A big house with fancy cars may be a part of your recurring daydream—and you wouldn’t be alone. Many people think the phrase “the bigger, the better” applies to real estate, but to what degree? The perfect home size will vary from homeowner to homeowner depending on his or her needs.
Take these steps on the path to picking the perfect home size to suit your lifestyle.
- Project your future income. More space in a home typically means it costs more—no surprise there. That being said, if you anticipate that your income will grow, then you may feel more comfortable making payments on a larger house. However, if you estimate that it will decline, such as when you enter retirement, then paying for a larger house may eventually be impossible. Take into account your future resources as well as your current ones.
- Think about how long you will want to live there. Along the same lines as assessing your future resources, you should also decide whether this will be a “forever” home, or something more short-term. If your life’s plans take you to a different city five years down the line, then you may be able to put up with space that is less than ideal for the time being. If you have no move in sight, however, then this home purchase may be the one that involves spending more for more house.
- Identify what you want to do as a homeowner. If you are considering a home with a significant amount of extra space, then ask yourself what exactly you plan to do with it. Do you really need the extra bedrooms for friends and relatives? How about the formal living and dining rooms—will you ever use them? If you don’t see a use for the space, then you may not need it—or need to be paying for it.
- Assess your personal space needs. How many people are living with you, and how much space do you need from them? If privacy is one of your priorities, then a bigger house may befit you. However, if you and your family members more often spend time together in the same room, then you may find the excessive square footage unnecessary.
- Consider the feel of the space beyond the square footage. Seeing square footage on paper is one thing, but that number can be misleading. For example, a house with lower square footage but with an open floor plan can feel larger than a house with more square footage but compartmentalized rooms. Keep this in mind when doing your house shopping to pick the perfect home size for your needs.
If you’ve got the money and could use the space, then go for the larger home on your wish list. However, don’t let the novelty of a large house steer you from making the best decision about your home purchase.
For more home buying and selling advice, continue to follow the Ryan Roberts Realtor blog! And for your real estate needs in Auburn, Opelika and Lake Martin, call Ryan today at 334-750-9872, or email [email protected].