If you're considering a larger home instead of smaller, you're not alone.
Housing trends, along with new census data indicate a move toward bigger homes with more space than buyer's necessarily need. Zillow research also shows there's a noticeable uptick in upsizing with more buyer's choosing bigger homes with bigger price tags. Surprisingly, their research shows Millennials are especially part of this trend.
New figures show that the median square footage of new homes is up 20 percent since 2000, from about 2,000 square feet to about 2,500 square feet.
"The data corresponds with what sociologists are seeing firsthand, says Brian Miller, an associate professor of sociology at Wheaton College, just outside Chicago. Miller, who studies cities, suburban migration and culture, argues that several factors could be impacting the shift in housing trends, including the strength of the national economy."
Remodeling and adding to your home is one option for creating more space, but it can be costly, and the size of your property may be prohibitive. That's when moving to a bigger home becomes your best solution.
There is still a huge demand for small homes and micro-apartments in cities that struggle with housing issues such as New York, San Francisco, Seattle...etc...but across the rest of America, the pattern is larger homes.
Besides the strong economy and record-high consumer confidence we're currently experiencing, another explanation may be popular culture. The typical home on TV shows lots of room and large entertaining areas such as dining rooms that can accommodate 10 - 12 people at a table.
If you're considering a larger home, one of the things you'll want to assess is where you need more room.
The first thought when upsizing your home is to simply consider square footage, bedrooms, and bathrooms. But it's important to take a more critical approach to how your space will actually be used. If you have younger children (or possibly more on the way), then focusing on bedrooms and bathrooms makes sense. But if your children are closer to heading off to college or starting their own families, it may be better to prioritize group spaces like the kitchen, dining room, living room, and outdoor space—it'll pay off during the holidays or summer vacations when everyone is coming to visit for big gatherings.
Remodeling a home is one way to expand your home, but in many instances, the cost is just not feasible and it makes more sense to sell and upsize to a new home. Plus, living through a remodel can sometimes be exasperating!
If you're in the market for a home with room for everyone and plenty of entertaining space, check out our listing at 101 Henry Middleton Boulevard in Cypress River Plantation.
Or click here for more Cypress River Plantation Homes!
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