MOVE-UP BUYERS: A TARGETED REMODEL BEFORE MOVING UP
Savvy Bay Area homeowners looking to purchase and move to a larger house are increasingly utilizing a new, targeted approach: remodeling their existing home to extract maximum value upon sale.
Rather than basing their choices on what they would like, they are considering renovations from the perspective of future buyers. At 83 million strong, those buyers are millennials, who, in 2019, made up the largest share of homebuyers according the National Association of Realtors.
The next generation of homeowners wants smart, stylish homes that enable them to connect with friends and family.
– Jill Waage, Editorial Director at Better Homes & Gardens
With nearly three-quarters of this demographic preferring experiences over things, millennials—now representing one-third of the national population—are often referred to as the “Experiences Generation.” Thus, how a home “lives” and “feels” is becoming the blueprint for design and the vital criterion for home features.
New Trends To Consider
- Open-Concept Living
Millennials’ strong desire to connect and engage with people is breaking down the walls in interior home design, resulting in flexible, open-concept floorplans. For example, being raised on cooking shows and the “foodie” movement explains their strong desire for an open kitchen that faces a family room so they can engage with others during meal preparation. Front-row seats for family and friends to marvel at their culinary skills is another hot trend in kitchen design. Function over size is now the main driver.
- Outdoor Entertaining
Outdoor spaces for entertaining are also now a “must-have” feature in multi-family and single-family homes. Three out of four millennials say outdoor space is important for entertaining ,and consider an outdoor living space an extension of the home and a relaxing retreat for family and friends to spend time together.
- Working From Home
Savvy developers and designers are also responding to the growing trend in remote work. This conceptis revising workplace needs and enhancing a desired work/life balance by the upcoming generation. Future housing may contain design features that allow millennials the flexibility to work or play depending on the time of day. Living spaces may now double as workspaces with plenty of built-in storage to help maximize space and furniture that can serve more than one purpose. Smart, flexible, efficient, and minimalistic are now the guideposts for interior design.
- Home Sustainability
Known also as the “Green Generation,” millennials continue to be most willing to pay extra for sustainable offerings. Consequently, they’re more interested than ever in sustainable and regenerative features such as solar panels and dual-pane windows, as well as eco-friendly materials, including paint and floor coverings that don’t contain volatile organic compounds (VOCs), Energy Star appliances, LEED-compliant lighting, and organic materials such as wood and stone. Heating and cooling cost efficiencies are also top of mind with 33% of millennials saying they are a very important consideration.
Millennials’ concerns about the environment and desire for a closer connection to the natural world are driving their preferences for more organic materials that give the feeling of bringing the outdoors in. Tile in all its forms—from ceramic to stone—along with hardwood floors, river-rock shower flooring, rainfall showers, and quartz kitchen countertops, are among features being used by developers and designers to respond to the growing environmental awareness and concerns of their clients.
Perceptive developers are incorporating sleek, simple design lines, light/muted color palettes, and abundant natural light to respond to millennials’ desire for natural, harmonious, and uncluttered living spaces.
- Technologically Advanced
More connected and tech-savvy than any previous generation, millennials also prefer homes to be pre-wired with plenty of electrical outlets that offer USB ports for charging their devices, ethernet ports for connecting wireless routers, and HDMI jacks for flat-panel televisions and home theater systems. Smart home technology is fast becoming an essential component in home design, offering this new generation what they want and need: greater automation, connectivity, and control.
Can We Help?
Whether you are ready to move-up to a larger home or just considering a remodel for the time being, Julie and her team of experts are ready to help. Our vast experience and high-quality network of contractors and providers will ensure you maximize your investment return while preparing your home for maximum buyer appeal when ready to sell.
For more information on how we can help with your buying and selling needs, please contact Julie at 650.799.8888 or Julie@JulieTsaiLaw.com to schedule a free consultation.