Once you have decided to buy a house, one of the questions you have to grapple with is which size to go for. Assuming money isn't the primary driving factor, use these factors to help you make the decision:
Potential Additions to the Household
This is probably the number one factor to consider since it will be difficult to live with more people if you had chosen a house with the exact size of your household in mind. Where will your aging parents live in the future; will you take them in? What are your plans for having kids? If you already have kids, are you planning to have more or adopt a kid or two? These are some of the questions to help you decide whether you are likely to live with more people in the future. The answers should help you choose the size of the house to buy.
Your Hobbies
Some hobbies have the potential of annoying and distracting your household. For example, if you are a drummer, your spouse or kids may find your hobby too noisy. Imagine trying to watch your favorite program or study with bass drums in the background; it's impossible. If you have such a hobby, consider looking for a house with an extra room that you can enjoy your hobby in. The extra room should not be difficult to convert for a different use if you end up switching hobbies in the future.
Resale Issues
Unless you are a hundred percent sure that you will live in that same house forever, you should give some thought to the resale value of your potential house. This is especially good advice if you are young and buying your first home; there is a high chance that you will buy another one in the future. Unfortunately, some neighborhoods are associated with specific house sizes (or the number of bedrooms). For example, you may find that two or three bedroom houses fly off the shelf fast in a neighborhood, but five bedrooms stay on the market for long. In such a neighborhood, reselling a five bedroom house may give you trouble.
Don't forget that the biggest house on the market isn't necessarily the best one for you. You don't want to buy a home whose mortgage you can't afford to repay or whose maintenance is beyond your budget. Work with your real estate agent to find a house that fits all your needs. Contact a company like Berkshire Hathaway Home Services to learn more.
Share