When searching for a new home, many real estate shoppers try to get the largest home they can afford. Others focus on staying on the lowest end of their budget range for fear of overspending. But both of these strategies can result in choosing the wrong property — either too much or too little. Instead, you would do well to 'right size' your single-family home purchase. Here's how to do that.
1. Avoid Unused Excess
Buying a house that's too large for your needs just because you can afford it puts you at risk of unnecessary and expensive maintenance as well as extra housework and repairs. Your home could end up being a distraction from other interests you want to pursue. Instead of thinking that more is always better, carefully consider how you use your current space and be sure you really will use all the new elements.
2. Look for Flexibility
A flexible house layout can be more useful than a large one. Flexibility allows you to reconfigure spaces as needs change.
An open floor plan, for example, can become additional rooms if your family grows. You might expand a master suite into adjoining rooms once the kids leave home. And a sizable lot allows you to expand the house through additions or outdoor entertainment areas. With a focus on flexibility, you don't need to overbuy to have a home that keeps up with you.
3. Focus On A Few Years
If you spend too much time trying to imagine what your house needs will be like in 10, 20, or 30 years, you may buy the wrong home for today. Even a buyer with a firm plan for the future can't really predict what will change over the years. A young couple buying a single-family home that they plan to eventually retire in is more likely to buy something that doesn't fit their needs for the many years leading to retirement.
Instead, try to focus on where you see yourself in the next 5 to 10 years. Thinking too far beyond this could be a waste of time and money.
As you look at home, finding one that suits your life is more important than trying to get the most square footage or even the lowest price. By looking for a flexible layout, rooms you will actually use, and a home that fits your current lifestyle, you will ensure you get the most suitable place to hang your hat. Want more ideas for 'right sizing' your new house? Talk with an experienced local real estate agent today.