(Source: What Home Buyers Really Want Report).
Did you know that some features and amenities are deal breakers for different generations when buying a home? Uncover some of the top deal breakers for three of today’s most common home buyer groups:
Millennials and older members of Gen Z are between the ages of 22 to 30 years old and comprise of 82% of first-time home buyers. For this group, their wants and needs are high leaving 1 in 5 having to compromise in order to stay within their budget. These compromises included eliminating wish list features (18%), looking in less expensive neighbourhoods (21%), and increasing their budget (20%).
Although Millennial and Gen Z’s have come to terms with making compromises when purchasing a home, there are certain things they are not willing to part ways with including, fix uppers, dated kitchen and no home office space. More specifically 74% of millennial deemed a home office “essential.” With Millennials and Gen Z making move-in ready and an office space top priority they are not willing to part ways with, the Abode is the perfect addition to a house to give it that extra bonus and value to a first time home buyer.
The next cohort is Gen X, the move-up buyers who are between the ages of 41 – 61 years old. The pandemic created an opportunity for this generation to work from home so they could spend more time with their children and help their children learn from home. This resulted in a shift in terms of what move-up buyers are looking for – and not looking for – in their next home purchase.
The features and amenities that hold the most importance to Gen X is space to accommodate multigenerational families and a home office. With the increasing need for care of grandparents and children moving out at later ages, multigenerational homes are of extremely high demand for Gen X. Similarly to Millennials and Gen Z, 72% of Gen X consider a home office to be essential or extremely desirable asset while house hunting.
The last cohort of home buyers are the Baby Boomers who are individuals purchase a house above the age of 55. For Baby Boomers, low-maintenance and small yards are of top priority when purchasing their next home. Baby Boomers not only have features of top priority, but they also have deal breakers when purchasing a home which include lack of accessibility and maintenance-heavy amenities.
This report from the National Association of REALTORS Research group, highlights the importance of making sure your house checks the box across different generations with very different needs to increase the pool of buyers and even the value of your property. For 67% of home buyers, having a home office is of top priority and even a deal breaker for buyers. The Abode provides the perfect spatial solution with a home office steps away from your house and can be installed within 6 weeks from the purchase date. The need for extra space and privacy in our changing world is clear.
If you are interested in learning more please contact us.