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How Big of a Home Do You Need? – Renting or Buying?

How Big of a Home Do You Need? - Renting or Buying?

There are many assumptions that go with buying or renting bigger houses. It is actually everyone’s dream that they own the biggest of houses. Sadly, this remains a dream for most. Not because they couldn’t own a house, but because they felt it was not matching their “dream” big house or their finances couldn’t match up. At times renting and owning might even cost the same. It all comes down to the question: How big of a home do you need?

Others might be living surrounded by huge spaces when a small portion of the space is being used up. While others can live in small houses and their household items need additional space hence requiring a bigger house.

Don’t get me wrong, big houses are beautiful. We all desire the extra space.

A big house will definitely cost more in terms of renting or buying per square foot, maintenance, upkeep, bills, etc. A bigger house would most probably force you to take in more furniture.

So, how do you balance? And no, this blog is not for Landlords and developers.

Here are some of the questions you should ask yourself to determine how much space you need.

How long are you planning to live there?

There’s a perception that you should be searching for your forever home. This might lead you to take forever in buying a home or even worse pressure you to take a house that’s too big.

It is okay to buy/rent a house that you are intending to live in for just the next 5-6 years. Buy a home that will serve your needs now. Furthermore, you can always upgrade later. The “small” house could play an impact on getting your next home.

What can you afford? What is your income?

Never go for a mortgage that is at the maximum of what you can afford. Read it again. Don’t take your mortgage according to your maximum limit.  Go small and have some wiggle room.

How Big of a Home Do You Need? - Renting or Buying?
start small

Happiness is often one size smaller than your dream home.

Uses of the space

Ask yourself real questions. Why do you need all that extra space for? If it’s big dining to hold parties etc. ask yourself how many of that you will be having.

What will the extra bedrooms be for? Guests? How many per year? Could you always get an Air Bnb if need be?

What other sacrifices are you giving up for that extra space?

I will start with an example. You could have a dream of a destination you have always wanted to travel to but you end up using that money to rent or buy space you will not need.

You could be sacrificing distance to valued facilities like shopping malls, schools, etc.

Does the house seem spacious even if it doesn’t have much space?

Small homes can as well feel spacious depending on the arrangement, finishes, planning of furniture, open plan, etc.

How Big of a Home Do You Need? - Renting or Buying?
light is a big factor

Light is a big factor. Even a big house can feel stuffy if it’s dark or poorly planned.

Don’t just look at the total square footage of a house

Instead of focusing on total square feet, focus on the size of individual rooms. Where you see yourself spending more time.

How Big of a Home Do You Need? - Renting or Buying?
size of individual rooms

For instance, I would go for a smaller lounge with a bigger kitchen and TV room for me and my family. Also, I wouldn’t look at the size of my bedroom, instead, I would be interested in a spacious walk-in closet. Well, this is my priority, doesn’t mean it has to be yours. Look at all the features and what is not important which is adding more to the square footage. Who needs a big corridor?

In conclusion, how big of a home do you need? renting or buying all comes down to you and what you think best suits your needs. At the end of the day, you need somewhere to relax, be comfortable, and spend time with your family. You can check some of the properties here that might suit your needs or even contact us.

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