Will We Be Able to Live in This Home… Forever?
When you’re on the lookout for the right new home to buy for yourself and your family, there are so many elements to take into account space-wise, not the least of which is budget. As you surf real estate listings online and in-person, factor in these four crucial variables to make sure you’re getting the space you need, as well as the most bang for your buck.
Family Size and Home Size
It almost goes without saying that the number of people (and animals) who will be living in your home affects how much space you need, but there’s not necessarily a concrete ratio of people to square feet.
Maybe two of your children can somehow share a room without constantly shouting with each other, so you can knock off one bedroom from your total. Maybe you’ve got a large dog or a future soccer star who needs a bigger yard to run around in. Maybe you want your family to grow somewhere down the line, and a little space for a nursery would be an added bonus.
Starting with this basic figure should provide a good foundation for the rest of your calculations.
Size vs. Location of the Home
It’s a cliché that real estate professionals constantly echo the phrase “location, location, location,” but where your house is located obviously does affect how much space you can get. This is true in terms of meeting both your budget and your priorities with regard to the space you think you’ll need.
For example, if you think you’ve got the perfect amount of space but school choice in the area is limited, it may be worth giving up that home office to find a smaller option in a better district. Situating your home in the larger neighborhood is just as important as gauging its floor plan.
The Home’s Layout
Speaking of the floor plan, it’s important to note that generous square-footage doesn’t always translate into a roomy home. One broker noted that long, narrow hallways often beef up square-footage numbers without actually being “true destination[s] in the home,” so it’s important to look at the actual size and layout of the rooms and their potential uses.
Does the listing boast of an open floor plan because the kitchen and living room are all one space, even if that space is somewhat cramped? Looking beyond these tech specs and watchwords is important to finding not just the right amount of space, but also the way that space actually feels when you’re standing in it.
Timeframe of Home Ownership
It’s also important to think about how long you intend to stay in the home that you’re looking to buy. If you think your job might take you elsewhere in a few years, or if you plan to use this home as a step toward building equity with a view to purchasing a larger one in the near future, ceding space to lower your costs is probably wise.
However, if you’re looking for your “forever home,” then accounting for more space than you might need right now may serve you better in the long run.
