3 Questions to Ask Before Deciding How Big Of A Home You Need

3 Questions to Ask Before Deciding How Big Of A Home You Need Most people can perfectly envision the dream house they would like to own one day. While your dream home is one thing, choosing a home to actually purchase does not always mean buying the home of your dreams. There are many things to take into consideration – not to mention budget – before deciding on what size home you should shop for.

You don’t want to end up in a house too big with vacant rooms, but you also don’t want a home that is too small and/or will not allow for family growth if you are purchasing a home to start a family in.

Here are a few queries to mull over in order to determine your personal needs:

Will my family grow over the next 5-10 years?

The first thing to take into consideration is how your family will expand. One of the first reasons that the majority of 1st time homebuyers make the decision to shift into a new house is because they require more room to fit in their growing family. Having the idea of how many children you want to add to your family over a particular period of time will help you in determining how much room you will require not only for now, but for many years to come.

On the contrary, if your kids are in college, they may only spend time at home during holidays.

Moreover, the likelihood of them moving out after college is higher, thus you may be looking to downsize. Likewise, if you are single – or a family not interested in children – having room to grow may not be important at all.

Besides kids, one thing that is often overlooked is senior parents. More and more senior parents are moving in with their kids late in life to maintain a higher quality of life. If this is a possibility, you may want to consider not only the extra room you need, but also consider that you may need an extra room on the ground floor – or a home with a small ADU (additional dwelling unit).

What kind of space would you love to create?

This question is applicable to a wide range of elements you need to consider, particularly if you are the type to entertain. Do you like outdoor structures like patios & pools? If you host regular family gathering or weekend/holiday parties, you may want to consider a larger and/or open kitchen area. You should think about this for both indoors & outdoors for warm weather months.

How much for operational & maintenance costs?

Naturally, after buying a new house, you will be paying for recurrent operational and maintenance costs on a regular interval. If you are scraping by to get into the home upfront, buying something with more associated costs may not be a great idea. Pools have added costs. Homes with HOA dues have more costs. Speak with your realtor about added costs to ensure you have a good handle on what your true monthly payments will be – both the mortgage and the other costs that go with it.

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