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Why Buying Bigger Isnt Always Better
When buying a new house, would-be homeowners often become distracted by size and think that bigger is better.
Dependent on your current situation, the exact opposite may be true, and the size of the home that is the best fit for your family's current needs may be quite smaller.
Financial situation, long-term plans, and number of people that will be living in the home are three considerations when deciding which house will be "just right" for your next move.
Your current financial situation, and how much you can afford to pay monthly, are prime decision-making elements.
Here's an example: one parent in the home is a stay-at-home parent, the other holds a career outside of the home. The intention is that next year, both parents will be working full time. They're looking to buy a house today to get settled-in before both parents are working full time and base their home buying budget on the anticipated future two-income household.
Here's the challenge: what if the plans that you make today don't turn out as you'd hoped, and the financial lift doesn't come to fruition next year? So many families get themselves into trouble by planning today's budget by "some day's" income rather than what they can afford in the present.
Overextending your family's budget is always a bad move, and it's better to plan for today's affordability than to put you and your family at risk.
Your long-term plans for the new residence should also be taken in to consideration when determining the size home that you should buy. If this is to be your "forever" home, and you'll be raising the kids there, it may be a different house that you're looking at as compared to if you only plan to stay for a couple of years and there are no children to consider.
If you plan on moving anyway, you might opt for a different sized house now to buy larger, or smaller, later.
The number of people that are living in your home will come in to play when deciding on the size home that you need.
For many, a house where everyone can have their own bedroom is ideal, and dependent on budget, that isn't always possible. Keep in mind how important it is, (or isn't) to your family that everyone has their own space when determining the number of bedrooms that you might need, and how that impacts your budget.
Bigger isn't always better when buying a home. Taking your current financial situation, your long-term plans, and the number of people that will be living in the home into account when making this important decision is best.
Don't be tempted to show off and "buy big," which you'll probably regret.
Buying for your family's current needs and goals in mind will help you to lay your head down on the pillow at night, in your new home, more peacefully.