During 2021 and the start of 2022, swimming pools were just one must-have for homebuyers. The pandemic lockdown spurred many people to make their homes private resorts in case vacations were out of the question—also, the more square footage, the better when buying a home. But things have changed.
Home prices and interest rates make buying big homes with all the amenities out of the reach for many Americans. Compromise is the new way. But what features are important to homebuyers during a down economy?
Room Versatility Over Square Footage
Purchasing thousands of square feet is a pipedream during an economic downturn. Buyers want homes that are versatile and can be used in individual ways.The kitchen becomes another living area or part of a home office. The spare room is outfitted with a Murphy bed to double as an office or other functional space. Gone are the rooms used exclusively for a child’s playroom. Instead, they’re back to playing in their bedroom like in the old days.
The new way is, when people are short on cash, to go for less square footage and more useful rooms.
Easy Home Maintenance
It’s hard for most people to come up with down payments and afford high mortgages. New homebuyers don’t want to put more money into a home after plunking down all that money. So move-in-ready homes instead of fixer-uppers are in demand.A home is likely the biggest purchase that most people will ever make, so they don’t want high maintenance costs to drag down their already limited budgets. Big yards are out. Free time is critical when everyone is working more to make ends meet. And lawn service has become a luxury many people can no longer afford.
The bottom line is that people don’t want to put anything more into a home once they’ve already come up with down payments and miscellaneous other expenses to purchase a new home.
Laundry Room a Must
Hiding the dirty clothes and folding the clean ones in their own space is a big plus. A laundry room is a must-have for many new homebuyers.With a home’s smaller square footage, a dedicated place for this vital function is important. In addition, it keeps the clutter in a contained area. A big plus is if it’s on the main floor.
Energy Efficiency a Selling Point
The obvious reason for wanting a more efficient home is the savings. Heating, cooling, and lighting of a home add up, and the more efficient a home is, the more desirable.New windows, energy-efficient appliances, insulation, etc., may not be as pretty as curb appeal or an open floor plan, but it will save money. If these are already in place, there’s less money to spend on the back end of buying a home.
Water-saving toilets are also part of saving on utilities. Most homebuyers won’t be able to afford to switch out a toilet after the fact. They want it there from the start. Low-flow faucets are also popular selling points.
Smart homes go hand in hand with energy efficiency. For example, smart thermostats maintain comfortable temperatures, but adjust to save on monthly electric or gas bills.
Prices are rising, and saving a few dollars a month on utilities can help in the long run.
Smart Homes for Safety
Already equipped smart homes are popular. It costs to outfit a home, and if it’s already set up, that makes the home desirable.Savings is the name of the game, and the safety features of a smart home can help with home insurance costs. An insurance company sees the home as less prone to risk.
Smart homes can identify leaks, which could ultimately save on water bills. Safety and energy efficiency contribute to the demand for smart homes.
Outdoor Living Space
The pandemic showed that the home was more than a refuge; it was a place for entertainment. Finished outdoor living space is a popular amenity. It saves money on add-ons.The most sought-after outdoor living space is a covered porch or patio. Nothing fancy, just a place to escape the sun or rain for entertaining or family time
The Half Bath Is Back
This goes back to entertaining. Such a convenience was deemed old-fashioned for a while, but that has changed. Instead of going out, people are having get-togethers. A half bath avoids having guests traipse through the house to the family bathroom. It’s also less expensive than a full bath.Low-Cost Flooring
Hardwoods were, and in some instances, still are, a must-have item. But hardwoods are pricey. The look is desirable, but not the cost. Luxury vinyl plank flooring has come into style. It looks and feels like hardwood floors without the cost.It’s also waterproof and scratch-proof. Homeowners with children and pets find it more practical. It’s low maintenance, which is what new homeowners want.
Priorities Changed for New Home Buyers
Although the need for open concept and garage have stayed the same, some priorities have changed for new homebuyers. For example, easy maintenance for cash-strapped and busy people is a must. And the demand for large-scale homes has given way to smaller houses with versatile rooms. In other words, there are other items more important than square footage.The Epoch Times Copyright © 2022 The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.
