Everyone is in a unique situation when it comes to looking for a new home, so it may not be best to go for the biggest house you can find on the market. Instead, consider where your family is right now and what the future could look like.
If you are an older couple with no more children living in the home, it wouldn’t make much sense to buy a 5 bedroom home when there will be so much empty space. It’s nice to still have a guest room space, but with less overall upkeep.
If you’re in a two bedroom townhome and plan to expand your family, it may be a good choice to look at larger sized homes.
How many rooms do you need? Do you have a home-based business where an office space would be ideal? Consider a home with an extra room that can be converted for this purpose. The key to choosing the right size home is looking at both immediate needs and future needs for you and your family.
What is the ideal square footage? Large homes are great when it comes to having ample room for children to run around and grow. However, utility costs can be significantly higher for a larger home. It can also be tempting to fill empty spaces in a bigger home with items you don’t really need, causing clutter.
How much house can you really afford? Don’t try to buy to keep up with what everyone else is doing. Look deeper than the initial mortgage payment. You also need to take into consideration the interest rates on the loan, home maintenance, insurance, HOA fees and more. Keep these additional costs in mind when looking at your budget.
When you begin your home search, start as small as you can and work your way up. You will be able to see various floor plans and decide what is most comfortable for you and your family.