One of the main challenges that new home builders face is the difficulty of attracting the interest of a potential millennial home buyer. The situation could be attributed to the fact that millennials are finding it hard to secure employment where the pay guarantees home ownership. As a new home builder who is looking for new clients, the millennials present good business prospects by their numbers. Instead of focusing on a general market with stiff competition, you can opt to target the millennial market. However, you need to understand the housing needs of millennials to come up with designs and ideas that will appeal to them. This article highlights millennials' housing needs and how you can leverage on them.
With most millennials paying off their student loans, most homeownership goals have been put on hold. The good news for a homebuilder is that the millennial generation is strangely comfortable with living in small spaces, so long as they are multifunctional. You can leverage on this by showcasing your ability to design and build multi-functional homes. For instance, if you can build a home-cum-studio that easily transforms depending on needs, then you will most likely appeal to millennials.
With the cost of living not likely to go down anytime soon, millennials are likely to face tough times ahead. As such, they are always on the lookout for ways to cut spending, so there is no point purchasing a home that will be expensive to maintain. If you want your homes to appeal to the generational niche, therefore, you need to think 'green homes'. Use designs that will help minimise spending on utilities. It might include installation of skylights or use of biodegradable building materials. The objective is to make sure that maintenance of the homes is easy on the pocket
Do Not Fix Everything
It might sound strange to most people, especially the baby-boomers, but 'fixer-uppers' have an attractive aspect that only millennials can appreciate. Considered the 'DIY generation', millennials can be found spending their free time at garage sales looking for unique and vintage furnishing that they can use in their homes. As a new contractor, you will be doing this group a great service if you leave some of the fixtures unfinished. For instance, you can decide to leave the walls unpainted so that a millennial homebuyer can choose whichever finishing they want.
These are just some ideas to keep in mind.