In luxury Chicago real estate, the design of a home is of the utmost importance. Sure, buyers can make their own changes in line with their personal aesthetics, but things like a smart floorplan or architectural design are generally major markers of a dream home no matter what.
Because of that, the latest development in home design is a big one: flex space.
What is a flex space, exactly? Well, by nature of it, this room lacks a true definition but it does have a few common traits: It’s off the entry hall, near the main living space, near a bathroom. Above the garage is another common flex space that can be used as a theater, an in-law suite, or kids’ room.
But whether it’s called a bonus room, a multi-purpose area or a flexible living space, the idea is that this is undesignated square footage that can adapt to different uses and brings a forward-thinking element to a home’s floorplan. This space is intended to serve changing purposes over time, taking on considerations for structure, wiring or plumbing up front so the room is ready to transform into its future state when needed.
Flexibility is Key in Real Estate Value
While not every buyer is planning for the future when purchasing real estate, it’s still a consideration when thinking about the resale value of your home, as people discuss the floorplan with an emphasis on the future. Especially in ultra-competitive markets, these flex rooms appeal to buyers who want to trade up for more space, but can’t afford the extra square footage.
If you’re building your first home or unsure of your future needs (like say, the number of children you’ll have), having some flexibility is key. Not to mention, our lifestyles are constantly changing: Folks are living with their parents longer than they used to; or parents move back in with their grown children as they need care in their later years. Buyers definitely feel a need to consider such future living arrangements when building or buying a Chicago luxury home. A flex room helps a property stand out from the rest by offering the promise of never outgrowing the space.
Space helps with sale and resale value because it offers a customization that buyers typically can’t get in an existing home. Designating that room as a flex space signals a freedom to do with it as you wish, versus trying to get a buyer to envision a dining room as their home office. Younger buyers see flex space as a way to customize their home—for example, to forego the formal living room without losing the square footage. Older home owners see these as a space that can adapt as they age—for example, being able to move the master suite to the ground floor.
Whether you’re a homeowner, a prospective seller or a potential buyer, it’s a good idea to keep an eye on what’s “trending” in home design and its impact on real estate value. Especially if you opt to take on a remodel or renovation project, I highly recommend you consider how certain features or characteristics will affect a resale down the line.