I found the needle in the haystack! Recently, a buyer client of mine went under contract on a home with a separate living space. I had been searching for over a year for their specific wants for a ‘Mothers space’. My clients wanted a separate space to accommodate separate but shared lives. That is the key. Separate but shared. In their case, they lived with a Mother/Mother in law that is healthy and relatively young and has her own privacy and space needs. Their wish list included a separate entrance, bedroom, bathroom, living space and, if we could find it, a minimal kitchen or at least space enough to add kitchen facilities. They wanted the space to be on its own floor or in a separate structure all together.
Inventory is low right now so that added to the treasure hunt effect of this search. Fortunately, their story had a happy ending and I gave them exactly what they needed!
The desire for additional living spaces is a scenario that’s starting to play out more and more these days. A Pew Research Center report found almost 20 percent of Americans today live in households with multiple generations. Financial issues, like an adult child moving back in with parents after losing a job or health concerns like elderly parents moving in with an adult child, typically drive the need.
But that’s not the only reason more buyers are looking for extra living space. The cost of living is sky rocketing so people are looking for additional income to help make ends meet. Other people just want to make the most of their real estate investment and bringing in additional revenue is one way to ensure that.
The desired spaces today’s buyer is looking for go beyond the old ‘Mother In Law’ suite. People now want totally separate entrances, finished outbuildings, finished basements , granny pods and garage apartments.
It’s putting a new demand on the real estate market.
Actually, I totally understand the trend! When I am looking for a property to purchase, extra space with any potential is a game changer for me because extra space can mean extra income! Airbnb is such a fantastic business model especially if you have extra space that isn’t totally outfitted for full rental i.e. kitchen.
Our historic home was purchased with the intention of having extra space at the ready for my aging parents and our transient grown children. The fact that this property had a fully functional separate cottage space made it a no-brainer for us to invest in.
Whatever the individual reason, extra space is valuable these days and more buyers really want it! Sellers if you have any extra space make sure to highlight that in your marketing. Contact me to talk more about the extra space craze.