Knowing whether to buy a big home or a small home isn’t always as easy as it sounds. As the years go by, needs change: families grow, then shrink again, just as incomes might. Just when parents think they have the home all to themselves again, they may find the need to accommodate their elderly parents.
Here are home size-related issues that people should consider when they house shop, according to Bradley Tuttle’s Real Estate Update.
Big home, matching mortgage
The bigger the home, the higher the mortgage and resulting payments will likely be. However, a smaller home with more amenities may cost as much as the bigger home.
For the long or short run?
If a family is looking to stay in a home for a long time – during which their family may grow – they may want to go ahead and buy the bigger home.
Consider required work
If home owners aren’t much for yard work, it may behoove them to avoid the bigger home with the bigger yard and instead buy a house in a planned development, such as a townhome, where yard space is smaller and requires less work to decorate and maintain. That choice will also provide cash to spend on things other than landscaping and yard care.
Working from home
More people are working from home these days, making an office or other workspace important. Even if that dream never comes true, that space will be useful in other ways.
Affording a bigger home may not be in the budget, so potential home buyers should consider options such as getting a roommate, increasing their income, decreasing their debt or just waiting until they’ve saved enough to get the home they desire.
Source: Bradley K. Tuttle’s Real Estate Update
Owner and Founder
RE/MAX of Boulder