For most Americans, buying a home is the biggest investment of their lifetime. Once the decision has been made to purchase a home, there are many critical factors to consider. Needless to say, one of the most important factors involves home size to meet the needs and lifestyle of your family. Of course, factoring for future family growth is also extremely important.
Know your budget
Perhaps the single most important factor in any home search is determining not only how much home you can afford, but also how much home you can afford to maintain. With most buyers fixated on the initial cost of a home, many do not take into consideration the various costs that will be associated with maintaining the home. Perhaps the property has large front or back yards to maintain? In addition, energy costs, HOA fees, & special assessments can also be budget wreckers.
Bigger isn’t always better
Many home buyers become infatuated with larger homes. While additional space has become more important recently due to the pandemic, it is important to keep in mind what space is ideal vs too much. It is not uncommon for many homeowners to realize that they purchased more home than they need once their children move away to college. As mentioned previously, the larger the home the more it will cost to maintain as well.
Identify the number of rooms needed
It goes without saying that you will want to properly identify the number of rooms that your family will need. Keep in mind, you will want to account for potential family expansions or caring for elderly family members in the future. In addition, the pandemic has also taught us that an extra multi-functional room is always welcomed as well. These rooms can serve as a guest bedroom and/or an office.
Tour various sized homes
It is always a great idea to tour homes of various sizes to gain a better understanding of the features and benefits of each. The more homes you preview, the better appreciation you will have for various square footage ranges. If you are looking to be able to accommodate your current furnishings, it may also be a best practice to have the various dimensions handy as well. A measuring wheel or other measuring tool is also a helpful item to have during home showings.
Summary
In this super competitive market, it is important to be as educated and prepared as possible. Oftentimes, decisions must be made quickly in order to secure a desired property. Knowing what you need ahead of time in addition to your budget will allow you to move swiftly in this market. Do you have questions about the South Florida market? We can help. Contact Live South Florida Realty, Inc. today!
