According to Pew Research, the millennial generation now totals more than 75 million adults, surpassing the baby boomers for the top spot. So if you're between 18 and 36 years old, congratulations: you are now part of the largest living generation.
Unfortunately, being the largest group of adults hasn't made life any easier, particularly when it comes to homeownership. Coming out of the recession, millennials looking to become a first time home buyer have faced a variety of challenges: a lack of affordable options, high student loan debt and other financial concerns.
Still, that hasn't stopped millennials from dreaming about home ownership. In a recent USA Today survey, more than two-thirds of participants said they want to buy a home within the next five years.
So if you're planning to move soon, and considering a kitchen or bathroom remodel to help sell your home, keep some of these design considerations in mind to make your home as attractive as possible for millennial buyers. It all comes down to three things: cost, quality and sustainability.
Cost: The same financial factors that have stopped millennials from buying homes are also why this generation can seem so stingy. A recent Nielsen study showed that 42 percent of millennials checked at least four sources before making a purchase decision to make sure they got the best price.
To make sure you're connecting with this value conscious buyer, focus on renovations that show you've made smart investments in your home. Traditionally, kitchen and bathroom remodels are two of the best areas to prioritize not only because they increase the value of your home, but also because it's easy to see the quality of materials featured in the renovation.
Whether you're adding a chic marble counter or a unique feature like Moen's innovative Reflex faucets, kitchens and baths are places where people spend a lot of time so the details make a big difference.
Of course no amount of dazzle in the bathroom or kitchen design will make a difference if there are basic maintenance issues that have gone neglected. Remember that these are very cost-conscious buyers, and a great soaking tub will never cancel out standing water in the basement.
Quality: While cost is often the biggest factor for millennials, quality is also extremely important. As the same Nielsen study explains, "despite their love of a deal...millennials are willing to spend on things that matter to them."
So what matters? For one thing, digital innovation. This is the first generation to have smart phones, so it makes sense that millennials would carry their love of all things tech into their homes.
Whether it's a shower they can program from their smart phone (like the new U by Moen digital shower system), a handheld shower with a magnetic dock (no more annoying cradles with Moen's Magnetix) or a faucet that turns on with just the wave of a hand (Moen's MotionSense is practically magic), millennials value products that are smarter, more efficient and deliver a cool factor.
Incorporating features like this into your home renovations will ensure that you're on the cutting edge and attracting the right buyers.
Sustainability: In addition to wanting unique, innovative products, millennials are also more environmentally conscious than other generations. A 2015 Nielsen study found that 72 percent of millennials are willing to pay extra for sustainable offerings. This can be a real differentiator when it comes to remodeling projects.
When considering design options, make sure to focus on efficient products, as well as products that come from a manufacturer with a commitment to sustainability. Here again, Moen is a great option. With its strong focus on eco-performance, as well as several lines of eco-friendly products, incorporating Moen products into your remodel is a sure way to show millennial buyers that you've invested in the things they care about: a stylish, sustainable design that delivers amazing performance while reducing environmental impact.
By keeping all of these factors in mind—cost, quality and sustainability—you can ensure your remodel will succeed in attracting the coming horde of millennial buyers.