Making the decision to go for a smaller or larger home depends not only on your budget but also your personal situation. I hope we would all agree it doesn’t make sense for a family of four to downgrade to a one-bedroom condo, but it often makes sense for a retired couple to choose a smaller home. One trite cliche says you should never buy less home than you can afford, while others say you should only buy the size of home you need.
3 Reasons to Go Larger With Your Home
You Plan to Grow Your Family
Maybe you don’t yet have children, but they are part of your life plan. This is a great reason to choose a home larger than your current needs. Getting a two-or-more bedroom home makes sense if you’re hoping to grow your family, although it probably won’t be as large as the Spreckels mansion.
Your Current Home isn’t Big Enough
Maybe you’ve already had a few more children and now they are getting older. Sharing rooms may not be the ideal situation anymore and you need more space. If your current home is simply too small, you may want to consider getting a larger home.
Your Current Location Doesn’t Serve You Well
Living in a cramped space isn’t fun, but neither is living in a bad location. Maybe your commute to work is too long or other factors have you looking for a new home. If this is the case, it might be time to trade up to a larger home while getting the location right.
Three Reasons to Go Smaller With Your Home
You Simply Cannot Afford Bigger
Maybe you’re sick of renting, but you can’t afford a large or even medium-sized home. If a smaller home will fit your living needs, become a homeowner. Make sure you consider all expenses, including the mortgage payment, taxes, insurance, up-keep, and utilities before you make this decision.
Being able to afford the home you choose is vital to your financial success. Don’t buy a larger home if you cannot afford it, even if the bank says you can. Make sure the home you choose fits your budget and you won’t struggle just to make ends meet.
No Longer Need So Much Space
Sometimes, you will be selling a larger home and downsizing to something smaller. Empty nesters do this often. In addition, the upkeep on a larger home may be too much for you to handle as you get older, or simply more than you want to worry about. Going smaller may give you a cozy space you can enjoy without all the upkeep.
A Better Location
Just as buying a larger home may be necessary to get the right location; this could be the case with a smaller home. Maybe you’re looking to move from a single-family home to a condo because of the location. Cutting down your commute, living in the right school district or living closer to your necessities may be the driving factor. If you can handle living in a smaller space for a better location, it may be a good idea.