When buying a new house, it’s easy to get distracted by size and think that bigger is better. However, depending on your situation, the opposite may be true.
So how can you determine if your new home is too small, too big, or “just right?” Farnan Real Estate suggests that you consider these elements.
What’s Your Long-Term Goal? How many years do you see yourself in this house? 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? For the most part, you don’t want more home than you can truly afford. 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 (or 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 - in the end, you’ll probably regret it.
About Farnan Real Estate
Farnan Real Estate offers clients over 25-years of real estate and client services experience, all with the indelible backing of Patterson-Schwartz Real Estate, Delaware's largest independent REALTOR® and leader in the Mid-Atlantic region. The Farnan team is prepared to guide you through the buying/selling process, connect you with trusted partners and aim to reducing the levels of stress that typically come with buying and selling a home. Contact us today to get started with your home buying, selling or real estate investment experience.