By Marilyn Kennedy Melia
Young, first-time homebuyers may account for the lowest share of home sales in almost three decades, but their tastes and preferences are top of mind with those who build homes.
The America Institute of Architects compiled a list of “10 Major Residential Design Trends for the Next 10 Years.” And, Pardee Homes also conducted research on home features that lure millennials, 25 to 34.
Both studies find that defined rooms, such as a formal dining room or walled-off kitchen, are relics. In demand: open floor plans and flexible rooms that can be easily remodeled as a family’s desires and needs change.
Practicality is often at the heart of millennial style choices, notes Jamie Haley of Pardee Homes. “New homeowners can maximize their financial investment by increasing the longevity of the home’s lifespan,” she notes.
This rings true to Cleveland area agent Mike Ferrante of Century 21 HomeStar, who says that new town homes that boast open floor plans, with only the bedrooms and bathrooms walled off, are popular with young buyers.
But in Cleveland as in most other areas of the country, a big share of the housing stock is decades old. The first remodeling step some young buyers take is to “knock walls out between the kitchen and dining rooms,” says Ferrante.
Sellers with an a old-style home can consult an engineer to determine which walls can be deconstructed and point them out to potential buyers, he notes. But it’s usually not cost-effective for a seller to make the change simply to entice buyers. “You’d be spending $10,000 to get back $5,000” in higher sale price, Ferrante says.
Simple, de-cluttered décor is the best bet to evoke an open effect, he adds. Older homes are often set in urban or close-in suburbs that appeal to young buyers.
“When they have children, millennials go to the suburbs, but they are less interested in a McMansion 30 or 40 miles away from downtown,” says Kermit Baker, AIA chief economist.
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