Good Things Come in Small Packages

Across the country, many consumers are resisting the urge to live large. For a variety of reasons small is a big deal for would-be-home-buyers looking to purchase a starter home, downsize, lower their cost of living expenses, own two or more homes or simplify their lives. Cozy living may be a national trend these days but in the five sought-after Boston and Newton communities where you will find our Keller Williams offices – small has sufficed for many years.

Is bigger better? In a historic state like Massachusetts, much of the real estate inventory dates back more than 50 years ago when homes were less than 1,000 square feet, as opposed to the big box homes built in recent years that exceed 2,000 square feet of space. Over the last two decades, McMansions took center stage; especially in the leafy suburbs where a bigger is better mindset prevailed. Oversized homes, many falling into the cookie cutter category, cropped up in towns all over the Bay State. When the economy faltered and real estate prices began to fall five years ago, some homebuyers were able to consider a larger, newer home that may have been cost-prohibitive in the past. Homebuyers in pursuit of space packed up their SUVs and headed to the burbs. But big-time living isn’t for everyone – especially those would-be-homeowners drawn to settings like Boston and Newton – communities that weathered the recession better, held their market value and boast more mature homes. Homeowners intent on living in the Back Bay, Beacon Hill, Chestnut Hill and other sought-after zip codes may have seen a slight bump in what they could afford in recent years, but they were still hard-pressed to find an oversized home on realistic budgets in the metro-Boston area, due to consumer interest and more modest-sized housing stock. 

Is small for you? Beyond pure economics and inventory, some homeowners actually like the embrace of a smaller home, and the inherent charm that often comes with a petite property.  Others, including those attracted to Boston’s historic neighborhoods and nearby Newton, choose quality of life rather than the quantity of space that comes with large real estate parcels. No matter what reasons motivate buyers to look into living small – it’s important to note that little homes are not for everyone.  Intimate space dwellers – whether they are first time home buyers or empty nesters – have to have the fortitude and discipline to adjust to small home living.

Simplify and save. Some homebuyers buy small to avoid a big mortgage. Others want to reduce their carbon footprint by setting up shop in a setting that requires less water and energy. What’s more - heating and cooling a smaller space means more money in your pocket.  Boston buyers tend to choose easy access to work and cultural attractions rather than an abundance of square footage. Whatever the reason for considering a small home investment, there is no denying there is a trend to downsize in real estate today. The small home surge has been backed up by the National Association of Home Builders, which reports that the average size of new homes has been dropping in years. Reinforcing this industry focus is the plethora of resources available online supporting small home living. An array of bloggers, books and articles are encouraging living simply, offering tips for making a home feel just right and helping homeowners transition from larger residences to more intimate spaces.

Small = living. With a smaller property to maintain, homeowners can enjoy more free time.  Rather than the nightly cleanings and weekend maintenance projects that come with a 3,000 square foot home, a small roost requires less upkeep. With a smaller footprint and fewer domestic projects to tackle – a homeowner’s stress level can be minimized and enjoyment of life can be maximized. An important first step when buying a small home is purging. In particular, empty-nesters looking for the perfect petite place will need to pare down their belongings, part with baggage and learn to live with less.  Shopping enthusiasts, in particular, may need to find a new pastime because there will no longer be space for those unneeded, but must-have wares.  Your diminutive quarters will require less - décor, investment, design, planning and purchasing. The upside to this is that shoppers will have more time and money to enjoy other pursuits and develop new hobbies.

Live and learn.  When it comes time to sell your little slice of paradise – think about your small home search, and the lessons learned in purging, purchasing and prioritizing. As the building trade and a growing segment of homeowners are realizing - less really can be more. Small home owners have come to trust that there is another buyer, if not dozens, searching for the simplicity and the lifestyle that their modest digs offer – and that demand can pay big dividends. As the saying goes, “there’s no place like home” – it’s up to today’s buyers to determine whether that home is a behemoth or a bungalow.