Determining Home Size: Budget, Family Size, Time at Home

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Variable Income and Mortgages: Credit, Down Payment, Forms
October 7, 2021
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There are several major factors you may consider as you’re entering the housing market for a new home, and one of these in nearly every case will be the size of home you’re looking to purchase. You naturally want to have enough space for you and your family to live comfortably, but on the flip side you want to avoid unused rooms or areas that will simply cost you money over a period of years without providing any positive value.

At VIP Mortgage Inc., we’re proud to serve prospective homebuyers in numerous ways, from helping them qualify for ideal mortgage rates to assistance with many of the important details of scouring the home market. What are some of the most important themes to be considering when it comes to home size as you search for your ideal location? This two-part blog series will go over several factors to keep in mind.

Budget Factors

Naturally, as you may have guessed, your overall budget plays a huge role in not only the size of home you can purchase, but also numerous other factors such as mortgage rates and down payment percentages. If you only have the budget for a home with 1200 square feet, you’ll naturally need to stick within that range when shopping.

But this doesn’t mean your options are limited: in some cases it may be preferable to purchase a smaller home in order to avoid paying for areas you won’t use or won’t add much in terms of value. You can then use the savings to increase your down payment percentage and/or invest in other house features such as a pool, larger yard or added security measures.

All the other factors we’ll go over here are built upon the baseline that is your budget.

Family Size and Future Expectations

Another prominent consideration that will have a direct impact on the home size you’re looking for is your family’s size — and whether or not you expect this number to change in the near future. In most cases, a growing family will either need to purchase a larger home or look at the option of renting out part of their property.

This is because adding even one more person to an existing household can have a dramatic impact on the size requirements for just about every area in the house. If you have two people, for example, and they both share the same room for sleeping they’ll each need to be allotted roughly 50 square feet — but if you then add a third person, there’s no longer an area in the home that includes this total.

Time Spent at Home

While everyone in a given home will need at least some minimum quantity of space to themselves, how much additional room you look for may depend in large part on how much time you plan to spend at home. For example, if you work in the city and only come back to your home during the weekends, your largest concerns for your new house may be an extra guest room — something that will be rarely needed but much appreciated when guests do stay.

On the other hand, if you work from home or even just find yourself home most of the time, you’ll likely want to invest in a property that includes several large and versatile areas such as an open floor plan kitchen, spacious dining room and living room.

For more on how to determine the ideal home size for your needs, or to learn about any of our mortgage loan services, speak to the staff at VIP Mortgage Inc. today.

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