Millennials basically refer to the people who were born between 1980 and 2000. This age group includes people who have just begun their teenage to those who are towards the end of their youth. Recent studies have shown that this demographic includes 92 million people that are a large number. Using this large customer base, it is indeed possible that these people can influence the way in which real estate is sold.
The main trend that has been observed among these people is that they are delaying buying a house until they reach the age of 35 or so as this is the age when they decide to marry and have children. Around three-fourths of the people feel that they consider home ownership to be important whereas an equal percentage see it as a good investment. Around 30 percent are already homeowners and the remaining 60 percent want to buy a house in the near future.
In current times, there are a lot of constraints like over lending, educational debt, and EMI payments but with the subsequent rise in the economy and jobs, a much larger number of people are expected to buy new homes. In fact, the rise in the number of millennials buying houses is about to increase to around two-thirds of the total and will subsequently increase to 22 million houses by 2018.
Sanjay Jhunjhunwala is the CEO of Mani Group based in Kolkata. He loves to help people in finding the perfect home for them. Here in this article, we discuss the facilities that most millennials want in a new home that they wish to buy in current times. Read on to find out the secrets behind the same.
The Needs of The Y Generation
The millennials are also called the Y generation as they refer to the people who were born close to the Y2K or year 2000. There is a misconception that most people belonging to this generation want to live in the city and not in the suburbs. But the reality is starkly different. The latest research suggests that living in downtown areas is favorable only to 5 to 18 percent whereas a large section from 55 to 70 percent prefers to stay in the suburbs. However, there is a modicum of truth in this as the younger spectrum of these millennials definitely prefers urban settings.
The best part about this is that the absolute number of this generation is so large that even the small percentage of 10 percent gets modified to quite a large number of people. This generation is also ready to compromise and would be ready to go to work in a place that is much farther than their house. They are also ready to sacrifice some extra finished carpet area but they are absolutely not willing to compromise on the high level of quality of the materials that are used in the construction and the interiors.
An absolute majority that translates into three-quarters of the people preferred a home that is suitable for a single family. A majority of the respondents that were held in the survey wanted around 1000 square feet if possible. A small number of people, around 18 percent wanted to live in duplex bungalows and a large majority around 72 percent wanted floor plans of the open concept. As far as bedrooms were concerned, 82 percent wanted 2 BHK and 3 BHK flats in prime real estate companies in Kolkata.
The lifespan of a home plays a very important role in selecting a house than any other feature while buying it. The best thing about Gen Y is that they have a clear cut plan in how they can achieve this both in current times and in the near future.
The owners of various magazines state that the new generation of residence owners wants stylish homes that have the latest smart technology that helps them communicate better with their family members and their friends.
Even young women who are under 35 want to buy homes that have the best smart technology with inclusive designs that help in elevating the standard of their lives. The noticeable point is that the tendency to do this is more in the ladies who are lesser in age as compared to the ladies who are older. Home technology has improved to levels where the entire gamut of household activities like heating your oven to unlocking your gate using your smartphone will become a daily activity.
Design Is Still Very Important
The highlighting trend that has occurred in recent times is that home design still plays a very important role in selecting a house. Millennials have also emphasized the importance of functionality over size.
Surprisingly, the laundry space plays a very important role in selecting a house with people wanting space for a washing machine. They also wanted to give a lot of importance to the lighting that is present outside the house. Storage spaces and garage spaces also played a very important role in getting the right house with the right facilities.
The major discovery that we made is that Gen Y is not about having only contemporary designs but they actually believe in fusion designs that combine the traditional with the modern. There is also a new style called casual organic that has also played a major role in creating an eclectic mix and match that suits every design palate.
There is also an added emphasis on outdoor living with a majority of people wanting to pay adequate attention to amenities like terraced gardens and children’s parks. People also desired to spend more time on fitness activities that were not seen in people who were aged above 55 years old.
People also expressed care for the environment with many stating that energy conservation and protection was of primary importance as far as Gen Y is concerned. They were also willing to pay 2 to 3 percent extra in order to conserve the sanctity of the ecosystem. This shows the high level of concern that they have towards Mother Nature that is truly heartwarming. All in all, Gen Y loves Mother Earth much more than the previous generations and wants to contribute in its upkeep and development.
So these are the things that millennials want in a new home. Make use of this information to satisfy the needs and aspirations of your Gen Y clients!