Millennials are the largest generation the United States has ever seen. They are also the most unusual in terms of not following historical norms and trends. Almost everything they do requires companies that are targeting these individuals to adjust their strategies accordingly.
As MarketWatch reports, 32 percent of millennials are planning to buy a home within the next two years, compared to 25 percent one year ago. So, it may be time for builders, remodelers, and anyone looking to put homes on the market in the coming months to take notice. While a pool or a patio may have been a big selling point for a home in the past, millennials might not be so infatuated with these kinds of upgrades.
Instead, they are more interested in things like vegetable gardens, outdoor pizza ovens, and bricked-in grills. Another big selling point for a millennial buyer is any sort of outdoor improvement based on sustainability. Rain barrels, solar lighting, and native plant species can all help millennial buyers envision living in a given home a little more easily.
And it isn’t just yard or landscaping improvements that can beckon a millennial into buying a home. Smart home features like doorbells with cameras and electronic locks that can be accessed with a smartphone also can pull in these home-seekers.
While millennials may like a home with a sustainable backyard packed with vegetables and brick and stonework, what they don’t want is to look out on the yard and see nothing but a list of chores and maintenance. Sustainability needs to come with easy care instructions for it to be truly desirable to millennials.
On the whole, around 75 percent of U.S. homeowners plan to undertake some sort of home improvement program this year, according to an American Express survey. Not only that, but they plan on spending $1,000 more per project in 2016 than in 2015. All of this adds up to a record $350 billion spent on home improvements by 2017.