(Adapted from NewsUSA) – Sponsored by GAF –
It’s time to stop thinking of Millennials as totally uninterested in owning anything just because they were early adopters of Uber.
The newly released U.S. homeownership rate rose in 2017 for the first time in 13 years. It now stands at 64.2 percent. This is driven mainly by a shift towards owning over renting by the under-age 35 crowd. Historically, they’ve been wary of committing for both financial and personal reasons.
“This is happening because young households are buying homes. Full stop,” Ralph McLaughlin. McLaughling is chief economist at home listings provider Trulia.
They’re not the only purchasers, of course. Are you looking to sell your house now or in the not too distant future? You might want to check out this generational roadmap. Experts say these four upgrades are worth it to help attract potential buyers.
Cross-generational: a new steel door.
The only thing that beat it on Remodeling magazine’s annual Cost vs. Value Report for 2017 was loose-fill attic insulation. This project – with a 90.7% return on investment – speaks directly to the report’s main takeaway. “Curb appeal projects, by and large, generated higher returns on investment than work done inside the home.”
A Millenial’s ideal interior may differ from older generations. (For example, they prefer open floor plans and hardwood floors). However, Architectural Digest says they’re still into “traditional exteriors.”
Millennials: smart-home tech
Yes, there are Boomers and Generation Xers who are super tech savvy. But Millennials especially crave homes that are “smart”. They want to be able to control their heating, air-conditioning, home security, and lighting systems from their phones.
“They want to use their brains for other things, not for remembering whether they adjusted the heat or closed the garage door,” Angie’s List stressed.
Cross-generational: a new roof.
It’s the ultimate curb appeal enhancer. Remodeling magazine A-lister observed that “buyers pay a premium for one already in place.”
If the first thing prospects notice even before exiting their cars looks like something out of “Twister,” you’ve got a problem.
“It’s a huge turn-off,” said Patsy O’Neill, a sales associate with Sotheby’s in Montclair, New Jersey, “It makes buyers of all ages predisposed to find even more things they don’t like.”
Millennials: all-new appliances.
Realtors will tell you that major kitchen (and bath) upgrades generally aren’t worth their high costs. In terms of return on investment, it can be a bad bet. Why? Because prospective buyers’ tastes may clash with yours.
