Housing Trend Moving Towards Smaller Homes
The current housing trend is to live modestly and forgo unessential large spaces for homes. First time home-buyers are leaning more favorably towards smaller homes as they’re easier to maintain, and require less energy to run. In lieu of new banking guidelines and stringent credit scoring practices large loans can be more difficult to obtain. This a contributing factor to why people are purchasing smaller, more affordable homes.
Housing sizes typically drop during recessions, however, economists expect the current downsizing and small home buying trend to continue due to the current housing difficulties and change in familial status.
Downsizing and living modestly, as well as making the most use of the space available is more sustainable. It requires less maintenance, less energy, and consequently less money. This is obviously attractive to those who are looking to downsize or for those that are purchasing a home for the first time.
Due to this shift in housing trends, the builders market has changed significantly. Coupled with the demand for smaller houses and remodeling, builders can take advantage of a new niche.
Again, it’s not just about making a smaller house, but maximizing the usable space within and also building with quality, though less expensive material alternatives. For example, instead of an expensive granite kitchen, using a synthetic material look-alike. One can also purchase a smaller home and/or remodel areas of the home to create more space.
The recession has helped many people understand the value of a home floor plan that utilizes space efficiently, as well as valuing the sustainable lifestyle of living in a smaller home.
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