The place we choose to call home has taken on greater significance this year, ever since state orders confined us to our homes to control the spread of Covid-19. Home has since become the gym, the schoolhouse, the office, and more. As we enter our 8th month with limited travel and activity, it leaves some wondering if they've outgrown their home base. Many homeowners and apartment dwellers are questioning the need for more space, a different layout, a bigger yard, or enhanced features to make life at home more comfortable. How have buyer needs changed as a result of the pandemic? Here are 5 emerging trends in home-buying that we think will stick around.
1. Office Space(s)
These days, it's not just kitchens and bathrooms that impress homebuyers. They are also on the lookout for the ideal home office space, or multiple spaces. If a household has more than one member working or schooling from home, dedicated private space for online meetings and classes is critical. Most all homes on the market these days include a room staged as an office. This doesn't necessarily have to be an extra bedroom, however. Home sellers are getting creative and staging large closets, lofts, mudrooms, sunrooms, and backyard sheds with office equipment to showcase the versatility of the space they have to offer. Many companies have extended their work-from-home policies into next summer, and some have chosen to go remote indefinitely, so home office space will remain high on the wish list for the foreseeable future.
2. Workout Space
While gyms have re-opened their doors and gotten creative with social distancing, many people are still uncomfortable with the idea of heavy breathing around strangers during the pandemic. Not wanting to forgo their workout and lose out on all the mental and physical benefits, many are converting garages, basements, and bedrooms into home gyms. Buyers are now assessing homes for spaces ideal for a Peloton bike, yoga matt, or weight bench.
3. Outdoor Space
The outdoor space trend is huge right now. Location is still a key component in any home search, but the priority has shifted from nearby business amenities, to nearby parks and open space. After being cooped up this past spring, many buyers are looking for a yard so they can entertain guests outdoors, nearby trails to bike or hike, a garden to tend to, a rooftop deck to relax on, or a neighborhood park to enjoy. Even a balcony or small patio can provide needed fresh air and vitamin D. Consider sprucing up your outdoor spaces if you're planning to sell. Fresh sod, xeriscaping, and potted plants will go a long way towards impressing today's buyer.
4. Reimagined Floor Plans
Buyers are looking at homes through a different lens these days. Frustrated with their 2020 quarantine quarters, they're typically seeking more space, but not necessarily the open floor plan that has become popular in recent years. There now exists a greater need for private and dedicated space. The kitchen, which has always been a focal point for buyers, has become even more important during the pandemic with more meals being cooked at home. What homebuyers want in 2020 is coveted pantry space for food storage, counter space for cooking, and a breakfast bar or kitchen island for gathering and zooming.Home builders have taken note as well and have reconfigured floor plans, dedicating less space to large living rooms, mudrooms and laundry rooms while prioritizing kitchens and offices.
5. Increased Energy Efficiency
Now that you're spending more time at home, you may have noticed a rise in your utility bills. Binging Netflix, keeping extra devices charged, working from home, cooking three squares a day, and maintaining a comfortable temperature all day adds up! Check the age of your systems and appliances and consider replacing with energy efficient options if they're nearing the end of their working life. It's also a good idea to have your insulation and windows checked before the winter to maximize and retain heat. You might even consider purchasing solar panels. Any of these improvements will also impress buyers who often ask what the typical monthly utility spend is.
The pandemic has notably changed our lives and shifted our priorities, especially when it comes to the place we call home and what buyers look for when searching for their dream home. Many homeowners are choosing to upgrade their living situations either by moving or by remodeling and low interest rates have coaxed a growing number of renters, frustrated with their small apartments and lack of outdoor space, to finally get off the fence about buying their first home. If you're thinking of remodeling or fixing your home up for a sale, keep these trends in mind for enhancing your resale value.
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