Families are searching for bigger square footage and recent data confirms yet another impact of Covid on the everyday Colorado homeowner. Existing space is being renovated, rebuilt, enlarged and redesigned. Our needs have changed and the bigger the better.
National Association of Home Builders discusses housing economics and confirms that “According to third quarter 2021 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis median single-family square floor area increased to 2,337 square feet. Average (mean) square footage for new single-family homes increased to 2,541.” That puts the average size of new single-family homes at 6.2% higher, while the median size is 9.3% higher at 2,296 square feet.
Going forward its expected that home size will increase again, given a shift in consumer preferences for more space due to the increased use and roles of homes in the post-Covid-19 environment.
With this new available data starter homes, less than 1,850 square feet, will be harder to find and more expensive. Lower square space housing is now about 11% higher than a year ago, according to realtor.com®.
Reported by Bob Villa,”Colorado has an average house size of 2,126 square feet, among the largest in the nation. From 1910 to 2020, the size of the average home in Colorado grew 67 percent. Several factors have contributed to the trend toward bigger homes across the nation, the foremost of which may be 20th century government policies that fueled the growth of suburbs.” If you currently own your home and contemplating selling there are lots of things you can do to excite buyers.
Remodeler markets are strong, impacted by higher home equity, and lower interest rates, which provided resources to improve the interior. In the fourth quarter of 2021, the Current Conditions Index was 89, a four-point increase compared to the fourth quarter of 2020.
Should You Add To The Square Footage of An Existing Home?
Home additions are definitely important investments. The value to your family can be enjoyed for many years and for that reason be cost effective. But, as in all remodel work, resale value should be part of the equation. Home values increases with a tasteful addition and could have a high return on investment.
When you determine what you want, then research “how much?” Be honest about the choices and keep in mind the need to maintain the value of your home.
This is the point you determine whether it’s a DIY project or screams professional. Its important to research to find the right contractor, talk to them, gather their ideas. They are the professional and can help map out your project and lend specialized support.
There are many popular remodel starters, but kitchen and bath seem to be the first place a homeowner looks. Adding space, sunrooms, mudrooms, enlarging baths, or adding a room for home office are all popular.
Do you have space to roam on the property or is a dormer a possibility? Maybe a bump-out, garage or second story addition appeals to your needs. Now is the time to plan ahead and draw up plans to improve the largest investment most people make, your home!
Our Katchen Company clients trust our dependability, insight, and expertise. We can help you make decisions that will bring the most value to your property investment.
We are your Denver urban real estate experts.