However, recent years have seen a trend shift to tiny houses. These are miniscule houses that offer the basics that home buyers need, and some even have luxury touches. However, they are the same size, or smaller, of most motorhomes.
So, what’s the right size for you? Think through the following things before deciding which house to buy.
How will this mortgage work with my income?
That big beautiful house may look like just what you want, but if you also want to retire in the next few years, you need to do some hard thinking on how that large mortgage is going to impact your retirement income. On the other hand, if you are just starting out after college and just landed the job of your dreams, it is safe to say that you will have room to increase your income in the coming years, or at least hold it steady for years to come.
What are my goals with this house?
Are you single and looking to buy your first house? Then you may not need much room if you don’t plan on staying in the house forever.
However, if you just recently got married and have the idea that there will be the pitter patter of little feet in the future, then you may want to plan for some extra space.
Home buyers will want to think about how long you want to stay in the house and what changes you could experience during that time. Some things can’t be predicted, but if you know your children are just about to graduate from school and head out on their own, you may not need to keep as much space for them as you had in the past.
How much room do I want for family?
There are many different ways for home buyers to look at this one. First, you need to consider your family that actually lives in the house with you full time. This includes children that you share custody of that might not be in your house every day, but need their own space when they are at the house.
Then you need to think through the extended family, like grown children that no longer live with you, but may stay with you when visiting. Do you need a guest room or a playroom/game room for children or grandchildren?
Does this meet my priorities?
How do you want to use your space? If you love to entertain then you might need more room than other home buyers would with the same family size. Or if you are more concerned with the outdoor living space, you may be more than willing to sacrifice on the square footage of the house if the outdoors is exactly what you are looking for.
Do not let someone else tell you how big or small of a house you need. Instead, think through you priorities, your future, and what you are looking for. Then you will know where you fall on the spectrum of tiny house to mansion.