Whether you are on the market for your first home or you’re an empty nester ready to make a change, an important question to ask yourself is, “How much home do I really need?” The answer can lead to finding exactly the right property for the next chapter of your life. Here are a few points to consider before starting your search.
Lifestyle – Does your life revolve around working at the office and spending nights out with friends or are you more of a home body? If you don’t spend much time there, does it make sense to buy a large home? Maybe you are somewhere in between. Think about how you spend your time and what you like to do. If you have a large extended family and would love to invite them to your home regularly, maybe a little more space makes sense.
Number & Use of Rooms – This point may seem simple, but consider your current circumstances as well as what the future may hold. Maybe there are only two of you now, but if you’re looking to start a family, that could impact the number of bedrooms and bathrooms you might need down the road. Also, would you use all of the bedrooms as such, or do you work from home and need a space where you can shut out the rest of the hustle and bustle?
Affordability – Typically the larger the home you purchase, the more expensive it will be. That isn’t only true initially, but also when maintaining, furnishing, heating and cooling it. The size of your home impacts the property tax you’ll pay as well.
Be Realistic – Sure, it might be nice to have a personal gym or a designated play room, but how often will that space be used? Also, think of what you are willing to do around the house. Do you want to clean every square foot or will you resent some of this extra space? Likewise, if you are constantly bumping shoulders while brushing your teeth with your partner you might not be thrilled you opted for less space. Create a list of priorities and make sure they are reasonable for you and your family or circumstances.
If you constantly entertain, already have a large family, or you like room to spread out then a big home is probably right for you. If you spend a lot of time away from home or prefer a more minimalistic way of life, maybe a small home is where you belong.