New Buyers Prefer More Outdoor Space Rather Than Larger Houses
With the sharp increase in eco-tourism and adventure travel, it should come as no surprise that younger buyers are attracted to the outdoors more so than past generations. The same holds for their choices when buying a property according to a new survey by Wakefield Research conducted for Taylor Morrison, the national home builder.
A majority of 1000 buyers (56%) said they would sacrifice some internal square footage for more outdoor space.
Respondents also said that the most important exterior feature was the home’s distance to neighboring homes. About 50 % of millennials and non-millennials want the extra buffer to ensure privacy. This desire was rated above other features such as siding, driveway styles, exterior paint colors, and roof features.
Perhaps surprisingly, women wanted outdoor space more than men – 62% of women would sacrifice indoor space for more outdoor space, as opposed to 51% of men.
Taylor Morrison CEO, Sheryl Palmer observed, “Demand for more elaborate exterior space continues to rise, and blending indoor-outdoor living to address customer preferences is critical to our success.” Palmer adds that the survey results come at a time when land prices are escalating and local approvals have required smaller lot sizes.
Based on this important survey, Taylor Morrison has been altering its property designs with features such as outdoor living rooms, floor to ceiling retractable glass walls that open to the backyard, and the same tile flooring that extends from the home to the outdoor space in a natural, seamless flow.
When asked what they would spend an extra $10,000 to $15,000 on in a new home, survey respondents chose outdoor living items more than anything else. This was followed by upgraded cabinets and kitchen islands.
After carefully studying the survey results, Charlie Enochs, Taylor Morrison’s president for the central region said, “Outdoor living is no longer an afterthought to a home’s construction.”