When you picture your ideal home, what do you see? The trend, traditionally, is a preference toward larger homes, although the 'tiny house' fad is currently having a moment. Homes of all sizes have their pros and cons meaning the final decision must be based on your particular situation.
Here are a few important questions to ask yourself when deciding what size home to buy:
1. What are my long-term needs?
Is this your 'forever home' or a first time purchase? Determining the length of time you plan on spending in the home is the first step. Obviously your needs will be different depending on what stage of life you're in also. For example, will you be adding to your family while you're at this location? Or, have your children recently moved out on their own? These are things to think about when deciding on home size.
Renovations are always an option, but if you have that in mind from the start, it's best to do your research and have a cost estimate in mind. Often times renovations are more time consuming and expensive than you might expect at first.
2. Do I really want to clean a large house?
The reality is...the larger the home, the longer you'll have to spend cleaning and maintaining it. Or, the more money you'll spend for someone else to do it for you. Are you willing to put in the time it takes?
Smaller homes also tend to force their inhabitants to accumulate less things over time, as well. If you're downsizing, you'll have to think about getting rid of some items.
3. Will I be able to furnish a larger home?
Likewise, when you purchase a larger home, you will need more furniture. In addition, when you furnish a larger room, you usually need larger pieces. Most likely this means you will need to purchase new items.
This can be a huge expense, even if you buy second hand. The affordability of new furniture should be considered before hand.
4. Can I afford the maintenance?
The larger the home, the more maintenance you will most likely have.
When the roof needs to be replaced, it will cost more than a smaller one. It will cost more to install new carpeting, tiling and laminate.
In addition, the larger the yard, the more time and expense you incur in cutting the lawn, maintaining trees and landscaping.
The electricity and water bills will be higher for a larger home as well. You can get an idea of what to expect of these from the seller.
5. What do I really prefer?
When you are weighing the pros and cons, you must also factor in your personal preference. Some people prefer a cozy,smaller home, while others enjoy having extra rooms for guests and hobbies.
Ultimately, in the end, you will be living in your home for a long time, and it's important to take your happiness into account.