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House sizes have come a long way from 1973 when the average home was 1,660 square feet. The average in 2015 was 2,687 square feet, and since then home sizes have fluctuated, according to the economy, mortgage interest rates, and overall affordability. The question is – how much space do you really need?
Automobiles with luxuries like 360 degree back-up cameras, lane change assists and tail-gating prevention have accelerated in price, and so have homes equipped with smart features, walk-in closets, en suite baths, and other can’t-live-without amenities. Homes are larger and come with more bedrooms – most homebuyers want at least three to four so they can use the extra rooms as offices, guest rooms, craft rooms and nurseries.
To help you decide how much home you really need, here are a few things to think about:
Larger homes may have better resale values, but they’re more expensive to maintain, so get a detailed home inspection to help you plan future replacement and repair costs.
Affordability is paramount. Buy a home that you can comfortably afford so you don’t have to live under economic pressure. Let your lender help you determine the most you should spend.
Larger homes tend to be located further away from urban city centers. Think about your commutes to and from work, schools, family, healthcare, etc.
Consider how long you plan to live in the home. The longer you occupy your home, the better it serves as a hedge against inflation while you build equity.