Real Estate – How Much House Do You Need?

Buying a home or considering buying a new home can be so exciting! With this life event comes a lot of considerations. Or it should anyway. The allure of a new living space can be really fun to dream about. The real estate market has also given us plenty of opportunities the last decade to capitalize. There are several different options that flip through my mind when it comes to the home I want or need or dream about. What is the right decision for me and my family? Let’s break down just how much house I actually need.

Space – Real Estate

I really don’t need that much space. I don’t have kids yet, I don’t entertain much and I could even stand to (dare I say) get rid of a few things. So overall a large home or tons of bedrooms and bathrooms aren’t necessary for me. The unknown for us is whether or not we have a child or two, so we don’t want to completely skimp out.

Maybe you have a few children, entertain a lot or host many guests. When it comes to how much space is ideal for you, just keep that term in mind: ideal. That doesn’t always mean everyone has their own bedroom and that may mean that guests use one of your children’s room and they move to a different area of your home when you host. Think creatively and don’t get too wrapped up in a wish list or a lot of extra space to clean, furnish and pay for.

Style – Real Estate

There are many types and styles of home. Houses, condos, town-homes, as well as colonial, ranch, bungalow, Victorian or farmhouse. What is practical for you? One of my considerations is how long I am going to be living in my next home. For that reason we will likely choose a home with growing older in mind. That may mean less stairs or main floor laundry. My advice is to think about the important points ahead of time instead of just randomly touring many homes without a plan.

Cost – Real Estate

Cost and/or budget is going to be an obvious sticking point. My budget determines what I can look at and what amenities will be available to me. However, I recommend looking much deeper than the initial cost of the home or taxes. Also consider what this home will cost you moving forward. For instance that 4th bedroom may seem important, but how much is it going to cost you in a 15 or 30 year mortgage? Love open or high ceilings? How much more will your gas bill be for the next 15 years?

Purchasing a new home can be rewarding, but there is a lot to consider. How much house do you really need?

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