What Is the Right Size Home
– The loaded question – what is the right size home to fit your needs? Obviously, it’s one of the first questions that a realtor will ask. The vast majority of potential homebuyers will give the standard answer of the number of bedrooms and bathrooms that they would like. But the right home can be much more than that. It also means the amount of square footage. Sure a 3 bedroom, 2 bath home can fit into 1,200 square feet, but that might be too small for some homebuyers. There are also extra features that go into making up the size of the home. For instance, a breakfast nook and dining room, walk-in closet, kitchen pantry, designated laundry room and the list goes on. All of these items add into the overall square footage of the home.
More vs. Less Square Footage
The motivation for buying or selling a home often comes from needing a smaller or larger living area. Whether it’s an empty nester looking to downsize or a growing family that has outgrown their current home, the motivation for buying and selling often comes from needing a different size of a home. According to the 2015 National Association of Realtors (NAR) Profile of Homebuyers and Sellers, buyers expect to live in the homes that they are purchasing for a median of 14 years. Believe it or not, 23 percent of buyers surveyed responded that they have no plans of ever moving away from the home. With that said, will a home purchased today be the right size for the rest of your lifetime? The typical home purchase is a 3 bedroom, 2 bath home that has an average of 1,900 square feet. On the flip side, sellers often cite that the main reason for selling is because their current home is too small. In fact, according to the 2015 NAR Profile, 16 percent of sellers stated that they were selling because the home was too small. With the average seller residing in their home for a total of 9 years before selling, a lot of life changes can happen to include a need for more or less square footage to better-fit lifestyle needs.
What’s the Magic Home Size?
To determine the correct size of house, most people should begin by assessing their current living situation and their future plans. If future plans require more space as the family grows in size or one family member begins working from home, it may be best to plan for that initially rather than having to upsize to a new house in a few short years.
A good way to determine the right size of home when searching for a new home is to utilize a measuring tape. Start measuring room sizes of your current living space and compare that to homes you found on the market. Storage is a top priority for most homebuyers, so assess closet space and other storage areas to determine if the space will accommodate your own personal items adequately. But it doesn’t just stop indoors. The outdoor space must also be factored into finding the right size home. Front and backyards plus porches and decks can dramatically add to the overall living space so they should be considered into what is needed.
Sure a smaller home usually comes with a smaller price tag and lower utility bills, but it probably won’t pay off if you need to upsize in a few years. Selecting a larger sized home in anticipation of future children, family members moving in or additional hobby, work or storage space may make more financial sense in the long run. Once you determine the correct price range of homes, start searching for homes of different sizes to determine what fits your lifestyle needs the best. Remember that it’s not always about the square footage in the end as an open floor plan home with less square footage can feel roomier than a larger square footage home that has a chopped up layout. It was not uncommon for homeowners to keep the same house for their entire lifetime just a few decades ago. Today, however, it is not uncommon for a homeowner to buy and sell several homes throughout their lifetime in order to have the right size home that fits their lifestyle needs. What is the Right Size Home?
We Buy Cambridge MA HomesWhat Is the Right Size Home
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