Bangalore, being the Tech-hub of India, is also one of the most preferred places among millennials and generation Z. An ever-growing IT industry, continuous flow of foreign investment, and immense growth opportunity are probably reasons for such a high flock Millenial drive into the multi-ethnic cosmopolitan city.
With such large demography being dominant by the millennial population, it is evident to impact every sphere of life, including the real estate in Bangalore. The younger generations have different choices and preferences regarding buying a home or conceptualizing a dream home.
It is not hidden that their life is fast-paced and revolves around modernity. Hence, it is evident that these elements should be incorporated into the homes. More than homes, the millennials prefer ready-to-move apartments in Bangalore. Although they desire some of the same things similar to their parents, their choice of amenities also dramatically varies in several aspects.
So, here are some of the critical points that can underline what the millennials want in a home. The real estate developers in Bangalore and everywhere else should also keep in mind while developing properties that can indeed be called the millennial’s home.
The millennial’s home: What the builders should focus on
Real estate companies in Bangalore face new challenges as more millennials enter the housing market. Millennials are purchasing homes later in life than previous generations, and they are preceding many of the standard features that their parents desired. The desire for multifunctional and community spaces and homes with modern, sustainable elements is a millennial trend.
Some things remain constant across generations, such as the significance of the location. According to studies, millennials prefer to live near their places of employment and recreational activities. When it comes to choosing a home, this is a huge deciding factor for them.
You’d think that cities would accommodate this request better than the suburbs, but that isn’t always the case. People in their twenties and thirties are less likely to live in cities. This shows that an urban lifestyle isn’t always the best fit for this generation.
“Seventy-five percent of millennials want relaxing outdoor spaces,” according to Traditional Home Editor-in-Chief Jill Waage. This includes amenities like vegetable gardens, decks, and fences.
Spend some time focusing on curb appeal when preparing your home for the millennial buyer. Is there enough room to relax or host an outdoor gathering? It doesn’t have to be a huge backyard with a white picket fence, but it should be a place where potential buyers can relax with their friends (or a good book). There are a lot of great landscaping ideas for small yards.
Consider whether there are any outdoor extras you could include with the purchase. Is it possible to include a grill? What about the lawnmower on wheels? When it comes to potential home buyers, a perk can make all the difference.
One of the top priorities for millennial homebuyers when looking for a home is a large kitchen. Millennials prefer open floor plans with the kitchen, dining, and living areas all connected, whereas Gen X and baby-boomer generations preferred formal dining rooms.
Community, cooking, and entertaining are important to millennials. A huge selling point is a large kitchen and open floor plan, including a kitchen island and informal seating.
While most millennials aren’t concerned with space, they want their homes to have modern, high-functioning amenities. This includes appliances such as dishwashers, washers, and dryers, as well as exercise space. When it comes to selling a condo, having access to personal amenities isn’t always necessary. According to a study by the National Association of Home Builders, more than 80% of millennials want laundry rooms, hardwood floors, patios, and garage storage.
Another amenity that millennials are interested in is home automation. Many people want the same level of interaction with their homes as they do with their smartphones. Smart homes come in various configurations, including automated security, heating and cooling, lighting, and so on. Start thinking about ways to make your home more tech-savvy if you want to appeal to millennials.
Millennials are concerned about their home’s environmental impact and overall energy consumption. Consider how your home can fit into that narrative when marketing it to millennial buyers. There are numerous methods for making your home more energy-efficient, many of which can be implemented quickly. These changes will not only appeal to their values but will also assist millennials in saving money.
Everything must be quick, efficient, and long-lasting for millennials. They’re a microwave generation, and they value convenience above all else. Consider renovations that appeal to the utility-conscious millennial when preparing your home for sale. Consider hardwood floors instead of carpeting, which stains easily and requires frequent vacuuming. Similarly, they might prefer synthetic or composite decking to a traditional wooden deck. This option, which is frequently made of recycled materials, will only require a periodic clean with soapy water.
These low-maintenance alternatives can even be used in the yard. Consider xeriscaping, which is low-maintenance and requires less mowing time in the summer.
Spaces with Multiple Functions
While we can’t categorize all millennials into one group, there appears to be a trend toward more open interior layouts that can be used for multiple purposes. They do this for a variety of reasons, both social and practical.
This allows them to engage in casual conversation with visitors throughout the house in terms of social interaction. They’re not just limited to hosting in the dining room. They have the freedom to move around the house and entertain on their terms.
Considering the millennial’s requirements are essential for real estate companies across India to give the construction industry a new trend. Companies like Mana Projects have already started the trend and are already focussing on futuristic homes(Check out Mana Capitol). Other real estate companies and builders still have a long way to go in this trend.
Undoubtedly, millennials will be the most significant demographic category active in property transactions in the coming years. Hence, the sooner the real estate industry understands that, the better will benefit all stakeholders.