About to venture into the real estate market to look for the right home? Size is a critical consideration when buying property. You need to search for a home that fits your needs but is neither too large nor too small for the occupants of the property and all your belongings. While there are several benefits of living in a small home, investing in the right-sized home will ensure that you are satisfied with your investment for longer.
So, how can you make sure that your chosen property size is right for you? Well, keep reading as we discuss some essential considerations that you should keep in mind while searching for a house.
Some Considerations for Investing in the Right-Sized Home
Here are some factors to keep in mind during your search for a house so that you choose the right house size for your family’s needs:
- Assess Your Current Living Space
- Determine Your Future Plans
- Estimate What You Can Afford
- Think About Storage Space
- Consider the Needs of Your Family
Now, let’s discuss these factors for investing in the right-sized home in detail below.
Assess Your Current Living Space
First things first; if you’ve decided to move out of your current home and buy a new ideal-sized house, you’re obviously looking for something a little different than your current residence. So, make a list of all the features you want to be included in your new home. For instance, would you like more space to entertain your guests? Do you want to give your kids their own bedrooms? Would you prefer to move into a single-storey home due to your recurring mobility issues?
You need to know what’s lacking in your current space and what features you don’t want to carry over to a new one to determine which house size and style will work best for you. Even if you’re simply moving out of a rental into your first-ever home, you need to know exactly what you’re expecting to find in a new house and what features you simply cannot compromise on, such as, the number of floors, the number of rooms, the amount of storage space, and so on.
Determine Your Future Plans
Next, once you’ve made a rough evaluation of your current residence, it’s time to assess your life and your future plans. If you’re single and are planning to get married, you’ll eventually need more space for a family, so you’ll need to buy a house accordingly. If you have your third kid on the way and you want each kid to have their own room, you’ll need three rooms aside from the master bedroom, unless you want to design a shared room for the older siblings.
Alternatively, if you are about to be left with an empty nest with the kids moving out soon, you’ll need a much smaller space for just you and your spouse and an occasional guest. In that case, downsizing would be better for you, but with sufficient storage space for all of the belongings you’ve gathered over the years.
Estimate What You Can Afford
Once you know about the features of the home that you cannot do without and your future needs in terms of space, it is time to evaluate what property size you can afford. Ideally, you should choose the right house size based on your budget without overspending or going into debt. It’s a fine balancing act, where you must meet your criteria for choosing the right house within your budget.
Ultimately, investing in a right-sized home is just the beginning. You’ll also need sufficient finances to balance your overhead costs and maintain your property on a monthly basis. Thus, mark out a certain portion of your savings for buying the right property, while keeping the rest for future expenses and overheads. You don’t want to buy a house that’s too big for your needs and costs a fortune to run, as that will strain your finances even more.
Think About Storage Space
The size of the house is usually directly proportional to the amount of storage space that you’re going to get. A larger house means having spare rooms to convert into storage space, while a smaller residence will require creative storage ideas to store all your belongings.
If your house is crowded with travel souvenirs, collectables, clothes, and books, you’re going to need a bigger home to fit it all in, unless you’re willing to part with some of the stuff you’ve collected in your current residence. The decision will be based on your personal choices. Would you rather spend more to get extra storage space or reduce some of the clutter to fit your belongings into a smaller square footage?
Consider the Needs of Your Family
Aside from offering a room to each of your kids, you might actually require a home office for your spouse, a music room for your teenaged kid, a play space for the younger ones, a yard for outdoor gatherings, and so on. Thus, the criteria for choosing the right house should not only factor the possibility of an increase in your family but also the existing needs of your family members and cater to them accordingly.
Buying a home is a big decision and one that isn’t made often, so calculate both your present and future needs and the storage space you require while sticking to your budget.
Now you know how to invest in a right-sized home for your family as per your particular needs. However, consider this home buying guide for first-timers if this is your first time buying a house as these tips will keep you on the right path and help you avoid some crucial mistakes. You should also know which questions to ask when you’re buying a home so that you can evaluate the condition of the property and make your choice wisely.
Moreover, explore housing societies and areas like Bahria Town, Lahore, DHA, Karachi, Eighteen, Islamabad, and Royal Orchard, Multan, if you want to discover a property that offers an average house size for a family