You have made up your mind that you want to invest in real estate, but you don’t know where to start. Worry not as millions of others in the world are dealing with the same situation. However, the good news is that being in this situation gives a clear indication that you have taken your first step in the right direction. If you want to become a real estate investor through the purchasing and selling of homes, Howard Morrison advises that you must think about millennials.
If you don’t know already, the biggest generation group in the US is millennials at the moment. There are more than 72 million millennials in just the US right now, making them the biggest of all other generation populations. This means, when you invest in real estate, you have to know their preferences. Here is how you can target millennials in your real estate investment strategy.
Consider Built Homes
Rather than going for vacant lands, it would make more sense if you go with built homes. You can buy a piece of land and then build a house on it according to the preferences of the millennials. If you look closely, this generation has gone through some tough times. They have seen the change of a century, the coming of tsunamis and world’s worst natural disasters, many wars between countries, recession, and what not. After they have been through it all, they now want peace. It is a hassle for them to build a new house from scratch.
They want something that they can just enter and start living their lives into. So, you will have to think about building homes rather than selling them pieces of land. It is also important that you build the house according to their preferences.
Design with Their Minds
There is something you have to know about millennials. These people are very well-educated and more into working from home than any other generation. When it comes to the subsequent generations, they are creating social media content from home. On the other hand, millennials are about working from home. So, you will have to build a house with a home office in mind. In addition to that, they are very picky about the kitchen. If the kitchen does not look good, they might as well say not to a great deal. So, make sure you work on the kitchen to make it something special.
You also have to build the house with smart home technology in mind. The house should be ready for smart home integration. They really care about the environment and sustainability. They are also very concerned with saving as much energy as possible whenever they can. As a result, you have to make sure that the house you give them is ready for all of these integrations. Howard Morrison specifically points out that a separate laundry room works like a charm for millennials.
Don’t Ignore the Location
You can’t sell even the best looking house in the town to millennials if the location isn’t great. They are very picky about location and it makes sense that you choose a good location for your property. Now, it is important for you to know what location really means to them. It’s about buying a location in front of the ocean or on top of the mountain. You want them to be located near amenities, such as their office, gym, etc. They like to be located near the place where they are already living. Howard Morrison says that you must mention this point when your buyer is a millennial and lives nearby.
So, if you are someone who really wants to start on the right foot in the real estate investment industry, you have to listen to the best experts who have seen it all and tried it all. Howard Morrison has been a successful real estate investor with his own online real estate investment website, so his advice really matters.