Some renters would give up a bedroom in their current place and rent a smaller unit -- if it meant they could save more quickly for a down payment on their first home.

Whether to settle for a three-bedroom house instead of four is a choice many buyers have to make, and that will continue in the months ahead -- especially if housing costs and mortgage rates remain stubbornly high.

In the new-home sector, many builders are making that choice for them: not just in the number of bedrooms, but also the number of bathrooms, the size of the garage or lot, and anything else where builders can pare costs to make their plans less expensive to build.

Going forward, says Anja Seng, a senior research analyst at John Burns Real Estate Consulting, builders will be facing the same challenges as their customers. Some will charge ahead as planned; some will mothball projects and wait for a better market. But Seng says "the most creative" among them will seize the day by making bold design choices.

Some builders, like the three spotlighted in a recent Burns newsletter, already have. One gave up primary baths, one eliminated private yards and the third took garages off the table. If their success is any measure, other builders may soon follow.

And if other builders need more convincing, they should consider a recent survey by RentCafe, a rental search engine, which found that 1 in 3 renters would gladly give up a bedroom if it helped them save for a house a little more quickly. (Full disclosure: RentCafe is owned by Yardi, which also owns Multi-Housing News, a publication for which I write a monthly column.)

RentCafe asked 3,659 visitors to its website if they would be willing to downsize to better save for a down payment, and 36% said they would. The study found that tenants who are willing to compromise on space could save an average of $3,735 per year.

With that kind of savings, the typical renter would have enough for a 10% down payment on a starter home in their particular markets in six years and seven months. That's still a long time, to be sure, but that's without putting up any other funds -- and it's just the national average. Building a down payment can occur much quicker in some spots.

In Dayton, Ohio, for example, a renter would save enough by renting a smaller place -- $3,168 annually -- to set aside 10% down on a $57,652 starter house in just 21 months. And a renter in Philadelphia would put away enough -- $7,416 a year -- to build up a 10% down payment for a $142,288 house in 22 months.

That renters are willing to make such a sacrifice to fulfill their dreams should embolden builders to do the same. The question every builder has to answer is: What are first-time buyers willing to give up to go from tenants to owners?

One potential giveaway is a big, lush, expensive primary bathroom with shower and tub, compartmented water closet and dual sinks. That's what one builder did at the Eagle Ridge development south of Seattle, where two of the five floor plans offered have no primary bath. Instead, the primary and secondary bedrooms shared a bathroom, according to the Burns report.

The target market: renters who were already accustomed to sharing a single bath. The result: The shared bathroom plans sold just as well as the builder's more conventional layouts.

At the Kissing Tree community south of Austin, Texas, meanwhile, private yards were swapped for a prime location in which the clustered houses overlook a golf course. The houses sold so well, the consulting firm reports, that the builder is opening two new phases.

And at Chatham Park Cottages in suburban Raleigh, North Carolina, 23 of the 30 houses have assigned parking spots instead of garages. Although the builder expected some pushback, Seng reports, the idea was well-received and the company plans to replicate the idea elsewhere. And why not? How many apartments offer tenants assigned spaces, let alone garages?

Whether other rookie buyers would give up a luxurious bath, a lawn of their own or a garage is hard to say. But those are not the top priorities of the recent and wannabe buyers who are polled every year by the National Association of Home Builders. Almost invariably, the most unwanted features are of little consequence because most builders targeting first-time buyers don't offer them -- elevators, for example, or cork flooring.

More importantly, the 10 most unwanted features are selected from a list of 200. When asked specifically about their desired number of bedrooms, most respondents said that three would do just fine.

Bedrooms aren't all that expensive to build, save the extra cost to put a roof over them. But full bathrooms are costly: roughly $25,000 each. And with that in mind, most poll respondents said two baths were enough.

Garages aren't cheap, either: about $27,000 to park one car and $45,000 for two. Knowing the cost, most buyers still said they'd opt for a two-car garage, though 18% said a one-car would suffice.

Finally, there's also a notable shift to completely or partially open floor plans that feature kitchens that open to the living room, dining room or family room. That means fewer walls, which translates into somewhat less cost, at least for the builder.

All of this indicates to me that today's buyers are more flexible than ever. They realize that something has to give to bring prices down to a level they can afford, and they are willing to make compromises.

Some 25-odd years ago, I sent the family to the beach for the summer while I, all by my lonesome, refurbished the home manse.

I removed outdated wallpaper. I patched drywall in some places and replaced entire walls in others. I painted practically every room, and replaced every doorknob, lock and hinge in the joint. I had never done this kind of work before, but I managed to do it all without hurting myself.

Turns out, I was lucky. Many do-it-yourselfers, especially rookies like me, aren't as fortunate. In 2020, according to new research, more than 290,000 people were treated in emergency rooms for injuries resulting from home improvement projects. And some 24,500 ended up being admitted.

In other words, while doing the work yourself can save money and stimulate your creative juices, it can also be dangerous. You can quickly lose a finger if your circular saw runs amok, get a traumatic brain injury if you fall off a ladder, or end up on crutches for a while if you drop a gallon of paint on your big toe.

The study -- published by insurance comparison company Clearsurance and based on data collected from the Consumer Product Safety Commission's National Electronic Injury Surveillance System -- found that 3% of all ER visits were the unintended result of working around the house. Lacerations were by far the most common injury, followed by fractures, then contusions or abrasions. Fingers, hands and eyes were the most commonly wounded body parts.

More than 9,000 injuries chronicled in 2020 resulted in amputations, while nearly 7,500 were injuries to internal organs. Poisonings numbered more than 2,500.

Of course, there's nothing wrong with tackling home projects. But you should know what you are getting yourself into. If you have no experience, then look online for how-to videos that offer basic instruction. As an alternative, purchase a book or manual that you can refer to as your work progresses, or take one of the many classes offered by hardware stores and home improvement chains.

Before you start, you should have a rudimentary knowledge of the tools you'll be using -- especially if power tools are involved. Make sure you have the appropriate safety gear on hand, including gloves, eye protection and a face shield. Hard-toed safety shoes are a must, while flip-flops and fabric sneakers are verboten. And wear long pants and a long-sleeved shirt to help protect your skin from flying debris, even if it's too hot for them under ordinary circumstances. Remember Ben Franklin's advice: an ounce of prevention ...

Speaking of prevention, if you are going to use a ladder, even a relatively short six-footer, check it first for loose or broken joints and steps. Only use it on level surfaces, and be aware of your surroundings in case you fall off or have to jump.

If, at any point, you realize you're in over your head, step back and reconsider. More than a few hapless homeowners have spent more to have a professional come straighten out their mistakes than they would have had they gone the pro route in the first place. For example, if your replacement door or window isn't hung properly, water intrusion could result in costly damage to your walls, floors and insulation. Ditto for roof shingles.

If you wind up hiring someone, make sure they are licensed, bonded and insured. Even the pros are not immune to accidents.

Finally, make sure you have insurance and that your coverage is up to date. In the Clearsurance report, insurance attorney Anastasia Allmon advises do-it-yourselfers to make sure their insurance will cover them if they get hurt.

"There are a lot of insurance companies (that) will consider making your own home improvements as a kind of reckless endangerment, and you could possibly find yourself uncovered in the event of an emergency," says Allmon, of personal injury firm Farris, Riley and Pitt in Birmingham, Alabama.

Check to make sure you are covered before you start. If you're not, it may be worthwhile to pay a premium to add coverage. "That's definitely going to be your best option, no matter how safe you try to be," the attorney says.

Even the perils that are covered could come with limits. So be aware that the concept of willful endangerment could put you over that limit.

As the world turns, so, too, does the housing market -- and right now, the market is slowly but surely turning in favor of buyers. As a result, sellers are likely to see the return of contingencies: those conditions that must be met in order for a contract to be valid.

While a contract can be contingent on almost anything -- Maryland agent Margaret Rome once had a sale dependent on the buyers' parents' approval -- we're largely talking about home inspections, appraisals, financing and the need for the buyer to sell their current residence.

Over the last few years, buyers all but abandoned those safeguards in an effort to beat out competitors. The market was so hot that buyers basically threw all caution to the winds, hoping they weren't paying too much, that they could qualify for a mortgage and that they weren't buying a place with major, costly defects.

Up until a month or two ago, sellers were in the driver's seat, able to practically dictate the terms under which they would accept a buyer's offer. Now, though, buyers are regaining the upper hand. Competition is dwindling. The number of houses for sale is growing. And many sellers are lowering their asking prices.

There's still a way for sellers to maintain control of the process, though. By demanding a "kick-out clause," you have the right to terminate a contingency-laden contract if another buyer comes along and offers a deal without any such strings attached.

Of course, a seller can't simply say, "Hey, I got a better deal. See ya." The first buyer must be given a certain period of time to remove the contingency. But if they don't, the seller can move on to the next. They'll have to return the deposit, but otherwise, the deal is canceled.

The use of kick-out clauses, sometimes known as bump or release clauses, is not universally popular. One agent calls them "an empty bag" that simply mucks up the deal. Another says he dreads them.

Other agents swear by them, though. "As long as there is a contingency," says one advocate, kick-out clauses put sellers in "the negotiating position they dream of."

Says another: "It really wouldn't be wise to stop marketing your home for a 'maybe' contract, and that's exactly what a contingency contract is: a maybe."

But while kick-outs do, indeed, favor sellers, longtime Massachusetts RE/MAX broker Bill Gassett says they also help buyers.

Knowing they can force a buyer's hand makes it more likely that sellers will accept offers with a contingency, Gassett says. And by being able to negotiate price and terms beforehand, buyers will know exactly how much they need to net from selling their current residence.

With a kick-out clause in place, sellers can (and should) continue to show their properties to prospective buyers. And should one come along that doesn't have a place to sell or doesn't need financing, they can give the first buyer so much time -- usually 24 to 72 hours -- to remove the contingency.

If they don't act in time, you can void the contract and move on.

Of course, if the first buyer removes the contingency within the stated time frame, the seller has to continue to closing. Even if another buyer offers more money without other stipulations, a deal is a deal.

The idea is to prevent a buyer from dragging their feet through the process. "Fish or cut bait," says one agent.

All contracts stipulate that the buyer must complete certain tasks within a certain period. Sometimes, though, those deadlines come and go without any discernable progress.

If a deadline is missed, the seller can cancel the sale. But with no other offers in sight, most sellers decide to hang in there, waiting and waiting -- and maybe waiting some more -- until something happens. A kick-out clause lets sellers push buyers to move ahead or drop out.

"With a kick-out clause, the seller has the best of both worlds," says Gassett, who has frequently posted online on the topic. "He has a buyer on the hook, as well as the ability to continue looking for something better."

About the only drawback for sellers is that their second buyers may need a decision right away. Since sellers have to give their first buyers a reasonable period of time to remove their contingencies, the second buyer may not be able to wait. Consequently, sellers could lose a buyer who is willing to make a better offer.

Sellers can invoke a kick-out for any reason, Gassett told me in an email: "Usually it is because the second buyer does not need to sell a house and can close quicker. However, it could be for any number of reasons, including a higher price."

But, he warns, the wording of your kick-out clause can be a little tricky. While many multiple listing services have standard, fill-in-the-blank kick-out clauses, it's always best to work with an agent who has enough experience to ensure the language is correct. And you may want to consult an attorney to be sure the clause says exactly what you want it to say.

"A kick-out clause does increase the complexity of the purchase contract," Gassett says. But it helps you "avoid handing over all the power to the buyer."