Understanding What Millennial Buyers Want in a Second Home

Pushing a shift in the traditional idea of home ownership, millennials are changing the real estate landscape in Jaipur, Rajasthan. This segment of first- and second-home buyers primarily comprises younger buyers aged 30-45 who are thoughtful, digitally savvy, value-driven, and socially aware. Millennial home buyers are equipped with the latest information at their fingertips, thanks to the use of cutting-edge technology and innovative platforms, which make their entire homebuying journey a grand success. Second-home buying is the latest trend in this growing community of Jaipur. Understanding ‘why millennials want a second home and what these younger buyers want in their second home’ may help you sell your properties successfully. 

Millennial Buyers Looking for Second Home: A Different Community with a Different Approach

Millennials leverage every tool available, like virtual tours, augmented reality applications, advanced data analytics, and real estate-specific platforms to make informed decisions and find the perfect home aligned to their particular requirements. These young buyers are looking for a second home in Jaipur not merely as physical space but also as extensions of their social status, lifestyles, and secure investment journey. Here I list eight top reasons that encourage millennials to purchase a second home in Jaipur- 

• Remote Work Flexibility: Freedom to work from anywhere

• Relaxing Escape from "Hustle of City Life": Seeking more peaceful, comfortable, and scenic locations

• The Importance of Retreat: A second home serves as a personal retreat, offering a dedicated space for relaxation and quality family time. 

• Diversifying Investments: Second homes are emerging fast as a return-assured asset, driving diversity in investment portfolios and regular rental income. 

• Appreciation in Value: Real estate properties, particularly in premium locations, tend to appreciate over time, making buying a second home a long-term profitable investment.

• Convenience: Some millennials may purchase second homes in locations that are good for family/ relatives/friends. For example, Jaipur is one of the top tourist destinations in India. 

• Personal Enjoyment with Privacy: Ultimately, some millennials want a second home for personal leisure to relax and create new memories. 

• Occasional Family Needs: A Second home is a place for occasional family gatherings.

Now, after understanding why an increasing number of millennials are coming up to buy a second home, we will have a look at what millennial buyers want in their second home. 

Top Eight Priorities of Millennial Buyers for Their Second Home

When millennials search for their perfect home, they focus on location, offering the desired type of property at a low price.  Millennials, defined as the people born between 1981–1996, are career-focused, digital adopters, and stability-driven. Millennials are typically split into two age groups. Younger millennials are between 25 and 33, and older millennials are aged 34 to 45. The buyers of both groups likely have different preferences. For example, a house with flexible space allows younger millennials to entertain friends for now, but they can convert this entertainment area into a playroom for kids at a later stage. While it may not be feasible to spend a lot to get your home ready to sell it to a large community of unspecified buyers, it is better to offer what millennials are looking for. So, what do millennials prefer in their 2nd home? Or what do you need to offer while selling a home to millennials? Here I list eight top priorities and features that millennials look for to buying a second home-

1. Location Facilitating Accessibility and Peace: Millennials aren’t chasing city centers while buying a second home. Millennials are happy to live slightly farther from the hustle of the city, provided the location is well-connected. They prefer the outskirts of the main city, offering proximity to essential services and amenities like schools, workspaces, entertainment, hospitals, etc. For example, Jagatpura, Ajmer Road, Mansarovar, Vaishali Nagar, and Tonk Road areas are drawing the attention of millennials planning to buy a second home in Jaipur, Rajasthan. 

2. Easy Financing and Transparency: Young homebuyers value honest pricing, transparency, and flexible payment options. As they are cautious and research-driven, clear documentation, trustworthy builder reputation, and clean titles matter more than discounts. The promotional features like bank tie-ups, low monthly payment plans, pay-as-you-grow plans, and construction-linked plans make the offer more attractive. 

3. Wellness-Centric Living: Mental wellness is a growing concern for young buyers. They do value the environment and emotional well-being. Therefore, they prefer homes that support a balanced lifestyle. What does it mean- wellness-centric living? The homes offering amenities like yoga decks, meditation zones, wellness gardens, greenery around, etc. are more appealing to young home buyers. Natural lighting, calm color palettes, low-noise surroundings, ventilation, etc., add more value to properties for millennials. 

4. Advanced Security and Safety: Security is a non-negotiable feature. Millennials want their 2nd home safe—both digitally and physically. The security features like CCTV surveillance, visitor management apps, biometric door locks, and 24x7 guards influence home-buying decisions of millennials. Homes having medical emergency response systems, smart security systems, and panic buttons, etc. deliver a sense of safety against possible intrusion.

5. Tech Readiness: A tech-ready home is the top priority of millennials because of remote working, gaming interest, virtual learning, online engagement, etc. Wired internet ports, router placement options, and good mobile network reception have become must-have features of homes designed to be sold to millennials. 

6. Low Maintenance: Millennials are a budget-conscious generation. Low-maintenance is a big priority when buying a house. Busy lifestyles are a staple for millennials; hence, they want their homes to require almost no maintenance, at least for a couple of years. Minimal landscaping and interiors catch their eye. To sell your house faster to millennials, replace high-maintenance aspects with low-maintenance ones.

7. Smart Storage: The clutter-free home is the dream for millennials, especially when they wish to have a second home. Smart storage is one key element that younger buyers look for in their second home. Features like under-the-staircase cabinets, built-in storage, closet organisers, and advanced functionality of the home increase sales appeal to millennials. 

8. Energy Efficiency: Millennials do value ecological footprint and sustainability. The energy-efficient solutions are a major attraction. Solar panels and energy-efficient lighting make homes more valuable to millennials. It reduces monthly electricity bills and also reduces utility costs.

Jaipur- An Emerging Choice for Millennials Planning to Buy a Second Home

The key infrastructure projects like the Northern Ring Road and the Jaipur Metro's expansion are fuelling the demand and prices for properties in the outskirts of Jaipur. The Pink Line extension from Mansarovar to the 200-feet bypass junction will improve connectivity to areas along Ajmer Road. The Rajasthan state government has announced nine new greenfield expressways, and five of these are expected to be completed by 2030. Buying properties alongside the upcoming expressways in Rajasthan may prove a boon for young investors. Fast-paced infrastructure development is making this state’s capital city an emerging choice for millennials who aim to use new property as a second home that also assures a long-term, lucrative yield.