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According to the latest Design Trends Survey by the American Institute of Architects, comparing home layout and use in the first quarter of 2007 with survey results from 2006, homes are starting to decrease, rather than increase, in size for the first time in three years.
The shift may be the result of a confluence of factors. Increasing energy costs have made it more expensive to maintain a large home. Changing demographics have resulted in a large number of baby boomers recently becoming empty nesters. And with today’s slower housing market, some buying with an eye on resale may worry that it will be more difficult to sell a jumbo-size home in the future.
In particular, in the upscale housing market, REALTORS® report more and more home buyers are looking for quality over quantity. Rather than more square footage, they’re looking for smaller homes with more upgrades.
Some of the features most in demand in today’s luxury homes are:
Quality woodwork. Upscale home buyers look for quality hardwood flooring, wood paneled walls and wainscoting and finely finished moldings around windows, doors and baseboards.
Elegant tiling. Marble-tiled bathrooms, granite-tiled entranceways and Mexican-tiled kitchens are all very desirable.
Front porches. In many parts of the country, a front porch adds an extra room that can be used year-round for relaxing, dining and spending time with family members.
Screening and games rooms. Along with home theatres, games rooms featuring table tennis, billiard and/or poker table are becoming increasing popular.
Efficient storage space. Maximizing storage space is more important than ever. Buyers look for lots of built-in cupboards, shelving and cabinetry.
Of course, there will always be a segment of the population looking to buy a large home to support a desired lifestyle. But if you’re about to undertake a home renovation with an eye on resale, you may want to consider an upgrade instead of an expansion. Sometimes, even when it comes to homes, less truly can be more.
Published on July 10, 2007Read full article at realestate.com