Downsizing Your Home: Making the Most of Less Space
Tuesday, July 10, 2012
Downsizing isn't just for empty nesters anymore. More people, including first time homebuyers, are moving into smaller homes and learning how to live with less.
Just how much home space do you need? Can you live with fewer possessions? And what do you do with the stuff that takes up too much space?
These questions are important in a time when making a home buying decision is based on needs rather than wants.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe decision to downsize to a smaller home is greatly based on the economy, rising contractor prices, and the simple fact that maintenance costs are lower in a lesser sized home. It may even be a sign of families wanting to get back to basics without the expense and upkeep of a larger home.
Rich Epstein, Broker Associate and Corporate Trainer for Residential Properties in Providence, says that buyers are gravitating to more manageable properties. "Buyers are coming to me asking for homes with smaller square footage," Epstein said.
Even First-Time Buyers Starting Out Small
Even first-time homebuyers are going after smaller homes than they have in the past. First-time buyers, who make up 40 percent of the market, are looking for homes that are approximately 2,000 square feet or less. Families are looking for smaller properties that are easy to maintain and budget friendly.
Single women, who are a rapidly growing group of home buyers, are looking for condos and single family homes that are between 1,400 and 1,600 square feet, according to Epstein.
Three-bedroom, two-bath homes are still the most popular choice when shopping for a home. The third bedroom may not be needed by a small family or single person, but the resale value is better. However, it's a smaller, cozier three bedroom that is attracting attention on the market right now.
Once the decision has been made to buy a smaller home, what do you do with the stuff you've accumulated that might not fit in the smaller digs? Three words: toss, sell, organize. Read tips on how to squeeze the most out of your smaller space here.
If you have questions about downsizing or finding a property that's perfect for your needs, contact Rich Epstein at Residential Properties for some sage advice: 401-55-36367 or via email.
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