Taylor Morrison, a leading national homebuilder and developer, recently conducted a survey in cooperation with Wakefield Research that showed more homebuyers want outdoor living spaces and are willing to sacrifice indoor home square footage to get it. According to the survey, about 56% of homebuyers would sacrifice a larger home to obtain a bigger yard.
Another important finding from the survey showed that homeowners want distance from neighboring homes. Both Millennials and non-Millennials believe that enough space between homes is an important factor when shopping for a new home over other curb appeal items like siding, driveways, roofing finishes, and exterior paint colors.
"Demand for more elaborate exterior space continues to rise and blending indoor-outdoor living to address customer preferences is critical to our success," said Sheryl Palmer, Taylor Morrison chairman, president, and chief executive officer, in a press release. "At a time when land prices are escalating and local approvals can force smaller lot sizes, Taylor Morrison creatively maximizes limited areas—especially in urban locations—making the entire living experience that much more enjoyable."
More buyers are looking at home features like outdoor living rooms, matching tile flooring that extends from the interior to the exterior, and floor-to-ceiling retractable glass walls that open into the backyard for a seamless flow for indoor-outdoor living and entertaining.
The survey also found that about 62% of women prefer more outdoor space than men. Another interesting find in the study showed that more yard space is a desire seen across not only parents and non-parents, but across generations as well. Taylor Morrison discovered that many of the people who participated in the survey would spend an extra $10,000 to $15,000 to have more outdoor living spaces added in their new home purchase.
"Outdoor living is no longer an afterthought to a home's construction," said Charlie Enochs, Taylor Morrison area president for the central region. "In some of our largest markets such as Austin, Dallas and Houston, we just introduced nine new floor plan series, all of which have blurred the hard line between the inside and out to meet the blended indoor-outdoor living trend head-on."