For every generation, being a homeowner is essential. While baby boomers were concerned with owning the biggest house they could, with all the fancy gadgets, millennials are a bit different in their approach to homeownership. It is not strange to see Millenials actively choose to live in smaller houses (hence the tiny home movement).
As these changes in homeownership materialize, remodeling contractors need to pay attention to determine how they will adapt to them. Unless you, as a contractor, learn how to deliver what the new generation of homeowners want you will struggle to make inroads. Here are five millennial trends and what they mean for the remodeling industry as a whole.
For Millenials, home decor isn’t just about how a house looks. It is about the message that the decor depicts as an avenue for the owner to express their passion. One value system that appeals a lot to millennials is minimalism, which leads to choosing to spend money on experiences as compared to accumulating things.
When it comes to remodeling, a lot of the choices revolve around emphasizing the style of life rather than the stuff that makes up life. Thus, remodeling contractors need to understand how they can translate such a worldview into a tangible design build that supports practical everyday living functions.
2. Smart Living
A typical millennial has the unique experience of being born at a time where technology has increased dramatically and is quite ubiquitous. As a result, it is only logical that this technology finds its way into private living spaces. More remodeling companies are building smart home features into their packages designed with Millennials in mind. For example, it is not uncommon to find a package that includes a home with in-built lighting controlled by mobile devices.
Remodeling contractors too now need to familiarize themselves with the technology in the market that can add value to Portland home remodeling projects aimed at millennials. Doorbells connected to the internet and that stream live video feed straight to the homeowner’s device are becoming essential in buttressing safety. You can’t forget about lighting fixtures that provide granular digital control over wireless networks. No matter what smart features contractors choose to put in, it needs to integrate into a millennial’s digital lifestyle habits to deliver full value.
3. Landscaping and Outdoor Improvements
Millennials love the experiential aspect of homeownership. Couple this with the fact that unlike baby boomers, they are more into DIY home remodeling, it is easy to see how this leads to a focus on improving the outdoors. Industry experts believe that landscaping renovations typically constitute 20% of total renovations. Out of this, renovation work on the patio and terrace takes up 23%. The key for remodeling contractors here is to remember that for millennials, the outdoors are about being present and soaking up the experience.
4. Built-In Storage
Millennials grew up in a time of economic recession, and when they joined the working ranks, it was for scarce jobs. Not only that, but they also had to contend with paying off massive student loan debts, which left them with less disposable income. Naturally, millennials have gravitated to multi-purpose furniture and fittings as a way to increase their utility.
Houses with built-in closets and cabinets are a huge draw for millennials. A report from Chase and Pinterest shows that Pinterest searches for walk-in closets has increased by 7,000% from 2017.
Conserving our planet is a core concern for Millenials who are inheriting a world that is facing rapid climate change. As far as housing is concerned, Millenials look for ways they can be eco-friendly. Upgrades such as solar panels help Millenials leave a smaller carbon footprint.
Tap into Millenial Renovation Trends to Succeed
The need for homeownership is constant throughout generations with the difference coming in how each generation defines the values attached to homeownership. As remodeling contractors adjust to serving the new crop of homeowners, they must identify emerging renovation trends to tap into new opportunities. Millennials are now investing in homes than they did in the past few years. For instance, U.S. Houzz andamp; Home Study Report of 2017 indicated that 7% more millennials invested in homes in 2016 than 2015.