Purchasing a home is not a spur-of-the-moment decision, and you should consider how much of a home you really need. However, this question is not the same as “how much home can you afford?”
When you begin your house hunting process, think of your needs and what you want out of a home. Are you buying a home as an investment? Perhaps your family is growing in size? Whatever the reason or reasons may be, don’t make examining your finances to see how much you are willing to spend your only consideration. Instead, take a look at your goals as a whole.
“Space you aren’t using is money you are wasting.”
You are unique
You may read a wide range of advice on the subject, from blogs to real estate company websites, but to really know what you are looking for you need to examine what’s best for you and your family. Your home should complement your lifestyle. For example, do you have children or pets? Do you plan on having more? Is a backyard important? Posing questions to you or family members is a great way to align family goals on this matter.
How long are you planning on staying?
Your present goals for a home may end up different than your long-term ambitions. For example, while your house might be full of children right now, it won’t always be that way. Or maybe the opposite is true, and you and your spouse are getting ready to populate a new home. You should look to the future as much as the present regarding your home needs.
Cost does matter
After establishing your intentions and putting your expectations on the table, it is time to get some perspective on what these goals will cost. For example, additional rooms could potentially mean more property taxes, according to Cash Money Life. And then there are costs that you might not think of at first, such as heating or air conditioning – the more rooms you have, the more energy you will use to maintain the temperature you want.
According to Marc and Angel Hack Life, a life improvement blog, space you aren’t using is money you are wasting.