Ready or not, here they come! According to Realtor.com, millennials are finally ready to make the ultimate purchase -- their first home. Until now, many millennials were reluctant to take that big step. Some were saddled with huge student loan debt, and during the recession many or were un- or underemployed. But times are a-changing. Millennials are getting married and starting families, so co-living with friends or staying with their parents are no longer attractive options. Millennials are estimated to make up more than 35% of the home buyers this year. So, if you're currently looking for properties to fix and flip, here's what millennials are looking for....
What are Millennials Looking For?
Millennials in the DMV (DC, Maryland and Virginia) have turned their back on the suburbs that many of them grew up in. This is not surprising since the 'burbs are a snooze-fest compared to, say, downtown D.C. or Arlington where millennials can find a slew of bars, clubs and trendy restaurants. Millennials also tend to seek out neighborhoods that offer great walkability, bikeability and quick access to Metro stations.
Unfortunately for millennials, D.C. housing is pricey. So to get around that obstacle, budget-conscious millennials tend to look for older homes in neighborhoods that are still up-and-coming and are, thus, more affordable, such as Hillbrook or Trinidad. The good news? These are the same type of neighborhoods that work well for flippers looking to turn a nice profit. [Read our recent blog: It's Flipping 2017! 5 DC Real Estate Hotspots to Watch This Year]
Size-wise, millennials tend to be attracted to smaller homes. Perhaps, it's in rebellion to the McMansions of their parents' generation. Or maybe it's because millennials are active and don't spend a lot of time in their homes. Or, perhaps, it's because smaller homes just tend to be in their price range. Whatever the reason, millennials are just not that concerned about owning a lot of square footage or having a huge yard to maintain.
As for the interior of a home, millennials are searching for updated kitchens and bathrooms, according to Bankrate.com. For many millennials, high-end appliances and granite are things they've gotten used to while growing up in their parents' homes. While for others, finding a home with an upgraded kitchen and bathrooms is important because they won't have any money left after paying their down payment to make these improvements themselves.
Open floor plans are also popular with millennials. Being able to converse with someone in the family room while cooking in the kitchen is a big plus. An open floor plan also makes it easier for parents of young children to keep an eye on them. And don't waste your time on adding a formal living room. Instead, if you have that space, turn it into a home office, which are popular with millennials.
Are you looking for a neighborhood in the DC metro area to fix and flip a property? Walnut Street Finance is a private hard money loan lender with more than 20 years of experience in real estate development. Because Walnut Street Finance has first-hand knowledge of the DMV, they have the ability to evaluate and fund your project quickly and get you started!