When you have a big house, you will have space for a playroom, craft room, entertainment room, and many more. Your husband might even have his bat cave if he craves for it. You can also have your reading nook for when you want to snuggle with a good book. Before contacting an agent, it’s essential to sit down with the family and take everyone’s concerns to heart. What do they want? How much space does each of your kid needs?
Whether you plan to live in Townsville or other cities, choosing a new home will most likely be a challenge. You have to think about your family first. Are you planning to extend? Will you have another baby in the future? A baby reduces the space in your house by 30%, studies said. The crib, stroller, toys, and clothes account for that 30% reduction.
Ideal House Space
How much space you need for a house largely depends on how you are going to use the space. Some experienced homeowners are specific about the size they want for their new home. They will tell the agent that they cannot go lower than 2,000 square feet. But if you’re new in the market, the numbers might overwhelm you.
The average size of new homes built in the US grew by 62%–from 1,660 square feet in 1973 to 2,687 square feet in 2015. That’s an increase of 1,027 square feet. Middle-income households usually prefer houses between 1,816 and 3,027 square feet. Anything lower than that is too cramped for a family of five (two parents, three children).
If you want, you can think about space per person. How much space do you need for yourself? How much space does your teenager need for her clothes and shoes? How about your toddler whose toys can’t fit in his room anymore? For comfortable living, studies suggest that each person needs at least 600 to 700 square feet. That means that if there are five of you in the family, you need a minimum of 3,000 square feet. You can go lower, but that means changing your lifestyle a bit.
Ideal House Price
Take a look at how much you earn in the household. You should not go over five times your household income. Some families bought a home that’s six to seven times more than their household income in a year. That’s a catastrophe because you won’t be able to make the mortgage a few years from now.
There’s been a decline in interest rates since the 1980s. This makes households think that they can afford a home that’s bigger and more spacious. As a general rule, you should not go over five times your household’s income. If you can go lower, that’s better. You will also need to make a 20% down payment because banks won’t lend you the money if you can’t make the 20% anyway.
Think about what you need and what you can maintain. A bigger house means higher utility bills and also more space that needs cleaning. A smaller house has less space for your things, but it’s easier to maintain. List down the pros and cons before moving to a new home.