Millennials are entering the housing market in huge numbers.
And a recent survey shows that, unlike previous generations, their main priority is finding a home that will need little or no work before they can move in.
“Millennials want move-in ready,” said Consumer Reports expert Dan DiClerico. “They want to cook in that kitchen from day one and entertain in that backyard that very weekend.”
According Consumer Alerts, the right renovations could boost a home’s value by as much 35 per cent.
There are more 8 million millennials in Canada and many of them have started house hunting.
A survey of more than 1,500 millennials found that a modern kitchen tops the list of the desired features in a home.
Sellers could add a new set of stainless steel appliances, new flooring and a new countertop for as little as $5,000 to $8,000, a move that could hike the sale price of the home by three to seven per cent.
The survey also shows that millennials are looking for homes with open floor plans and flexible living spaces, so knocking down a wall before selling can also be a good idea. That could increase the selling price of the home by another four to six per cent.
“Another good way to add value is by expanding the living space, maybe by finishing at attic or basement,” DiClerico said. “It’s always a good idea to use materials that don’t require a lot of maintenance.”
Millennials also prefer hardwood flooring over wall-to-wall carpeting. A fresh coat of paint can also increase the value of the home by one to two per cent, the survey said.
Energy efficiency is another strong selling point. Lowering the home’s energy costs with up-to-date, energy-saving boilers and furnaces is one of the most desirable features for millennials on the market.
With a Consumer Alert from Pat Foran