The “Not-So-Big-House”

May 7, 2010

As the recession has caused everyone to rein in their spending on a variety of things, it has also caused a reduction in what people spend on their remodeling projects.  According to the latest flow of data, there is a significant number of people who are “above water” in their mortgages but only by a very small amount.  Home owners who have less than 25% equity in their home are essentially “stuck” due to the costs related to selling and buying another home (down payments, fees etc).  The reality has sunk in and taken hold.  These home owners are not moving.

This has caused a shift in how people view their remodeling projects.  Gone are the days of $100,000 kitchen blow-outs and rebuilds or multi-car garage add-ons.  Instead, home owners are now looking for ways to make their homes more comfortable for their current lifestyles.  The most popular remodeling project has been to remove any existing walls between kitchen and dining areas to create a larger, more social space to entertain at home.  This is followed by attic renovations to create another usable room in the home and maximize the livable square footage.  Home owners have also been investing in “unseen” remodeling, such as new insulation and appliance upgrades to capitalize on the energy credits and finally get rid of the drafts.

Susan Susanka is an author and architect who believes in “build better, not bigger” and has a new book called the “Not-So-Big-Remodeling:  Tailoring Your Home For the Way You Really Live”.   Her suggestions are fantastic and will surely spur some home remodeling creativity!  Check it out here on her website The Not So Big House.