When it comes to readying your property for sale, there are an enormous array of home upgrades you can complete. We’ve compiled a list of the best home upgrade ideas that will help you make your home more appealing to the first home buyer in 2020 and increase the value of your home significantly.
But why first home buyers? Well, this year, for the first time in a long while, lending for first home buyers has overtaken lending for investors. This change has been driven by government stimulus packages and initiatives, and increasing rental vacancy rates in certain areas. While investor activity will pick up in future, for now, first home buyers look to be dominating the market. So, if you’re looking to sell, it’s important to understand this unique demographic. Read on to discover the best home upgrades to attract these buyers.
Who are first home buyers in Australia?
The average age of a first home buyer in Australia was 31 as at 2017 and Millennials continue to make up the majority of first home buyers in 2020. These Millennials value sustainability, modern styling and versatile spaces within the home. They want a multifunctional home, which can act as an office, a place to relax and unwind, and a base for entertaining with family and friends. The events that of 2020 have cemented these values in the hearts of many of us, not just Millennials! This has only reinforced the importance of the home and its ability to perform a variety of functions.
Home upgrade ideas for first home buyers
The most important thing to remember when you’re trying to appeal to first home buyers as opposed to investors is liveability. This includes having smart technology, connected appliances, energy efficient features and a minimal or modern design scheme. Spaces should be multifunctional, with as much storage space as possible, particularly in apartments. Most importantly, your staging needs to be carefully crafted to showcase these features and any advertising must include these crucial details.
1. Entertaining space
Unlike older generations, who grew up entertaining within formal dining areas, Millennials are used to open-plan living areas. So, if you can create open-plan living areas affordably, more the better. Demonstrate the use of open space in your staging by creating separate “zones”. Try to clear any clutter to showcase the abundance of space. If your property features a nice garden, ensure it is tidy and add outdoor furniture to demonstrate how the space could be utilised for entertaining. If you have an overgrown garden that looks unusable this could be a major turn-off for first home buyers in 2020.
2. A dedicated home office space
Since the Covid-19 outbreak, many of us are embracing remote working arrangements, and no one more than the Millennial generation. Millennials value flexibility and may have freelance or part-time virtual working arrangements. This set up can also be appealing for young families who may need to work from home for periods of time. Therefore, if you can stage your property with a home office, or even a dedicated “nook” that can house a sizeable desk, your home will look that much more “liveable” to prospective buyers. Luckily, this is one home upgrade that is easily achieved with a few pieces of furniture and some simple styling.
3. Smart technology
Inventive technology in the home and smart devices are surprisingly affordable and easy to install within the home. These might include;
- Centralised/automated locks and alarm systems
- Smart thermostats
- Automatic lighting
- Easy access to internet
4. Energy efficient features
Many Millennials have grown to value energy efficiency. No doubt they have also seen the positive impact it can have when it comes to paying the bills. Showing that your home has energy-efficient features that can help save water or electricity could be a major benefit for first home buyers. It’s also one of the easiest home upgrade ideas to execute. Energy efficient features could be things like:
- Energy-efficient appliances, like a stovetop, dishwasher or washer/dryer
- Water-saving showerheads
- Skylights for natural light
- Energy-efficient LED lights
- Adding double-glazed windows for insulation
5. Modern, minimal design
If you’re already adding a new kitchen or bathroom, ensure they are created with a modern, minimal design scheme in mind. If you don’t have a large budget for your home upgrades, add a fresh coat of paint; this can work wonders in rejuvenating tired walls. Try to use neutral colours like ivory, white, light cream or a cool grey. Not only will these colours make your rooms appear larger, but they will also appeal to the masses, and especially to Millennials.
When considering appealing to first home buyers, it’s crucial that you try to put yourselves in their frame of mind. If you’re considering which home upgrade ideas would be best for you, try to execute the upgrades that you can achieve affordably. Above all, focus on optimising your home to demonstrate maximum versatility and liveability during the staging.
When you’re ready to sell, we can assist you with tips for a successful open home that will have first home buyers wanting more. We also have an intimate knowledge of the Sydney area and surrounds, and can advise you on what price range you can expect to achieve from the sale of your property. Contact us today for a no-obligation discussion.