When searching for a home for your family, you might wonder how large the home will need to be. There are some single family homes that are small and affordable. However, depending on your lifestyle and how many children you have, it might be necessary to seek out a larger home.
Understand that Large Homes Are Difficult to Sell
While you may think that bigger is better, a large home can be very difficult to sell. The more expensive the home, the fewer buyers who can afford it. If you're forced to sell your home quickly, you may need to ask for less than what the home was worth.
Consider Whether You Need a Forever Home Yet
Consider whether you plan on living in the home forever or if it is simply a temporary home. If you are intending to live in the home temporarily, it would make more sense to choose a home that is smaller because it will be easier to sell. Many home buyers believe that they should be searching for their forever home. However, there's nothing wrong with purchasing a less expensive temporary home that you can flip later.
Know that You May Need More Bedrooms
If you believe that you'll need three bedrooms, consider getting four. You never know if you might have another child. Also, a fourth bedroom could be used as a guestroom or for another purpose.
Be Prepared for a Change in Income
Even if you believe that you can afford a larger home, you'll want to avoid making this assumption. It's difficult to predict whether your income will remain high. If your income falls as a result of a financial crisis, an unexpected job loss or a medical emergency, you may find that you can no longer afford your home.
It's better to provide yourself with more wiggle room and have substantial savings that you may fall back on. You may also want a travel fund that you would have to give up. You may want more money to spend on a college education.
Beware the Higher Costs of a Large Home
With a larger home, you'll not only have to worry about the initial cost of the home, but also the amount of money that is needed to adequately heat and cool it. A larger home will have higher maintenance costs.
You may be forced to hire a housekeeper because you do not have the time to clean your home. Fortunately, there are many single family homes for sale, and you'll have plenty of options to choose from.