What are the most important features you look for in a new house? Depending on your age group the answer could be different. Developers and builders follow the trend set by majority of buyers. Millennials, as the second-largest segment of home buyers ranking behind baby boomers, are currently a major force in determining what features are offered in the houses built.
Although it seems some features are desired by most buyers, but recent National Association of Realtors survey finds theMillennials first time home buyers prefer the following five features the most.
- An open floor plan
Formal dining room isn’t of much importance to the millennial group. An open floor plan with no separating walls in the kitchen, living and dining areas is preferred. These plans give the space a sense of more room, and make smaller areas seems to be bigger. A smaller space thus a lower price fits the first time hime buyer’s budget just fine.
- An up-to-date kitchen and bath
A functional kitchen is on top of the list for most people, right behind master bathroom. With a limited funds, younger buyers are less likely to spend money on renovations. It is very important that these two focal points of the house to be functional and ready to move-in.
- Friendly location
Location is always an important a consideration in real estate. For younger first time home buyers a convenient location is a must. Who wants to pay extra money for gas and get stuck in endless traffic! Many millennials prefer walking, biking, or some form of public transit for their commutes. A great location is the key.
- Energy savings
Younger generation are often more conscious of energy conservation and efficiency. Availability of newer technology in energy-efficient appliances, windows, and a better quality home insulation can make a huge difference.
- An office space
This doesn’t have to be a separate room, but has to be a dedicated space. With people working from home more and more and all the freelancers and telecommuters among millennials, a dedicated space to get work done is a huge attraction.
Regardless of your preference for features in a new house, you should know about financing, affordability and availability of new place to buy. You can increase you chance of success by:
- saving as early as you can
- being thorough with mortgage shopping
- picking a neighborhood that fits your life-style
- . . .
As a realtor, I am often asked “How is the Housing Market?” or “Is it s good time to buy a house?”. In an attempt to provide an answer, I write about topics related to real estate and home buying process. Additionally, I prepare monthly reports about the real estate activity on houses sold and houses currently on the market. For viewing all previous reports and more information, please take a look at my blogs on my site or on the ActiveRain (real estate information) blog site.