Deciding on the size of a home to buy or rent will depend on your lifestyle now and in the years to come. A huge property may make sense now, but you may need to downsize or move into a smaller house in the future. It’s essential to get the size right, especially if you want to explore acreage home designs and enjoy expansive living throughout your old age.
Understanding Your Current & Future Lifestyle Needs
If you’re planning to buy a property, start by taking a good look at how you live now and the changes that are likely to come sooner or later. Think about a house that will suit your everyday routine and what you see your life will be like ahead of you.
- Family size: A growing household is one of the reasons people purchase a larger property with enough room for everyone and some shared living spaces.
- Hobbies and storage: You’re likely to need a dedicated space and storage for tools and materials you’ll need for your hobby, such as woodworking or fishing.
- Work habits: If you work from home, plan to switch to remote work, or need a private study that you can use, you’ll need to accommodate those needs. This means an extra room on top of the essential rooms.
- Long-term plans: If you want to live in the same property for the next 10 to 20 years, you need to consider how your needs will change during that period. The size of your home should accommodate those changing requirements.
Key Factors Influencing the Choice of a Home Size
Budget & Financial Implications
There’s a rising trend of cash home buyers, fuelled by increased inflation, interest rates, and fluctuating real estate rates. Even if you can afford to pay the upfront cost, you need to think about the long-term maintenance expenses, too.
- Bigger translates to a higher building or purchase cost
- Utility expenses often increase with space
- Council rates and insurance are contingent on home size and value
- More rooms mean buying more furniture, fixtures, and other home essentials
Location & Block Size
When it comes to real estate, location plays a vital role in dictating what’s possible and practical.
- Large open blocks can accommodate acreage homes, while suburban areas can accommodate smaller, compact houses
- The size and layout of your home must meet local building codes, zoning laws, and other council restrictions
- Proximity to amenities and conveniences may dictate where you want to build your house
Maintenance Commitment
Upkeep and maintenance are a vital part of property ownership, both of which will incur time, money, and energy.
- The bigger the house, the more space you’ll have to clean, which will require double the effort if you have kids or pets
- A home with more windows, walls, and plumbing is like a machine with a lot of moving parts that will need fixing at some point
- Regular maintenance and upkeep extend to your outdoor space–landscape to maintain, grass to mow, and the like
On top of all these, you also need to consider the property’s resale value and future potential. You’ll never know what will happen down the road, and you may need to sell your home.
Choosing a suitable home size goes beyond the usual considerations—bedrooms, amenities, etc. You should first consider your lifestyle now and any future changes that may mean changing accommodation. If you want a home with ample space, consult Eden Brae for expert acreage home designs and plans.
