When it comes to a home purchase, many buyers find it challenging deciding whether they should stretch their budget to buy a big property or settle and be happy with a smaller home. Some may argue that one is better than the other, but there is no definite choice as the right one will depend on your own finances, situation, and preferences.
Mortgage and home loan companies in Guilford share the differences between buying a big and a small house.
Bigger is better
There many reasons to choose a bigger home. Apart from having more space in general, it also enables family members or occupants to have their own space while sharing a single property. There is also the benefit of having extra space for a home business or a home office and having enough rooms for many guests. A spacious property may also worth more if you decide to sell it.
With the benefits listed above, it is easy to say that bigger is better. The extra space is its main selling point, as you can comfortably accommodate family members, as well as guests in a larger home. Bigger houses, furthermore, usually come with large outside premises like gardens, outdoor living areas, and even pools. These, however, also mean bigger mortgages and expenses in general.
Less is more
Despite having less space, smaller homes are not entirely a bad choice. There are also lots of rewards in choosing this size, one of which is being less expensive to purchase and keep. Smaller mortgage translates to more savings, while less space means requiring less of your time and energy in cleaning or maintaining and more time in pursuing the things you want.
A smaller home is likely to be cozy and comforting, but the less space could mean that it would be challenging to host dinners or gatherings with several guests. Things can also clutter easily, but is also less likely that you’ll hoard due to the limited space. Then again, you also have to be more conscious of the things you own, as even a small mess can appear bigger in tiny space.
Being aware of the risks
There are pros and cons to each option, so it is best to consider them and your unique situation. If you have enough savings to buy a bigger property, there is nothing wrong with doing so. You can also choose to stretch your finances to afford a larger house, but this is not always recommended. You have to be aware of the risks and consider how far you need to stretch to buy a more expensive home.
Do take note that the financial responsibilities of owning a home are not limited to paying down payment and mortgage. You also have to pay the monthly bills, which includes heating and cooling, housework, maintenance, and gardening. You also have to fill the space with furniture pieces, appliances, and decorations to make it livable.
A larger home, of course, means more taxes, mortgage, maintenance, and utilities. If you decide to go with a bigger home, be sure to know the expenses to expect to help you prepare later on. If you, on the other hands, wish to buy a smaller home, make sure that it isn’t too cramped for you and your family. You can contact a reliable lender to find out how much house you can afford.