Most homes on the market have at least a few upgrades before they’re listed. We don’t have to do much looking to notice most homes for sale have fresh paint, new roofs, and updated windows. With millennials accounting for the most significant percentage of homebuyers, there are some ways we can be strategic with our remodeling budget.
Let’s look at real estate upgrades millennials care about in 2023.
With rising global temperatures and energy prices, you could say energy efficiency is a hot topic. Upgrades that reduce energy costs are a chief concern. Eco-conscious shoppers will appreciate upgrades that protect the environment and save on utility bills. We can use this trend to make the right decisions about property upgrades.
Installing solar panels is a surefire way to catch attention. Solar panels are fantastic for curb appeal because they’re usually mounted on roofs and are typically visible from the street. Shoppers also notice solar panels in listing pictures. Homebuyers don’t want to miss out on converting free sunlight into usable power. While solar panels are great at getting attention, there are a few other eco-friendly upgrades for us to consider.
Battery technology has come a long way. Today, we can buy a battery that will power an entire house. Residential batteries help reduce energy consumption from the grid by powering the home during peak hours and avoiding increased billing rates. They pair well with solar panels because they can store excess daytime energy. But, we don’t have to have solar panels or home batteries to make a home more energy-efficient.
We can make our homes more efficient with a thermostat. You can program smart thermostats to reduce energy consumption while working or sleeping. We can also connect thermostats to the internet and adjust settings while we’re away from home. Gone are the days of wasting heating and cooling energy in an empty house. Millennials appreciate seeing smart thermostats.
Modern Kitchen Design
The kitchen is an essential room in the house to upgrade. Modern design trends for kitchens have shifted to open floor plans. Millennials are less concerned about dedicated dining rooms and more interested in updated kitchens with plenty of space. There are a couple of fundamental things to consider regarding kitchen design.
L-Shaped and U-Shaped Kitchens
Kitchens with an open layout are increasingly popular. L-shaped and U-shaped kitchens make it easier to establish dedicated areas for cooking. These layouts have rows of cupboards, cabinets, and appliances. We can add islands to kitchens with either shape. Designs like this excel at making small spaces feel large.
Remodeling a kitchen is no small task. Buyers will undoubtedly notice if amateurs attempt to remodel the kitchen themselves. The best advice is to hire professionals who offer timeline transparency tools to keep projects on track while sending them new remodeling leads.
Choosing pros that use tools like this will streamline the process and spare you time seeking them out once you’ve decided on the design through the corresponding app.
While finding a tradesperson may be effortless, the repair will still take time. If we’re in a hurry to sell the home, we’ll want to plan this type of upgrade well in advance.
Millennials grew up in a world with white, cream, and black appliances. Appliances are expensive, and we want the upgrade to appeal to the broadest range of buyers. Since being introduced, the most popular choice of fridges for homebuyers has been stainless steel. We don’t want a buyer saying they have to replace brand-new items because of their appearance. So if you’re going to upgrade, go with stainless steel.
Stain Proof Flooring
Stain-proof flooring will win the most brownie points with the family-minded shoppers. We can easily clean up after kids or pets with flooring that repels stains. In addition, they excel at resisting wear and tear from everyday life.
Hardwood flooring is the most popular. Besides looking the most attractive, it is durable, versatile, and low maintenance. Buyers will pay extra for well-kept hardwood flooring. The classic look of hardwood flooring is trending as homeowners get away from carpet. You don’t have to be a hipster to appreciate hardwood floors.
After hardwood, homeowners favor laminate options. Nowadays, they make laminate floors that look like wood, stone, and tile. Millennials would rather have a more resilient floor than carpet in high-traffic areas.
Spare rooms can target millennials when the house is staged and shown. If buyers can picture themselves using the extra space, they’ll be more likely to buy the house.
While younger buyers don’t care as much about dining rooms, they will ask about an office. With so many people working from home nowadays, we expect the trend to increase well into 2023. Even if people don’t work remotely, they still appreciate having a dedicated office space.
Gaming rooms can be just as beneficial as home offices. The idea is to create an entertainment space for multiplayer games. Rooms like this usually have HD TVs, game systems, pool and poker tables, darts, and shuffleboards. In addition, hang a scoreboard on the wall to create an environment where buyers can see themselves having fun with guests.
Millennials are obsessed with dogs. According to Statista, “Millennials represented the biggest share of pet owners in the United States (32 percent).” As a result, large yards are a top priority for buyers with pets.
Besides pets, buyers also think about space for their kids to play. More than half of millennial women have children. So, it makes sense for large yards to be considered a valuable upgrade. Especially if the house they’re coming from had a small yard.
There must be enough space for kids and pets to run and play. Even if buyers don’t have pets or kids, they’ll use the area for backyard barbecues and raised flowerbeds. Lumber prices are still high. So, if there is an exceptional wood fence, buyers will see the added value.
There are a variety of ways to get the attention of homebuyers. Millennials account for a large percentage of shoppers. As a result, we can maximize the return on investment from our upgrades with the right decisions. While we’ve outlined various considerations, it may be wise to ask your real estate agent for advice before remodeling. They’ll be able to offer some guidance concerning what the other homes in the neighborhood are offering and what buyers have recently requested. In addition, agents can show off upgrades in listings and open houses with creative staging.
It is vital to make intelligent upgrade decisions to get the most for our remodeling investment. Millennials account for the most significant percentage of homebuyers, and we can be strategic with upgrade budgets to capture their attention. Staging homes to help buyers visualize themselves living in the house will attract more buyers. Besides focusing on family-friendly features, highlight any updates that make the home more energy-efficient. Remember to leave a dog toy in the backyard for good measure.
Disclaimer: This is a guest post written by Ryan Mahoney. He is a content creator who writes about remodeling, home design, and real estate. When he’s not writing articles, he enjoys walking Dot, his miniature dachshund.