Real estate is about property value. What you would want is to boost your own property’s cost for reselling. You would also want to find a Las Vegas, NV real estate property that has the most potential to have its value increased. But what should you look for? One word: LUXURY! Or at least the makings of it.
But what is luxury?
We all have an idea of what luxury is, or may even have images forming in our heads of what a luxurious property looks like. You might have something like David Copperfield’s Summerlin Mansion he purchased in 2016 for a staggering $17.55 million. It is the most expensive home purchase ever recorded in Las Vegas history. The four-story, steel-and-concrete home measures 18 feet, fronted by a 200-pound front door. It houses a wine cellar, a golf simulation room, elevators, a personal movie theater, its own night club, and all of that not counting still its two guest homes.
So is this luxurious enough for you? If you ask the millennials, they might have a different idea of luxury.
3 Things Millennials are Looking for
The young professionals entering their 30s are one of the driving forces in the changing landscape of Las Vegas, NV real estate. They are building their purchasing power and are showing interest in high-end properties.
However, given their different upbringing, what they consider as luxurious can be quite different from our wealthy magician. Here are a few things millennial buyers are currently looking for:
Connectedness is slowly becoming more of a NEED, not just a WANT in the millennial lifestyle. Both personally and professionally, staying connected to the Internet, and essentially to everybody else, is a core for communication, entertainment, and overall interactivity.
Technology also provides convenience —lifestyle aspect that is demanded by millennials. They all want to go home, clap their hands, and everything they need turns on. These smart homes are all the rage, and automated appliance needs good connectivity.
A professional property management company worth its salt knows the changing value of space. If a mansion with its own amenities is an excellent buy in 2016, Millennials are not as keen on purchasing large real estate.
The name of the game now is FUNCTIONALITY over SIZE. How much space you have matters as much as how you use it. Open-concept living features heavily in in-demand spaces now, with most amenities like kitchens, bathrooms, and living rooms transforming cleverly through clever lay-outing.
For individuals as mobile as millennials, getting around to places for work or pleasure is a must. A property that is located in a noisy, congested neighborhood, or an isolated, hard-to-reach area is unattractive to these young professionals.
Millennials are interested in interacting with like-minded individuals, as such, proximity to local spots like restaurants, malls, or parks is a great plus. If they need to commute, however, easy access to public transportation or convenient options like rideshare services is a must. Considering these factors can significantly help you decide which property to pick or how to market yours.
So, Do You Have (Know) What It Takes?
If you are now ready to face the challenges of this new face of real estate, get your trusty mortgage calculator for Las Vegas, NV. Check out the properties you should be grabbing before the millennials get to it first!