How much space do you really need?  Some people say the bigger the better, but is that really true?  Five questions to ask yourself when determining how much space you really need.

1. Will this be my “FOREVER” home or my “RIGHT NOW” home?
   • While none of us can predict the future, it is entirely possible to predict the likelihood of whether or not you will be moving in the coming years or staying put for the duration.  If moving in the future is the answer, then maybe you don’t need to buy that perfect FOREVER HOME right at this moment, but maybe a RIGHT NOW home is the answer instead.
2. What will my income look like down the road?
   • If you have just started your career, odds are that your income will be increasing over the years.  Or on the opposite end of the spectrum, if you are reaching the end of your career, you may be looking at declining income.  In either case, it’s in your best interest to have a mortgage that you can afford, as opposed to MAXING OUT.  Go small, leave yourself some wiggle room.  Additionally remember that more space means more time and money spent on upkeep, more space to fill and higher utility bills factor in as well.
3. What are the priorities?
   • Ask yourself what you will use your space for, and try and be honest with yourself.  While it may be glamorous to dream of hosting fabulous dinner parties and cocktail hours, will you really follow through?  Try and justify what you will use each space in the home for.  Factor in all the variables, maybe you value walkability more than a large home, or having a shorter commute – make sure you aren’t sacrificing these elements for SPACE that you will find that you don’t need later on.

      

4. What kind of space do I want from the other inhabitants of my home?
   • If you are a person who knows they need their PRIVACY – to work from home or just find some time alone, then the extra square footage may well be worth the higher mortgage.  However, if you are someone who loves having family close by, a large home might begin to feel just a little too big.
5. Does the home you are looking at feel spacious even if it doesn’t have that much square footage?
   • Don’t forget that a smaller footprint doesn’t have to feel cramped.  Smaller homes can feel quite large if their floor plan is OPEN and there is lots of NATURAL LIGHT to be had.  Larger footprints can be quite the opposite, and will feel cramped in they are DARK or have a poor LAYOUT.  When shopping for your next home, remember that the number next to square footage doesn’t tell the whole story.  Try and focus on the size of the individual rooms where you will be spending a lot of time, versus being so concerned about the size of a space you won’t likely be using very often.