Big House or Small House?

More living space has benefits, but entails higher costs too.

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Big House or Small House? #1
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A fundamental question many home buyers need to confront is how large a home they want to buy. A bigger residence offers the benefit of more living space, but is likely to be more pricey than a smaller home, assuming a comparable location and condition. That higher price may come in the form of higher financing costs, insurance premiums and property taxes.

Consider your lifestyle and budget when determining square footage
The choice of a larger home may seem obvious for buyers who have a large family or who want to rent a portion of their home to housemates. A larger home also includes more space that could be used for a home office, entertainment, craft or music room or home gym. Many homeowners also want guest quarters for parents, adult children or other overnighter visitors. Smaller homes don’t often have spare rooms that can be dedicated to such activities and purposes.

Many buyers think small due to affordability constraints or limited financial means. But some buyers prefer smaller homes for other reasons. Smaller homes may feel cozier and more comfortable for smaller families or for people who live alone.

The question may be most challenging for people who could afford to buy a larger home, but don’t have an immediate need for extra living space. For those buyers, here are some other factors to consider:

Utility bills. Larger homes typically are more costly to heat in the wintertime and cool in the summertime, though local weather patterns, insulation, roofing materials, windows and window coverings, and energy-efficient heating and cooling systems can affect the cost as well. A larger home also may have larger appliances, multiple telephone lines and cable television hookups, more landscaping and other amenities that result in higher monthly utility bills. On the flip side, a roomier home may be more accommodating and comfortable during long periods of harshly cold or hot weather.

Maintenance and repairs. Larger homes typically are more costly than smaller homes to maintain and repair. A larger roof is more expensive to replace than a smaller one if comparable materials are used. Also, larger electrical, plumbing and heating and cooling systems and more appliances may require more servicing calls and repairs. It may seem obvious, but homebuyers often forget that a larger home may be more expensive and time-consuming to keep clean and tidy.

Furnishings and furniture. Larger homes typically are more expensive than smaller homes to decorate and furnish not only because they have more space, but also because larger furniture is more suitable for larger spaces. First-time home buyers may be surprised to discover their apartment-sized furniture doesn’t fit the scale of a single-family home and a small furniture budget may not stretch very far in a large home. Also, a new-built home may include only minimal carpets, flooring, window coverings and landscaping.

All of these factors are important to consider when deciding whether a smaller or larger house is right for you. Also be sure to consider both your current and future needs when choosing the size of your home. You may not need much space now, but do you want to move again if the growth of your family necessitates more space? Or, if your children are about to head off to college, the opposite might be true. You may want to buy a smaller house that will better fit your needs a few years down the road.
 
Published on May 25, 2007

Read full article at realestate.com


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