Per the U.S. Census Bureau’s American Housing Survey, more than seven in 10 households had no children in 2015. That’s an increase of three percentage points since 2011. Home buyers with no children have unique needs. Let’s look at some facts and helpful information to keep in mind when buying property.
Many people are having smaller families or no children at all. That means that you may not require a larger single-family house. But if your needs change, you don’t want a home that’s too small or inflexible, either.
The National Association of Realtors reports that fewer than eight in 10 childless buyers purchased a detached single-family home between July 2015 and June 2016. While nine of 10 buyers with kids younger than age 18 are buying property with detached houses. The chart below shows that home sizes are trending smaller on average, according to the US Census Bureau.
If you are a home shopper without children to worry about, these numbers should give you pause. That’s because you may want to think carefully about the type and size of home you choose. If you don’t end up having a large family or any children, it may be smarter to buy a smaller house or an attached home in the form of a condo or townhome. If the possible trend described above gathers steam, it’s also likely that other buyers may value smaller/attached homes in the future. Increased demand for these types of homes could amp up your resale value. There are many advantages to buying smaller or attached homes such as upkeep, heating costs, yard work and maintenance, etc. Ask yourself important questions. Do you like yard work or hate it? How far do you want to live from where you work? Where do you spend your weekends? What recreational pastimes do you partake in and where? Do you have pets or plan to in the future? Do you need a garage?
My advice is to stay within your budget. Buy for what you need today – unless your plans are immediately going to change. Getting into the market now will preserve your down payment equity as the market rises or falls. This way, you’ll be positioned for the transition to family life, should the time come. We are here to help you with your home buying needs throughout Skagit, Snohomish and Whatcom counties.