of the modern interior design elements will remain for that sophisticated and luxurious look.
- Open floor plans
This particular aspect is of special significance to the younger home-buying generation, especially those who enjoy having guests at home. They desire a barrier-free expanse that they can use for welcoming and entertaining guests and/or family. An open floor plan gives them that for easier interaction and communication with each other.
Efficient, flexible, and adaptable, an open floor plan allows living spaces to transition to each other seamlessly and allows for easy traffic flow. However, this can only apply to common areas such as the kitchen, living room, and dining room.
An open-concept kitchen, in particular, creates more space since more light comes in, and walls no longer block the line of sight. Thus, there is more space for eating, entertaining, and bringing people together.
For millennials, a luxury home shouldn’t just be aesthetically pleasing. It should also be functional. This means every inch of space can be maximized and has a purpose. From the space under the stairs to the garage corner, these can be used or converted into practical work or leisure areas.
- Outdoor living space
When millennials look for a luxury home, they also look for outdoor living spaces for that seamless and continuous transition from the indoors to the outdoors. Just like the open floor plan, these areas are ideal for entertaining guests. Moreover, they allow the homeowner to enjoy the sunshine and natural breeze without having to step out of their gate.
- Smart home technology
Millennials were basically born into the digital age, which is why it is rare to find one who’s not tech-savvy. This inherent knowledge of most things tech makes them want to be surrounded by the latest gadgets for most, if not all of their needs. Thus, show them a luxury home incorporated with smart features and you’ll most likely receive a handsome offer from them.
A smart home comes with several advantages. For one, it allows the homeowner to manage all devices in one place, making it more convenient and flexible. It also maximizes home security and increases energy efficiency. Some of the top smart home devices today include voice-activated light bulbs, smart thermostats, and smart speakers.
- Eco-friendly features
Sustainability and energy conservation are becoming more appealing to millennials these days so expect them to ask about appliances and fixtures that are Energy Star-qualified. With this kind of rating, you can be assured of lower utility bills due to lower energy consumption. Refrigerators, washing machines and dryers, and air-conditioning units are just some appliances with Energy Star potential. So are smart thermostats that can detect when the presence (or absence) of humans at home and can adjust the temperature accordingly.
- Community amenities
An astute millennial homebuyer will not only look at a house but also at the community itself and the amenities that appeal most to the lifestyle they lead. These amenities provide a social and recreational outlet that goes beyond their home.
Amenities such as swimming pools, tennis courts, and clubhouses allow the potential homeowner to enhance their lifestyle without having to go far. Golf communities, for example, offer a wide array of amenities, including golf courses, swimming pools, tennis courts, and fitness centers.
Your West Palm Beach luxury real estate guide
Are you in the process of selling your luxury home in Florida? Let Eric Telchin of The Telchin Group be your guide. Eric and his team achieve incredible results through their creative and innovative marketing strategies. Call 561.301.0249 or email Eric(at)TheTelchinGroup(dotted)com to learn more.