The average size of newly-built home in US decreased to 2,634 sq. ft. from 2,689 sq. ft. in the span of one year – a sign that tells the changed mindset of first-time buyers, confirmed in the Home Builder Preferences Survey conducted by the National Association of Home Builders (NAHBs).
Rose Quint, NAHB Assistant VP for survey research, reckons that the average size of homes will continue to drop as the first-time buyers’ demand for more high quality amenities in smaller size house increases.
Keeping home buyers’ wish lists and popularity factors in the mind, developers now choose to provide must-haves amenities like a separate laundry room, a patio, exterior lighting and a full bath on the main level and energy-efficient features such as low-E windows, Energy Star-rated appliances, ceiling fans and programmable thermostats. Builders will avoid including some of the unpopular amenities like cork flooring, solar and geothermal energy as well as rarely in-demand features such as pet-washing stations, outdoor kitchens and sunrooms.
“More than two-thirds are willing to trade size for high quality products and features,” Quint says.
The survey also suggests that many home buyers would like a new home over an existing home and 65 per cent of them want it to be located at suburbs.
Today, Millennials* prefer to purchase existing home with the willingness to fix up and repair which is another way to spend less. Also with increasing how-to videos on social media channels and home improvement reality shows, they choose Do-It-Yourself (DIY) project to improve home structure and design using high-quality products. The home owners do not shy away to begin renovation of their homes even if they eventually had to give it to professionals.
“It’s all about value, as this group thinks ahead to building equity to enable them to purchase their next home. And when that happens, they aren’t looking for over-sized master suites or over-the-top finishes. They want mud rooms, that important separate laundry room, and plenty of gathering space. “This generation likes being together. They don’t want to be separate,” says Jill Waage, Executive Editor.
*Millennials are the first-time home buyers whose age lies between 22-39 years.
Source: World Property Journal