Bigger is better, right? In some instances, this may be the case but when choosing a home, there are a few factors to consider when deciding how much house you need. Having seen what happened when the housing market crashed, many people are wary to “overbuy” and are being more considerate of what they really can afford. For those with lower incomes or for single buyers, you can still buy, but do you really need a 3,000 square foot home to take care of? Even couples and families are re-evaluating how much space they need and just how much house they want to take on. After all, increased square footage does not just mean an increased mortgage. The bigger the house, the higher utility bills will be as well as increased home owners insurance. CBS Money Watch notes that the average sized home has more than doubled to 2,349 square feet from 983 square feet in the 1950s. You may have more space to spread out but if you are barely able to pay the mortgage on your large house each month you won’t be doing much relaxing in the home. Also, if you buy a large house you then have to clean and maintain that large house. If you are only using the guest bedroom once or twice a year, is it really worth paying to heat and cool that room as well as the time it takes you to clean it? All of these questions certainly depend on your lifestyle, size of family and plans for the future. You may consider that maybe you do not need quite as much space in the home if you have a great yard and spend a lot of your time outdoors. If you love to entertain or have frequent guests, maybe you need a bit more space. It may be tempting to buy a huge home to impress others but ultimately you will be the one living in the home, cleaning the home and paying the bills. You do not need to buy a tiny house that will leave you cramped and desperate for space but consider a smaller home that will save you money and be just as beautiful with its own unique charms.
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