Remember when small homes were advertised as “cozy” or “adorable”? Such euphemisms are seen less often nowadays because undersized homes don’t sell as readily as they once did.
“These days the dream of nearly every home buyer is a four-bedroom house with a big family room,” says Diane MacDonald, sales manager for an independent realty company. The mantra now is “give me some space and I’ll fill it,” according to Prudential Realty agent Deborah Broman.
Regrettably, housing goals are colliding with realities in many communities. Newly released statistics from the U.S. Census Bureau show that between 1990 and 2000, the median price of a home rose 17 percent. For nearly 16 percent of homeowners, house payment and upkeep costs now exceed 35 percent of total household income, a major jump over 1990.
If you can’t afford as large a house as you want, focus your search on a property that will best serve your lifestyle, Broman says. Here are several suggestions for buyers:
– Make a careful assessment of your wants and needs for space. In most households, but especially those with children or a home-based business, all living space is coveted and used, says MacDonald. Budget constraints make space priorities all the more important.
For example, a family that sits down together for dinner most evenings often puts a premium on a formal dining room. But a household with a more casual eating style may prefer that their dining area be part of a “great room,” which can also serve as a family room.
– Recognize the importance of the number of bedrooms. More people now want that “extra bedroom” as a home office. And an increasing number of people insist on at least one bedroom per child.
Even if don’t need a fourth or fifth bedroom, buying such a home could be to your advantage for resale prospects, MacDonald points out. When it comes to selling, it’s better to have an extra bedroom than, say, a back-yard pool.
However, if the trade-off is between a three-bedroom home with a family room and a four-bedroom home with no family room, choose the former, says Broman, pointing out that a house of this type has more potential for appreciation.
– Make sure that what’s described as a “bedroom” meets certain standards. Listing agents generally follow the rules about not counting as a “bedroom” any room that lacks both a built-in closet and a window. Such a room is often called a “bonus room.” But even a room that meets the minimum standards may be undesirable as a bedroom if it’s dark or can be entered only by going through another bedroom, MacDonald cautions.
– Pay special attention to the kitchen in the home you select. Most people want an eat-in kitchen that seats at least four–if only for a leisurely breakfast on a weekend morning. They want ample storage for the expanding array of kitchen gadgets available these days.
– Be wary about buying a one-bathroom home. Make sure the one-bathroom home you buy readily lends itself to the addition of a second bathroom. Otherwise, the resale potential of your property could be strictly limited.
– Don’t assume that a walk-in closet is superior to a traditional one. Contemporary walk-in closets are highly prized. Broman points out that square footage of storage space is not the only issue. The way a closet is organized also counts.
