When preparing to purchase a house, buyers should be considering both the size and the location of the home. There are many factors to determining whether the size of the home or its location should be more important to you as a home buyer. Use this handy guide to narrow down your options and choose which is better suited to meet your family’s needs.
5 Home Buying Factors To Think About – Size Of A Home vs. its Location
Making A Decision on the Perfect Home
There is a lot to think about as first time home buyers deciding whether it is more important to focus on the size or the location of your future home. After all, the sizes of families and the number of guests change, often making the size of the home more important than where it is located.
However, sometimes the location outweighs the size factor, and your family might not need as much space. If this is the case, purchase the home with a better location. There are many sacrifices that come with finding a new home, but after evaluating your family’s needs and desires, it doesn’t have to be a difficult choice.
Why the Size of the Home is Important
Size is one of the many things homebuyers should be considering during the house-hunting process. Many factors make the size of the home more important than the location. However, it is also possible to find a balance between the two.
When determining the size of your future home, take into consideration the number of people in your family. If you have a large family and need more bedrooms and living space, search for something that can comfortably accommodate the whole family. Although it is possible to find a larger home in the perfect location, sometimes you will have to make a sacrifice.
If home buyers are planning to start a family or grow theirs, the search for a larger home is equally important. By no means are we suggesting that you purchase a mansion, but if you know you’ll have more family running around, sacrifice that idea of a perfect location to ensure you have space for the whole family.
If you are one to throw house parties, gatherings, host the holidays, or house family members and guests, opt for a larger space with more bedrooms to improve these visits and your comfort when you have visitors. Having enough space for the guests to sleep and lounge comfortably will make you more comfortable, too! No one wants to feel crowded in their home.
The size of your future home doesn’t have to be large if these factors don’t apply to you. You might be considering downsizing for the sake of simplicity, retirement, or children moving out of the house for college or work. Although moving to a smaller home might seem like a major sacrifice, you can take it as an opportunity to declutter your belongings and save on your utilities.
Downsizing your home doesn’t always have to be because of family members moving off or retirement kicking in. Perhaps you work a job that requires you to travel frequently. Why pay for such a large home when you never get to enjoy it? Purchasing a smaller home is a smart, money-saving investment for those that are away from home often. Also, because of your frequent travels, the location won’t make much of a difference anyway.
Why the Location of the Home is Important
While having a nice, large home sounds like a dream to just about anyone, there are many reasons why the location of your home is much more important than the size. If you are planning on using the new home as residual income by renting it out to tenants or tourists, the location is vital.
The location will not only impact the cost of rent but also the desirability of the home. Tourists want to be close to the main attractions whereas tenants want to remain close to work, school, and the main parts of town.
Another reason to consider the location of the home rather than the size is the ratings of the local school district. If you have school-age children, putting them in a good school district is likely at the top of your priority list. When house hunting, there are a variety of resources you can utilize to find the best possible school district for your children.
If you plan to sell your home within a relatively short time, it is important to pay attention to the location more than the size. Unless the home you are searching for is the one you intend to stay in forever, you need to consider the resale value of the property and its location.
If the location seems to be dying out and there is not much turnover in homeownership, you could risk losing money. However, if you find a location where homes sell quickly, you’re more likely to have no issue selling your home in the future.
Especially for those that work in big cities, it is important to pay attention to how long your drive to work will be. While having a home outside of the city limits might sound like the perfect choice, the sacrifice of a smaller place inside the city is better for those who would like more free time, less stress, and to be free of worry about a long work commute.
Lastly, pay attention to the amenities near the home while you are house hunting. No one wants to make a half an hour drive to pick up a few simple items from the grocery store! A shorter drive to public transportation stations, local grocery stores, and other everyday amenities will make a large impact on the bank and your overall well-being.
Ready to Purchase Your Home?
After taking into consideration the numerous factors, the process of purchasing a new home should go much smoother. You must weigh what is more important to you and what you believe will help you and your family the most in the long haul. While purchasing a new home for only a few of your desired reasons might seem like a sacrifice, it will benefit you much more than you think.
