Go Big or Go Small? Tips for Finding Your Perfectly Sized Home
Monday Jan 20th, 2020
Choosing the right size of home is a very personal decision – no two buyers have the same needs. The size of your house or condo also impacts your cost of living, comfort and other factors, like the ability to live, work and play in your home.
If you are looking to make a move or are in the process of househunting, you’ll want to put extra thought into the size of home you are shopping for. A great place to start is by assessing your current living situation and how it’s working for you. If your place is too small or too big or doesn’t offer a key function that you need in your daily life, these insights can help guide you along the right path to choosing your ideally sized home.
Here are some other considerations:
Evaluate your finances
Before you book any showings, you should have a clear picture of what you can afford – and that doesn’t merely mean how much a financial institution will lend you. You need to ensure that you can afford your living expenses, while still being able to save for retirement or future goals. You also need to be able to manage unexpected costs as they pop up, which is an inevitable fact of homeownership. If you are looking for ways to shave your expenses, a smaller home with a lower selling price could be a wise choice. A smaller home is also more affordable to maintain, heat/cool and clean.
Consider future needs
Your life today is going to look different in five, 10 and 20 years – and this should be considered when choosing the size of home that you need. Unless you only plan to live in the home for a short time, think about your plans for the future. Will you need space for children? Will aging parents move in with you? Will your children be leaving for post-secondary school soon? Do you have plans to work from home? Are there other lifestyle factors that will impact the size of home you need? Will you entertain friends and family more? Or perhaps less? Will you be travelling more and appreciate a lock-up-and-leave lifestyle?
Assess your belongings
Sometimes buyers figure they need a larger home to store their belongings and furnishings, but in actuality, they could stand to downsize some of their possessions. When assessing what size of home you need, decide if it’s worth paying extra money on square footage to be able to keep belongings that you may or may not use.
Start window shopping
It’s one thing to visualize the size of home you need on paper, but nothing replaces seeing homes in person to assess how they will work for you. Visiting open houses in your price range is an excellent way to experience the layout of a home, see the size of rooms and take in the amount of storage space, bedrooms, bathrooms and other living areas. A home with less square footage but a smart floor plan can feel far more comfortable than a larger home with an unworkable layout.
Taking time to consider your ideal house size based on the factors above will not only create a positive homeownership experience, but it can help you avoid another move in the future because you bought a house that was too big or too small.
To help you determine the best size of home to suit your needs and budget, please contact me Deborah Clerk, Real Estate Sales Representative and ASA at Keller Williams Realty Solutions, Brokerage, in Mississauga, Ontario, to get started.