If you are renovating with the aim of selling for a profit, it is wise to know your target demographic so you can cater to their desires. There is no point highlighting activity rooms and swing sets, for example, in an area where singles predominate. Or large backyard workshops in suburbs largely populated with single women.
The age group of your target market may well hold the key to renovation success.
An interesting study was recently carried out by American market research company GfK Roper Reports where one thousand Americans were asked to prioritize the amenities they would like to have in their dream home.
The report revealed that what holds appeal to baby boomers may not necessarily be appealing to Gen Y’s. By taking a closer look at these results, educated investors may just hold one more secret weapon in their quest for a quick sale and healthy profit.
Baby boomers – the picture of comfort and success
The generation born between 1946 and 1964 LOVE their state-of-the-art kitchens. In Australia this translates to stone bench tops, loads of cupboard/drawer space and quality appliances. Baby boomers are attracted to homes where they can picture themselves creating gourmet food for large groups of family and friends.
Other priority items on a baby boomer’s dream home list are walk-in-robes, spa baths and swimming pools. Workshops and hobby studios are also attractive to this generation who find themselves with more time to dedicate to activities they love. (See the full report below).
Generation X: family-focused informality
Those born between 1965 and 1978 also place a high priority on kitchens and walk-in-robes. They have a family focus but enjoy the informality that comes with having a young family.
Like the baby boomers, Generation Xers desire quality features in their kitchens such as stone bench tops and designer appliances but their decorating style is more casual.
When staging a home to target Generation X, include furniture and accessories that match the latest style trends such as coastal chic or glossy bling.
Other items high on a Gen X’s list are alfresco areas with outdoor kitchens or bars where they can picture themselves entertaining family and friends.
Generation Y: Let the good times roll
For the generation born between 1978 and 1995 it’s all about the good times and the latest toys. Generation Y’s like to save time by being close to work or transport, close to friends and close to amenities. They don’t enjoy having to spend their time on gardening and domestic activities.
It’s not surprising that fun areas such as games rooms, swimming pools and spas feature high on their list. A well appointed games room could well be the key to the Gen Y buyer’s heart.
So check out the report here
|1||Whirlpool bath||1||State-of-the-art kitchen||1||State-of-the-art kitchen|
|2||Swimming pool||2||Large walk-in closets||2||Large walk-in closets|
|3||Game/billiard room||2||Fireplace||3||Whirlpool bath|
|3||Large walk-in closets||4||Whirlpool bath||4||Fireplace|
|5||Fireplace||5||Swimming pool||5||Swimming pool|
|6||State-of-the-art kitchen||6||Patios, porches and decks||6||Workshop/hobby studio|
|7||Sauna/steam room||7||Game/billiard room||7||Patios, porches and decks|
|9||High-tech entertainment center||9||Gym/fitness room||9||Game/billiard room|
|10||Patios, porches and decks||10||Workshop/hobby studio||9||High-tech entertainment center|
Source: GfK ROPER
and go into your next renovation armed with knowledge that gives you the edge over the average investor.
Have fun and be profitable!