Education and news for smart DIY landlords!
Design, location, amenities, condition, and construction materials used. These are some of the factors home buyers should look into before making a deal with a seller.
However, there’s another point that’s equally important but tends to get overlooked. This is mostly because the aesthetic of a home overshadows the buyer’s checklist during the house viewing and searching process.
What I’m talking about is the property’s overall size. This aspect of homebuying is very important because it can save you from financial trouble, make your future living more comfortable, and help you profit in the future.
In this blog post, you will learn the different factors to put into mind so you can choose the right house size for your needs today and for the future.
A bigger home means a more expensive price range, mortgage, energy, and water bills. It will also be harder to secure a loan when buying a larger property. Seasoned homebuyers recommend that you buy a house less than you can afford. It will help you survive financially when your living situation changes.
Try to consider the resale value of the home in your area. You don’t want to buy a property that will sell much less than your buying price in the future. Some localities are filled with buyers with a majority looking for homes that are vastly different in size compared to yours. But if you don’t care about resale value and just want to live in a home with the size you want, go ahead.
Aside from water and electricity bills, the upkeep of bigger homes such as lawn mowing or sweeping the leaves will also require more effort and time. In terms of maintenance and repairs, they are equally as expensive. It’s best to only own a large house if there’s someone to do all the chores such as a stay-at-home spouse or household manager.
Since bigger homes are expensive, you might want to settle for a smaller property. The problem with that is you might feel uncomfortable and suffocated by the small space. If you’re a minimalist, a small home would be perfect for your lifestyle because owning fewer possessions gives you more space.
Comfort in a small home is can be achieved by single individuals and families with an only child. Your needs will change once your family size grows. If you intend to have two children, a medium-size home would be right for your future living. But if you plan to have more than two children, it’s best to get your finances in order and buy a large house.
Your social circle is another factor to consider when picking the right house size. People with a lot of friends need to have bigger houses to accommodate and entertain guests during events. The other extra indoor spaces could also be used to build other amenities like a bar, game room, or home theater system.
For those with a lot of hobbies and a few friends, you should look for properties with a small house and a larger front and backyard. You may not choose to entertain your little social circle in your home’s small indoor space, but at least you can accommodate them with your backyard that has a garden, firepit, swimming pool, or gazebo.
All in all, your budget and future needs are the things that will determine your choice of buying a small or large house. Don’t buy a house with a size that you can’t or would struggle to afford. And don’t buy a house with a size that you wouldn’t want in the future.
Read these articles for more tips on how to make smart home-buying decisions!