When it comes to buying a home, size really does matter. According to our in-house real estate expert, Deb Sarsany of the Deb Sarsany Team at The Real Estate Group, there are a number of things to consider when buying a new home and size should be at the top of the list. Here’s why…
If you don’t have kids but plan on starting a family, expect your finances to tighten when you do. I strongly recommend that you discuss this with your Realtor as you need to find a home that works financially.
Do you need a bonus room? If you or your partner is a hobbyist do you require extra storage space? Perhaps you want a home gym? This is definitely something to consider when you’re looking for a new home and whether it’s fit for purpose.
You may dream of a big garden, but do you have the time to maintain it? Will you mow the lawn and trim the bushes or can you afford to pay a lawn guy?
If you have a five-year, 10-year, or 15-year plan does it involve your elderly parents moving in or shipping your teenager off to college? Think about how your family will contract and expand – and how your home needs to cater to these needs.
If you’re planning to take your existing furniture with you then you need to think about where you will place it in your new home and whether it will fit. This is particularly important for those empty nesters that are downsizing. A good clear out of your items, before you begin looking or your new home, will give you a better idea of your storage needs also. For example, is your garage filled to the brim with junk that can be recycled, donated, or repurposed?
On the other hand, there’s no point in buying a home that’s too big, in terms of square footage, and getting lost because there’s no one to fill it.
If you have pets do you need a mudroom, or something similar, so that the dogs aren’t traipsing dirt through the house after a fall or winter walk?
Whatever size fits your needs, it’s important to discuss these with your Realtor. First-time homebuyers usually spend three-to-five years in a home before moving to a larger one. It’s important to talk to your Realtor about re-sale.
You may not be able to afford the space you want initially, but if you can still invest in a home, build equity and in several years move to the house that better suits your needs.