As the housing market tightens its metaphorical belt for the winter, it’s important for savvy house flippers to differentiate themselves, and one great way to do that is by being more in tune with what Millennial and Gen Z buyers are looking for in new homes.
Millennials in particular make up a huge portion of the current buying population, and their younger brethren – Gen Z – are starting to enter the market now, too. The oldest members of the Millennial generation are now in their mid-thirties. That means that a lot of Millennials are starting to make good money at work, settling down, and starting families.
But Millennials (and presumably Gen Z) are also the most likely generation to put off marriage and kids (if they have kids at all). Millennials are used to options, flexibility, and responsiveness. Here are a few ways that you can keep those ideals in mind when renovating homes for younger buyers.
- Offer flex spaces.
The standard three-bedroom house generally assumes a married couple and two children. But many Millennials don’t have families that fit that mold. They still want space and may or may not want bedrooms for tots, so the name of the game is flex space.
When renovating rooms, consider how the details will allow spaces to work as bedrooms or maybe home offices, play rooms, libraries, or dens. By giving the buyer freedom to use the space as they see fit, you open your rehab property up to more people.
- Differentiate yourself.
If and when possible, look for houses that have a bit of character, houses that don’t quite fit the standard mold. While you might scare away a few older buyers, younger buyers are likely to want spaces that don’t feel cookie-cutter. With a bay window here or a unique loft over there, you give buyers flexibility and the ability to make the home a unique reflection of themselves.
- Focus on smaller homes (with the potential to grow).
Particularly with prices so high, many Millennial and Gen Z buyers are simply going to be priced out of large homes. But that doesn’t mean that they don’t still want a nice house in a nice area, and ideally a home that can grow with them. With that in mind, try to zero in on small houses that are plenty of space for a single person or couple while still offering good local amenities and, if possible, room to be expanded up or back if the buyer wants more space down the line.
For more ideas, feel free to give our office a call. We can also share our latest house flipping investing tips and update you on our current residential rehab loans.