The rising trend of micro-housing
What are Micro-Apartments?
Micro-apartments are smaller housing units that aim to blend necessity with utility. These apartments give all of the essential facilities in the smallest possible space. Also known as compact homes, they are self-contained, one-bedroom residential apartments typically selected for single occupancy at low costs. The rise of nuclear families and the period of single living has produced a need for micro-housing units in metropolitan areas. Micro apartments are the solution to increased rent and maintenance costs in the city’s developed areas for younger people looking for simple, compact and affordable living.
In this blog, Graana.com discusses the benefits and the needs of micro-housing today.
Benefits of Micro-Housing
Rising costs of land influence the housing cost. It is difficult for people needing to buy and sell with such raging price hikes. Therefore, the real estate developers are trying to reduce the unit size of apartments to keep the overall costs within optimum price limits. Micro-homes are the appropriate solution for buyers and sellers. Not only does it reduce purchasing power, but also it lowers down the living and maintenance cost.
Micro-homes are relatively cheaper and affordable, with all the necessary lifestyle amenities for residents. Smart homes accommodate everything and avoid space wastage. Smaller houses are also easy to maintain and lower the utility bills compared to larger residential units. Compact homes are also thoughtfully planned and constructed, meeting the latest décor trends and urban living styles.
While the urban buyers prefer quality compact units with no compromise on facilities, micro-homes stand as a solution as they are well-equipped with contemporary amenities that let you lead a comfortable lifestyle at your budget costs.
Micro apartments are becoming famous daily as buyers seek furnished properties that align with their smart and changing lifestyles. Young people prefer a smart and creative interior that is compact and has no useless space. Micro apartments offer specially crafted interiors providing intelligent space solutions. Limited space offers space-saving solutions catering for the minimalistic preferences of young people.
As sustainable living is gaining popularity, the need for simple and compact living is growing. Small apartments encourage sustainable living and less consumerism. It also utilises fewer energy resources making it more environmentally conscious.
High resale scope
Due to increasing trends and demands of buyers in this domain, compact or micro-apartments tend to have a greater resale power in future. Micro homes provide a house to buyers they are looking for with all the luxuries and amenities at a cost-effective price that makes up for the less space provided.
Young people and their preferences impact the housing and lifestyle trends. Young people looking for a simple and tech-oriented space to live without extremely high costs always look for such a solution. Keeping in view the current scenario, it is not unfair to say that smart living is the future of living.
The need for Micro-Housing
The residential market is sluggish due to expensive housing prices and buyers’ preference to buy homes at affordable prices. Micro homes are the ultimate consequence solution to residential problems and their expenses. Despite being a new trend and idea, micro-apartments are becoming the talk of the town and a popular preference, especially among young people, because of its needs.
Monetary, cultural and environmental factors combined create the backdrop of this specialised market segment. Buyers who are looking for a good suitable place to live in a good area often have to pay a higher price. This particular rationale is grounded on the habit of preferring to upsize spaces. People chose bigger houses while searching, which led to sparingly high living costs at a good location. Now, the perspective has changed. People look for a good location close to the city but have changed the preference for bigger spaces. Instead, they want compact s[aces with all the amenities as small compact spaces are easier to purchase and easier to maintain.
The new generation of buyers carry responsibility towards the environment; hence, a smaller apartment means a smaller footprint and less impact on the environment.
Young people move to bigger cities to find work /study and find an affordable space to live. This puts immense pressure on cities to accommodate more inhabitants due to rapid urbanization. Prices are on the rise because of the constant demand and less space. Apartments serve the purpose in this dilemma as they are affordable and provide all amenities.
The realty market has been experiencing considerable demand from people, especially working professionals who prefer to buy smaller homes at an affordable price and in the desired location.
Micro apartments and smart apartments are gathering a lot of attention from realtors and other people because of the investment potential. They are a good investment option considering the increasing demand and popularity.
Apartments that were once considered a down-market are now the most trending segment in real estate as more and more investors are diving into this area. As investors continue to make compact homes, the buyers can buy their dream houses at affordable prices. This will lead to more cash flow in the residential market of real estate.