Determining the right property size to start a family can be tricky because every family has different needs and wants from their home. Many people factor in things like current and future children, but if you’re hoping to have pets or grow your family, even more, your property size might not be appropriate for these plans. Several different property sizes are available for families of all sizes and needs, so it’s best to consider all of your options before deciding on the perfect fit. Here are some factors to consider when determining what property size you need to start a family.
Assess The Home You Are Currently Living In
Take a look at your current home and decide if it could be feasibly modified to accommodate more people. If you find that modifications are not possible, you will have to consider moving into a larger property. Frequently, a simple change such as adding a bathroom can alleviate overcrowding issues. You will also want to consider other factors when determining how much square footage is needed for your growing family. For example, do you want enough space to create an in-law suite? This can be another cost-effective way of ensuring adequate living space while meeting your needs. Finding land large enough for an in-law suite may prove tricky depending on where you live, so keep that in mind during your planning stages.
Assess Your Finances
Before you start looking for property, it’s essential to look at your finances. Determining how much money you need for a deposit and other fees will give you a more accurate idea of what your monthly mortgage payment will be once you buy. Remember that a large down payment isn’t always better. Be realistic about how much home you can afford to buy while still affording things like car payments, insurance, food, and other essential expenses. On top of that, don’t forget about yearly maintenance costs and property taxes. If needed, talk with your spouse or partner about both of your finances so one income doesn’t dwarf another when considering how much house to buy.
Look To the Future
Before you start looking for your ideal family property, it’s a good idea to spend some time thinking about how big your family will be in five years. That way, you’ll have a better idea of whether or not you should plan on settling down on acreage now or waiting until your family has grown. If there are extenuating circumstances (e.g., parents living with you), then make sure that gets factored into your plans as well. Additionally, while children aren’t guaranteed over the next five years (or even two!), starting with plenty of space could help take care of any changes in the feature.
Why Go Smaller or Bigger?
In one sense, having a home that’s too small might make it harder to fit everything you need in it. If your rooms are too tight, keeping things tidy and organized could be more difficult. However, having a smaller home may be advantageous in another sense. For example, because their homes are smaller, people typically have less stuff than Americans do — and they’re happier for it! Owning less has been proven to reduce stress and other psychological symptoms of anxiety. Thus, living with less really can make you feel more satisfied on a day-to-day basis. So, if you’d like to live with fewer distractions from what’s important — family — then going small might be perfect for you.
