Whether you’re looking to buy a home, remodel your existing home or improve your home for resale, it’s good to be on top of the latest developments in the housing market. What’s hot in homes today? Here are a few trends that are changing the way we live.
Quality over quantity
While new homes in general are slightly larger than they were five years ago, builders are reporting that a growing number of homeowners are trading more square footage for higher-quality finishes and amenities. The enormous success of the book The Not So Big House gave a name to the movement. However, the desires of homebuyers have really fueled the trend. Given the choice between a bigger house with fewer amenities or a smaller house with higher-quality amenities, 63 percent of the home-owners surveyed by the National Association of Home Builders (NAHB) opted for the latter.
The trend appears to cross both age and income boundaries. An Urban Land Institute study of first-time homebuyers in their twenties indicates that Generation Y buyers will gladly sacrifice space for higher-end materials and construction. On the other end of the spectrum, the assumption that luxury-home buyers only want very large homes is also being challenged. Real estate research firm Permar Inc. reports that there is a strong demand for “small high-priced homes that are very well appointed.”
The way we utilize the space in our homes is changing, too. While upscale homeowners still want a living room, in moderately priced homes, the living room has often morphed into a study or extension of the kitchen/entertainment space. According to the NAHB, about a third of potential homebuyers say they are willing to buy a home with no living room. As people continue to spend more time “nesting,” the home is becoming a luxury refuge. This includes the creation of “sanctuary spaces,” such as small yoga rooms or reading alcoves, throughout the home.
Going modular
A flood of interest on the part of hip young architects has transformed the design of modular construction. The latest modular homes look like conventionally built structures, often with a cutting-edge modern style. Features such as fireplaces, French doors and decks are all being incorporated.
Why go modular? Because these homes are built at a factory and then erected on the site by cranes, they can be put together much more quickly than site-built homes. Carpet and other flooring are done at the factory, along with the trim and paint. Most modular homes are move-in ready 8 to 10 weeks after they’re ordered, about half the time it takes to construct a home on-site. Since the modules need to be strengthened for transport and assembly, the quality of these homes is high. The cost per square foot is usually quite a bit lower than standard construction as well. And because they are truly modular, most homes can be expanded and modified as the needs of the home owner change. (Still not convinced? Check out www.glidehouse.com to see an award-winning “green” modular home design.)