If this wild real estate market has put a pause on your plans to downsize or upgrade, I want you to know that there are so many upsides to owning a larger home these days, that owners who had planned to buy bigger might want to build an addition and add resale value, through square footage. Here are a few reasons why people will likely place a premium on large living spaces for years to come.
LIVE/WORK/STUDY BALANCE. Julia and I have two kids, one in high school, one in college, both at home because of COVID-19. They are set up in their third-floor bedrooms and our office is in the basement. If you’ve been inside with family members a lot since the weather got cold, you know what a simple blessing doors and stairs can be.
POTENTIAL FOR AN ADU CONVERSION. When things get back to some-sort-of-normal, accessory dwelling units will be a hot commodity, allowing homeowners to gather rent and cover a mortgage, generously host guests or easily live with multiple generations. Some towns have been updating codes to allow for more ADUs in order to meet housing demands.
AGING IN PLACE. Larger homes can provide the flexibility you need to age in place. At home health care workers or family caretakers will have the space they need if they are living there. One more piece of advice: If it is even slightly likely that you will follow through on that remodel you’ve been thinking about, find a contractor now. We are seeing businesses book work more than two years out right now. In southern Maine, real estate investments are worth it. When you’re ready to sell, we’ll be here.
Tom and Julia Ranello have helped people find their perfect home and community for over 30 years. Call them at 207-838-1651 or email at ranellogroup@homesinmaine.com for a free consultation on how best to sell your home or find a new one.
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