How to make your home appeal to millennial buyers
Category News
Millennials, also known as "Gen Y" and "digital natives" - are 27 and 42 years of age and are a highly informed generation of home hunters with an essential list of requirements for their perfect homes and investments. From "live-work-play" environments and eco-friendly features to loadshedding busters, lightning-speed internet and work-from-home spaces, Jawitz Properties takes a look at what millennials really want.
The 'live-work-play' lifestyle
Thanks to the "hustle culture" to which many millennials have subscribed - often due to necessity - work takes up a lot of time. The precious free time that millennials have will not be spent on long commutes or journeys - hence the popularity of live-work-play precincts in which everything is close to home. As far as possible, a millennial's home itself should be conducive to living, working and entertaining - especially if it is in a semigration destination that's far from a bustling urban hub.
Features like sound systems, outdoor entertainment areas and built-in braais all contribute to houses that millennials are likely to call home. Kitchens that flow seamlessly into living spaces - conducive to both everyday family living and entertaining friends - are another desired feature well-loved by millennials. Millennials are currently at the stage of their lives where their families may be growing, and homes that offer an extra bedroom and space for children to run and play are popular.
Pre-paid meter options
This savvy generation is conscious about the rising cost of living and more importantly about how to control variable expenses at home. Knowing this, pre-paid water and electricity meters are becoming more popular in their home-requirement checklists.
Eco-friendly features
Millennials have been raised with a keen awareness of the damage that has been done to our planet and they are more concerned than any previous generation about factors like carbon footprints and renewable resources. Features like solar geysers, solar panels, natural ventilation and rainwater tanks will draw the attention of any millennial.
Loadshedding busters
Over and above their eco-friendly concerns, millennials (especially those who work from home) are driven by a strong desire to overcome loadshedding. Millennials are under no illusions about the longevity of this problem and features like solar panels, UPS systems and rechargeable lightbulbs are huge drawcards.
The 'WFH' life
COVID-19 may be largely a thing of the past, but the work-from-home lifestyle that it created is here to stay. An ever-increasing number of millennials are working from home for at least a few days every week and they need to be able to envision where they will work when they view a prospective home. It is common for a three-bedroom home to be bought by a childless couple. In this scenario, two of the bedrooms will be used as office spaces. In homes that don't readily offer office spaces, creativity must be used to show a prospective buyer where a working space could be situated. Linked to this, a high-speed fibre internet connection is also a must for millennials.
The safety factor
Safety is key for any South African looking for property, and millennials are looking for a combination of safety and convenience. The popularity of lifestyle estates, boomed-off neighbourhoods and sectional titles should not be underestimated. Millennials want a combination of spacious homes and a lock-up-and-go lifestyle. Linked alarm systems, CCTV and neighbourhood WhatsApp groups are all on a millennial's wishlist. They are often passionate about travel, and a home which they can leave behind without having to worry about has great appeal. At the same time, millennials are often managing strict budgets, and sectional titles and estates may be off-putting if they come with high levies or homeowners' association fees.
Why do millennials matter? They're got some of South Africa's greatest buying power.
Lightstone statistics provide compelling evidence of how popular property ownership has become among millennials. In Cape Town, 31% of recent buyers are aged between 18 and 35, while buyers classified as "middle aged", between the ages of 36 and 49, account for 39% of recent buyers. Given that millennials are currently aged between 27 and 42, this gives a strong indication of buying power in the millennial market.
Other areas of South Africa follow the same trend. In Johannesburg, buyers between 18 and 49 make up a massive 78% of recent buyers. If we zoom in on Sandton, the numbers get even higher, with 82% of buyers being in or around the millennial age bracket. The picture is identical in Randburg, where once again, 82% of buyers fall between the ages of 18 and 49. In Bedfordview, 67% of buyers are potential millennials and looking at KwaZulu-Natal, 60% of recent buyers in Ballito fall into the same age categories.
If you're considering putting your home on the market, there are a variety of strategies that you can use to attract millennials' attention. The Jawitz Properties team has their finger on the pulse of what millennials and other buyers want and is on hand to help you sell your property. Contact us today if you're interested in buying or selling property.
Author: Jawitz Properties
