Home sellers assume they must make some upgrades before putting their home on the market. While any deferred maintenance or extreme wear-and-tear issues should be addressed, major upgrades or updates may not net more money when you sell; especially with millennial buyers, who are looking for their first home in droves.
6 Common Upgrades Millennial Buyers Won’t Pay Extra For – and 1 They Will
- Professional Landscaping – Although a nicely maintained yard is attractive to all buyers, over-the-top landscaping with special hardscapes or fountains will not appeal to millennials.
- Upgraded Utilities – You may appreciate the new plumbing, but buyers will not pay more for copper or PEX pipes or the brand-new junction box.
- HVAC – Again, new systems are appreciated, but buyers won’t offer more for the latest systems.
- New Roof – A leaking roof will certainly lower the sales price but replacing one will not have the opposite effect.
- Swimming Pool – Not only will millennial buyers not pay more for a pool, but they may shy away entirely, considering the cost of upkeep and safety for young children.
- Trendy Home Décor – This may seem counter-intuitive but adding the latest design features that will quickly go out-of-style can be a turnoff.
And finally, the one they will pay extra for? Solar panels. Younger buyers are conscious of their carbon footprint and are looking for environmentally-friendly options in their homes and lives. The millennial buyers are here, and understanding what they want in a new home will help sellers capitalize on this fresh market of home buyers.