So let's say that you are thinking about selling your home. Maybe you are ready to move up to your dream home or you have been in your home a while and have some equity built up. Maybe you just want to make sure that it reaches the widest audience possible. It is likely these days that a percentage of the potential home buyers for your home are younger home buyers (particularly Millennials and Gen Z). So what makes a home more attractive to these buyers? What improvements do you need to focus on to maximize your sales price and net return? Here are some possible answers:
Home Office: Yes
The way we work has shifted. The current generation of home buyers has a much greater likelihood of working from home than ever before. As you prepare (or stage) your home for sale, keeping this in mind can help buyers be able to visualize themselves living in your home. Even if they work from home for only a day or two a week, this can be a very appealing feature for a home.
Do the Renovations and Updates Upfront for Kitchen and Bathroom
Most people who are looking at buying homes these days want a "move in ready" home. The percentage of people who feel comfortable and want to spend the time to renovate is still very small, and while many people watch shows on HGTV and the Internet about home renovations, most do not have the time, money, or inclination to take these projects on.
This is especially true for the Kitchen and Bathrooms. Modern updates in these areas, including cabinets, countertops, light fixtures and hardware can all be expenses with solid returns in terms of sales price. For these items it often pays to hire a professional and get their recommendations on which improvements will provide the best return.
Think Sustainable and Affordable
Modern Appliances that are energy star rated can help a millenial or Gen Z buyer both save money monthly on their bills and be kinder to the environment. Both of these are typically appealing to these buyers. Your home is competing for their attention with new homes that are highly likely to have these upgrades.
Also, smart home technology offers not just the convenience of remote control, but also the ability to save money and energy by optimizing when heating and cooling takes place.
Open the Floor Plan Up
While you are working on the kitchen, you can often also open up the floor plan by removing a small section of a wall or two. Done correctly and in consultation with a professional, this can be a simple fix that will make your square footage "feel" bigger and more inclusive. Millennial and Gen Z buyers want to enjoy family and friends all together. The ability to have them in one place is much more appealing than having a number of enclosed smaller rooms.
Consistent Flooring Throughout
While not always practical to do right before selling, where possible, this can be a winner interms of competing with other homes on the market for buyer attention. These days, automated vacuum robots like Roomba are not the only reason to have consistent flooring. Modern and and consistent flooring throughout the home also creates a more open and spacious feel.
A Fresh Coat of Paint
Neutral paint colors applied in a uniform theme throughout the home has always been a tried and true method for getting people to see themselves living in your home. These days that is even more the case. Soft, neutral, and warm colors on trim, walls, baseboards and other areas of the home will appeal to the widest possible number of people and will also provide a modern, sophisticated and clean look that today's buyers are desiring.
These are just a few suggestions that apply in general to homes. There are many other ideas that will apply to your home specifically. One of the best investments of your time could be asking one of our TREG Associates for a specific list of their recommendations for your home. They know the local real estate market in detail and know the homes that your home is competing with. Let them help you today and they can provide you with a complete list of ideas to maximize your return.