This can be a tricky question to answer. Partly
because our needs change over the years and decades. After kids leave home,
maybe smaller is better but prior to that, maybe a bigger home is what you're
seeking–room for the kids, dog, and tons of the kids' sleepover friends.
The trends reflect our indecisiveness too.
Sometimes McMansions are on the rise and then there's the complete opposite:
tiny, tiny homes. In fact, you can watch fascinating shows online about
families of four with a couple of dogs moving into these tiny well-designed
homes or homes on wheels.
While that small may be far too small, size is a
big consideration. It's also something you should think about before you go
house-hunting for that perfect home.
Of course,while there are many personal reasons
involved in choosing which size home is the best fit, there are also some very
important considerations that can help you decide.
Here are few things to help you weigh your
options.
The bigger the home, usually the higher
the mortgage. You pay for what you get. It's likely the mortgage
payments will be more. However, a smaller home with more amenities is sometimes
not that far off in price from a larger home that gives you a bit more square
footage.
Think about if you are planning to stay
in the home a long time. If so, getting a bit more square footage now
might be better than having to move again in a short period of time when you
may outgrow the home.
Decide how much home you're willing to
maintain. For instance, do you want the responsibility of a big back
yard or do you want to have something in a planned development, such as a town
home, where there is limited yard space to decorate and maintain. That reduced
yard size can give you a lot more freedom and leave you with more money in your
bank account as opposed to paying for landscaping maintenance.
Do you work from home or might you
someday? This is really important these days as more and more people
are working from home and setting up desk space on the dining room table is not
optimal. If you think you might be working from home someday, look for a home
that will have enough space for you to work, even it it's just a screened-off
nook somewhere in the house. No doubt, you'll find a good use for the space,
whether or not you actually work from home.
If you want a bigger home but aren't sure you can
afford it, consider your options. Can you get a roommate? Increase your income?
Decrease your debt? Or maybe you can wait a little bit longer and save more to
get into the home you really want.
The important thing is to think about the size
and style of home you want before you start your house-hunting. This will help
you target homes that are most suitable for your needs. Be sure to consult with
experts to get the best advice and find out how much home you can really
afford.
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