Let’s face it. Living in a bigger house is not a bad thing. It comes with expansive lawns, huge windows, and massive rooms, something that many Americans only live to admire.
Even so, like anything good in life, it will cost you more to own a big house compared to if you went for a tiny house. That’s why you need to take your time and plan well before you decide to move into your dream home.
In this post, we shall look at what it takes to live in a big house. Read along to learn whether you actually need a big house.
Big Homes have Big Price Tags
As you would expect, you’ll need to dig deeper into your pockets to buy a big house. Big houses come with hefty price tags. The higher the price means that you’ll need to commit yourself to pay several dollars in mortgage every month.
Sometimes it may take up to 30 years to finance the mortgage. That means you will have little cash to invest elsewhere. If you’re not looking for a mansion but you still want some luxury in your life, look into a popular tiny home builder like Tiny Heirloom – they have many beautiful tiny houses for sale so see if one fits your dream life!
Mortgage Isn’t the Only Expensive Thing
Besides big mortgages, everything in a big house is big. This includes the size of the rooms and the costs of maintaining them. Apart from paying more mortgage fees, a big house will also come with:
- Higher utility costs
- Higher furnishing costs
- Increased energy costs
- Increased property taxes
- Higher maintenance costs
- Increased insurance costs
- Higher energy costs
While some of these costs may not concern you at the moment, they surely will after buying the big home. Ensure to talk to a financial advisor before you invest in a big house. This way, you will not hurt your long-term financial plans.
A Big House Needs More Time To Maintain
Compared to a small house, you’ll need a significant amount of time to upkeep your big home. As with costs, the time commitment required to address a big house is directly proportional to its size. The larger your house, the more time you’ll need to clean and maintain it.
A big house will have a large lawn and a big new deck, which will require to be mowed and stained. Without help, cleaning your big house may seem like a burden.
You surely don’t want to spend every bit of your free time cleaning and maintaining your house, right? Of course, you can get someone to do it for you, but that will come at an additional cost.
A Bigger House Isn’t Always a Better Investment
For many, a house is a lifetime investment. However, you shouldn’t get into it blindly. As with other investments, you must consider the return before buying your dream house.
The real estate market is always changing, and unlike in recent years, many people are more likely to invest in smaller houses than big homes. That means that what may look like a good investment today may not look so in the coming years.
Things such as nearby amenities and neighborhood makeup can affect home prices. And since most people are moving towards tiny homes, it means your big house will attract few buyers should you decide to sell it.
Property Taxes May Be Higher
The size of your house may be a major factor when calculating your homeowner taxes. Various factors are taken into account, including the improvements you’ve made to the house, the current price of similar properties, the amount of income you could earn if you rented the property, etc.
Ideally, your house will attract higher homeowner’s taxes if it’s perceived to be more valuable.
Functionality is Key
Many aspiring homeowners consider the square feet when determining the size of the house to buy. If you want to make the most out of your house, you need to think about functionality.
You shouldn’t buy a house with many rooms so they can sit there with no use. When searching for a house, ask what the use of the available rooms is. This way, you won’t invest in more space than you need.
Many reasons would make you want a big house, and there nothing wrong with that. However, before you invest in a big house, you must consider the above factors to see whether it’s the right thing for you.