Are you one of the millions who have right-sized in recent years? Regardless of what is motivating you to consider buying a new home — financial motives, the decision to start a family, or just the fact that you no longer require a home full of rooms that collect dust and never get used — right-sizing is about identifying how much space you actually use and using that criteria to guide your home buying decision.
Whether you are a first-time homebuyer or a downsizing retiree — there is a definite trend toward a more simplified and minimal lifestyle. As people place greater value on efficient space and quality time, we are seeing many buying and building homes that better fit their actual lifestyle requirements. Gone are the mega mansions and over the top luxury, replaced now with efficient homes often paired with unique amenities, car share programs and proximity to transit.
Consider the 1950s when the average American house was just 938 square feet with one bathroom and a bedroom that the children shared as they grew up. Since that time, the appetite for more space has tripled house sizes to a whopping 2,349 square feet with many containing multiple bedrooms, bathrooms and ancillary rooms.
But what did these ballooning houses mean? Did it mean that we lived significantly different than in the 1950s? Interestingly, the answer is no. A study published in a book titled “Life at Home in the 21st Century” showed that only a small portion (40%) of a home’s square footage is used with any regularity by the humans who live there. Looking back, that 40% almost equates back to the original 900 square foot 1950s house.
However, one key area that has changed since the 1950s is how we design space. Previously, priority was placed on many rooms, which chopped up the space and actually made the home feel, and function, smaller. Today’s new homes and condos feature open concept kitchen and living spaces that can be used for many purposes or flex rooms that can function as bedrooms or dens. In essence, the 900 square feet of today feels larger and is far more functional for today’s ever changing lifestyle needs. And, the same is true for smaller condos that truly “live large” with multi-purpose furniture, built-ins and clever storage solutions along with in-building amenities like gyms and party rooms.
Simply put, across all generations, we are re-evaluating how we live and what the definition and purpose of a home is. Identify what is truly important to you whether it be outdoor space for gardening, a large kitchen for family meals, lock & leave convenience or extra storage for golf clubs, snowboards and bikes. Whether you are looking to get into the market, move up in the market or downsize, there is a home that is the “right size” for you. It’s about carefully identifying your priorities, requirements and stage in life and matching it to the home or community that is a good fit for you.
