Buyers seem to be attracted to smaller homes these days. It may be a result of the financial climate causing a conservative approach to buying homes, or people no longer want to live in “Mcmansions”. Either way, the new construction industry has been focused on smaller more efficient homes with more amenities. It all makes sense in order to maintain an affordable lifestyle in an ever changing real estate marketplace, and people want newer homes at a reasonable price. Cozy is in!
How space is saved
A smaller home can offer a more efficient use of space and can be built on smaller lots. Because lot costs are typically 25-30% of a house cost, the need to purchase less expensive lots to offer more affordable homes to buyers is key. People are looking at a reduction in spaces that they seldom use. Homes are being designed with fewer hallways as it can be considered wasted space, more flex space areas that offer versatility in their use such as a room could be a bedroom, study or in home office. Living rooms are almost obsolete in homes as they are rarely used and buyers will sacrifice a formal dining area for a larger kitchen/dining area for entertaining. Putting more energy in the design and layout is important and planning ahead such as a great outdoor space can become an outside room for entertaining.
More buying power for amenities
It is about getting the biggest bang for your buck and it is the value game with amenities and bottom line is what is most important to the buyer. Look in the magazines, TV shows and places like Pottery Barn and Crate and Barrel for inspiration on what buyers like inside their homes. Kitchens are the heart of the home and buyers like granite countertops, stainless steel appliances and eat in spaces. With more open flowing plans, definitions of space be achieved by use of accenting columns, dropped soffits, arches and ceiling beams and a perception of better design elements and unique appearance. Buyers purchasing a smaller home can also potentially have more purchasing power for hardwood floors, upgrade cabinetry, screened in porches and other items that they desire.
A smaller home can be more energy efficient, easier to maintain, reduced insurance costs, less furnishing and can be less expensive in price! It also can be less demanding and offer a simpler lifestyle so in 2012, enjoy and buyer a smaller home with less hassle