What Millennials want
Millennials are renowned for doing things differently compared to their predecessor's, buying property is no exception. Many millennials currently in the market are first time buyers and are more times then not somewhat nervous of making a mistake by buying the incorrect home. Attending plenty viewings before pulling the trigger is not uncommon and by doing so it is easier for them to make the commitment of purchasing a long term home. At the same time research plays an empirical role in their day to day lives, so they will be informed of what is in the market and what the market has to offer. There has been a spike in buyers that fall into this category and COVID had a big role in opening the market. With interest rates that plummeted, many a millennial were able to enter the market a lot sooner than they had anticipated. With millennials it is of utmost importance to remember that they are not their parents and the way in which they approach everything tends to be different. There are specific must haves that are quite important and below we discuss them in detail.
Millennial home must haves:
1. They are always on
Work, play and socialising all take place on devices for Millennials and for this reason they are constantly connected in some form or another to the internet. High-speed internet availability will be an expectation/demand. If homes have some form of a backup system already in place to assist during load shedding, it would add great appeal to these buyers.
2. Environmentally conscious
Anything environmentally friendly or conscious is highly fashionable to the masses, even more so generation Y. A generation that hones in on fashion-forward conscious movements are the front runners for trying to add their little piece in trying to save the planet. If their space could add to that then this would be a major bonus. Ways in which their future home could cut energy consumption will be appealing. Solar and gas appliances are all items that will add value and essentially help them save the planet as well as some money.
3. Safety Conscious
Safety is key for everyone in South Africa, particularly this generation. Sectional titles or homes within an estate or complex have become extremely popular specifically for this exact reason. Younger families want to know that whether they are inside their homes or away for the weekend that their homes will be protected and will be of priority to security companies. Lock up and go is the ideal that Millennials are looking for. This generation still loves to travel, somewhat more than those before them and peace of mind is provided by a lock up and go home.
4. Hybrid workers
COVID has had a major influence on many aspects of everyone's day-to-day life and creating hybrid workers is one of those. Although many individuals have gone back to the office and enjoyed the office space, there are those that ultimately prefer to have a combination. Some form of remote workspace is essential. This is higher on the priority list for those with children as well, seeing as it might be required for them to stay home with children now and then and then they are still able to do their work.
5. LIVE, WORK, PLAY
Live, work and play all carry the same weight of importance for this generation and each element receives the same amount of dedication. A home is therefore required to be able to cater for all three, whether it be with location, technology, or size. Technology is however the biggest contributor here because great techy elements surround a millennials whole life. A home with great tech features will go a long way and will find itself on the shortlist of homes that they will be interested in.
Unlike other generations, Millennials have taken longer to purchase homes and during this wait, they have developed a clear idea of what it is that they want and require. Homes that come closer to ticking all these boxes will most likely make it onto their shortlist.
