HOW BIG OF A HOME DO YOU NEED

HOW BIG OF A HOME DO YOU NEED

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When buying a new house, it’s easy to get distracted by size and think that bigger is always better. 

However, depending on your situation, the complete opposite may be true.

So how can you determine if the new home you are looking for is too small, too big, or “just right?” You’ll want to consider weight these questions.


What is Your Long-Term Goal? 

How many years do you see yourself in this house? Is this a starter home that you may turn into a rental in the future? Is this location the best for your commute?


Is this the place where you want to raise your kids and retire? 

If not, then size shouldn’t be as crucial as you think. Consider the fact that you will likely move again, which means that you can upgrade in the future if necessary.


What’s Your Financial Limit? 

You don’t want more home than you can truly afford. No one wants to be ‘house poor’ where you get into huge house but can only afford to eat on a college students’ budget. While you may be getting that promotion in a couple of months, you can’t buy now expecting to have more money in the bank later. Overextending your financial reach is always a bad move, so it’s best to avoid putting yourself and your family in that position.


How Many People are Living Here? 

In a perfect world, everyone would be able to have their own bedrooms, but when you have kids, that’s not always possible. When thinking about this situation, consider how imperative it is to have sufficient space for everyone, and what it will do to your budget. Overall, buying a home should be about your current needs and how you plan to grow into space in the future. 


Don’t buy big for the sake of showing off - you’ll regret it. 

It doesn’t make sense to try and keep up with the Jones. They are not making your mortgage payment.


As your REALTOR®, I will work with your mortgage lender to help you find a home comfortably in your budget. I can also help you get your property ready to sell, if you are considering upsizing or downsizing. Learning what your specific needs are, is the key to helping your reach your real estate goals. Let me be your guide through the home selling, and buying process. Call me today at 720.675.7355 or email me at donnahansenion (@) gmail.com.


Donna Hickey Hansen Headshot
Author:
Phone: 303-949-3393
Dated: April 16th 2018
Views: 609
About Donna: As a Realtor and real estate investor, I love finding first time home buyers, move-up buyers and inv...

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