THERE is no doubt that today's Generation Y home buyers are not like their older counterparts, says property market fundi Adrian Goslett.
"Generation Y buyers or those under the age of 30 are tech savvy and always on the go, so when it comes to purchasing a home they have different expectations to older buyers.
"These millennial buyers are often still unmarried and without children. This changes their needs and what they are looking for in a property," says Goslett.
He lists a few interesting features that Generation Y home buyers are looking for in their perfect home:
Homes with energy-saving eco features such as solar panels and gas appliances are high on the list of essentials for today's younger buyers, who are looking to reduce their carbon footprint while saving on utility costs.
Goslett says that while many of the older generation buyers may have been looking for a well-priced property that they could renovate themselves, Generation Y buyers prefer homes that have already been renovated. He notes that many of the millennial buyers also want lock-up-and-go homes that require little maintenance and don't occupy much of their time.
Living in the era of rapid technological advancement means that hi-tech has become a high priority among younger buyers. Millennial buyers are looking for homes with an integration of technology designed to allow the home owner to control the home at a distance via a broadband connection.
"With the right installations, home owners can control aspects of their home through applications on their smartphones or tablets. These are the kind of things that younger buyers have in mind when searching for their ideal home," says Goslett. "The current generation has the world's cutting-edge technology at their fingertips."
Even though many of the younger generation buyers do not have a family right now, they are still looking for an extra bedroom or space that they can customise to suit lifestyle changes. "Whether it is for a home office or gym, a games room or just an extra bedroom, Generation Y buyers want an additional space that they can use flexibly, both now and later when their needs evolve," says Goslett.
- Smaller, open-plan living
While Generation Y buyers want flexible space, that doesn't necessarily mean they want bigger homes.
According to Goslett, homes with smaller living spaces have become popular because they are much more manageable for younger buyers and more efficient, as they require less time to maintain and are less costly than larger homes.
"Generation X buyers are currently driving the property market, with Deeds Office data provided by Lightstone indicating that the highest percentage of buyers in most of the regions throughout the country are aged between 36 and 49 years old. However, Generation Y buyers are the future," says Goslett.
"Many areas are starting to show strong growth in buyers aged between 18 and 35, according to Lightstone data. Added to this is the fact that Generation Y represents the biggest number of births in the history of our country.
"It follows then that Generation Y buyers will determine future trends in the real estate market and be a massive part of the market's recovery."