Must-Have Home Features for Recession Buyers

In 2021 and early 2022, swimming pools were just a must for home buyers. The pandemic lockdown has prompted many people to turn their homes into private resorts in case vacations are out of the question. Also, the more square footage, the better when buying a home. But things have changed.

Home prices and interest rates are making buying large homes with all the amenities out of reach for many Americans. Compromise is the new way. But what features are important to homebuyers during an economic downturn?

Versatility of the room on the area in square meters

Buying thousands of square feet is a pipe dream during an economic downturn. Buyers want homes that are versatile and can be used individually.

The kitchen becomes another living space or part of a home office. The spare room is equipped with a Murphy bed that can be used as a desk or other functional space. No more rooms used exclusively for a child’s playroom. Instead, they go back to playing in their bedroom like old times.

The new way is, when people are short on money, to go for less square footage and more useful rooms.

Easy home maintenance

It is difficult for most people to make down payments and afford high mortgages. New home buyers don’t want to invest more money in a home after spending all that money. Thus, homes that are ready to move into instead of renovating are in demand.

A home is probably the biggest purchase most people will make in their lifetime, so they don’t want high maintenance costs to strain their already limited budgets. The major projects have come out. Free time is essential when everyone is working harder to make ends meet. And lawn service has become a luxury many people can no longer afford.

Ultimately, people don’t want to invest anything more in a home once they’ve already paid down payments and various other expenses to buy a new home.

Laundry room a must

Hiding dirty clothes and folding clean ones into their own space is a big plus. A laundry room is a must-have for many new home buyers.

With the small square footage of a home, a place dedicated to this vital function is important. Plus, it keeps clutter in a confined area. A big plus is if it’s on the ground floor.

Energy efficiency a selling point

The obvious reason for wanting a more efficient home is savings. A home’s heating, cooling, and lighting all add up, and the more efficient a home is, the more desirable it is.

New windows, energy efficient appliances, insulation, etc. may not be as pretty as curb appeal or an open floor plan, but it will save you money. If these are already in place, there is less money to spend on buying a home.

Water-efficient toilets are also part of utility savings. Most homebuyers won’t be able to afford to replace the toilet after the fact. They wanted it there from the start. Low-flow faucets are also popular selling points.

Smart homes go hand in hand with energy efficiency. For example, smart thermostats maintain comfortable temperatures, but adjust to save on monthly electricity or gas bills.

Prices are rising and saving a few dollars a month on utilities can help in the long run.

Smart homes for security

Already equipped smart homes are popular. It costs to equip a house, and if it is already installed, it makes the house desirable.

Savings are the name of the game, and smart home security features can help cover home insurance costs. An insurance company considers the house less prone to risk.

Smart homes can identify leaks, which could ultimately save on water bills. Security and energy efficiency contribute to the demand for smart homes.

Outdoor living space

The pandemic has shown that home is more than a refuge; it was a place of entertainment. The finished outdoor living space is a popular amenity. This saves money on add-ons.

The most desirable outdoor living space is a covered porch or patio. Nothing fancy, just a place to escape the sun or rain for entertainment or family time

The half bath is back

It comes down to entertaining. Such convenience was considered old-fashioned for a while, but that has changed. Instead of going out, people come together. A half bath saves guests from having to walk through the house to get to the family bathroom. It’s also cheaper than a full bath.

low cost flooring

Hardwoods were, and in some cases still are, a staple. But hardwoods are expensive. The look is desirable, but not the cost. Luxury vinyl flooring has become all the rage. It looks and feels like hardwood floors without the cost.

It is also waterproof and anti-scratch. Owners with children and pets find it more convenient. It’s low maintenance, which is new the owners want to.

Priorities have changed for new home buyers

While the need for open concept and garage space has remained the same, some priorities have changed for new homebuyers. For example, easy maintenance for cash-strapped and busy people is a must. And the demand for large-scale homes has given way to smaller homes with multipurpose rooms. In other words, there are other things more important than square footage.

The Epoch Times Copyright © 2022 The views and opinions expressed are those of the authors. They are intended for general informational purposes only and should not be construed or construed as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or other personal finance advice. Epoch Times assumes no responsibility for the accuracy or timeliness of the information provided.

Follow

Anne Johnson was a property and casualty insurance agent for nine years. She also held a license in health and life insurance. Anne became the owner of an advertising agency where she worked with companies. She has been writing about personal finance for ten years.

Comments are closed.