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Deciding How Much House You Truly Need

If you’ll be buying a home for the first time, you’re likely plunging headfirst into a massive pile of information you can use to find the perfect home at the perfect price. While you’re learning about interest rates, home inspections and talking to your local insurance agency about getting the best price for coverage so you can save up more money for your mortgage, make sure you know the right sized home you need for your individual needs.

 

Examine Your Current Lifestyle

 

Take a close and careful look at how you live your life. For instance, do you spend a lot of time away from home, or are you more of a homebody? What kind of activities and hobbies do you get into? Do you like inviting friends and family over or housing guests? The answers to these questions go a long way in helping you decide how much square footage you and your lifestyle need to be comfortable. Don’t forget to account for how your lifestyle is most likely to change in the future so your home is always meeting your most immediate needs.

 

Where Do You Spend the Most Time in Your Home?

 

If you don’t do a lot of cooking or entertaining, you might not care to live in a home with a top-of-the-line kitchen or sprawling dining room. Do a lot of reading? Then you likely want a residential property with plenty of room for bookshelves and a reading nook. Think about where you spend the most time and energy in your current place to know in which rooms to place the most importance when it comes to looking for the perfect home.

 

Look to the Future

 

If you plan on starting a family, it makes sense to purchase a larger home that has room for a nursery and your kids’ rooms. Or, maybe there’s a good chance your parents or a loved one will soon move in with you due to aging, medical issues or just because you’ll enjoy living together. In any case, consider these possibilities when deciding how many rooms your home should have.

 

Think About Property’s Maintenance Requirements

 

Have you rented property up until now? You might not be fully aware of how much time and energy goes into keeping up with the appearance and functionality of a residential property. For instance, you’ve got to cut the grass, clean out the gutters, shovel snow, clean the windows and tend to basic cleaning throughout your home. While some of these tasks are inescapable, you can most certainly cut down on some of the work you have to do by buying a smaller home. Another reason to buy a smaller home even if you can afford a larger one is so you have money left over to pay someone to take care of these jobs for you on a regular basis.

 

Don’t Get Caught Up in Image

 

We see celebrities living in massive mansions with tennis courts, home theaters and sprawling closets and think that’s what it means to be successful. Rather than aspire to have a large house to project an image of wealth or success, it’s better to only buy as much home as you absolutely need. The money you save can be spent on your passions, hobbies, savings, retirement and the like. Don’t let society’s image of success lead you down the path to debt and dissatisfaction.

 

You might be surprised to learn how comfortably you can live in a modest-sized home. Know how much room you need in your new residence before you make an offer on the seemingly perfect property you could later regard as a sheer nightmare and a waste of both time and money.