If you’re looking to buy a house, one of the first questions you ask yourself is, “how big a home should I buy?” While the first answer that comes to your mind may be “as big as my budget allows,” you should know that the home size depends on many factors – from personal preferences to resale value. So, how do you determine the perfect home size? Here’s how to go about it.
Consider Your Mortgage Budget
While this isn’t the only thing you should think of, it should be one of the crucial factors that determine the size of the home you get. Your budget is dependent on three factors.
1. How Much You’ll Spend Every Month: Large homes are expensive to maintain. If you buy a large home, you’ll spend more money on gas, water, electricity, and other things. If you have a limited budget for monthly expenses, don’t get a large house you won’t be able to afford.
2. The Size of Your Mortgage: One of the first things you need to consider before settling on a home is your pre-approved mortgage.
3. Your Future Plans: Do you think you’ll get a raise at work? Are you getting a new car soon? Are you planning to expand your family? If you’re sure your financial situation will change in the near future, choose a home that will still fit your needs when that happens.
Think of Your Lifestyle & Priorities
Your needs and wants should go a long way towards determining the size of the home you get. Be honest with yourself and write down your needs and what you want in a home. For example, if you rarely cook and often eat out, there’s no need to get a home with a fancy, modern kitchen. It’s best to get a home with a large living room and a small kitchen.
The key to buying the right home is to be realistic. If you have a family, sit them down and discuss what you need and what you can afford. Then ask your realtor to help you find the perfect home.
Square Footage: Learn the REAL TRUTH
A home’s square footage depends on the appraiser measuring the space and the technique they use. Some appraisers use measuring tape, others use laser measures, and others use their eyes. For this reason, measuring the square footage of a home isn’t always precise. Additionally, there are no set standards for measuring a home’s size.
These days, homebuyers have plenty of choice as there are millions of homes in the market at any given moment. This can make finding the perfect home a difficult task. However, if you take time to consider what you really want in a home, shopping for your ideal home will be easier. Before you begin your home search, make a list of the things you need in a home, those you want, and those you could do without. You won’t have a hard time finding the right home size.