Not sure what size of home is the right one for you? We share the pros and cons of having a big house or a small house.

Now, the size of a home depends on how you define it or relative to your current living situation. When we talk about small houses, we’re not talking about tiny homes. A big house could be one or two bedrooms more than your current home or have a pool or backyard — features your current residence does not have.

Pros of a Small Home

  • Lower monthly bills

Smaller square footage also means being more energy efficient, with fewer property taxes and maintenance costs — allowing more budget for everything else.

  • Less maintenance

Fewer rooms mean less home upkeep, thus more time for what matters.

  • Simpler lifestyle

Having just the right space means rooms are more accessible, a good option for post-retirement. You are also less likely to hoard or overbuy given the limited space.

 

Cons of a Small Home

  • Can be limiting

A smaller home may not keep up with the needs of a growing family. There’s little to no room for improvement given the limited space available so consider your future plans before closing the deal. Storage may be a problem as well, so you will need to come up with creative ways to hide clutter or put away things at home.

  • Fewer returns

Although in general, homes do appreciate in value over time, a cheaper, smaller home will have a lesser resale value versus a larger home — that’s much less money for your retirement.

 

Pros of a Big Home

  • More space

Adequate storage is one of the top must-haves for home buyers. If you can afford it, it is an undeniable advantage over smaller homes. A bigger home fits for those who like hosting dinner nights and having guests over. Or if you simply have lots of things to store or hoard, a bigger home is sure to fill your needs.

  • Potentially profitable

Big homes can mean big bucks if you plan to sell someday. You can also have the opportunity to rent out a spare room or create an accessory dwelling unit in the backyard.

  • Adaptable space

Another advantage is you can always convert a little corner of your home for your family’s growing needs.

 

Cons of a Big Home

  • Bigger square footage, bigger expense.

We’re not only talking about the price tag of the home itself, but also the other costs that come with it such as:

  • Higher closing costs
  • Higher furnishing costs
  • Higher property taxes
  • Higher homeowners insurance costs
  • Higher utility costs
  • Higher repair and maintenance costs
  • Higher energy costs
  • Higher renovation costs

 

  • Waste of space

Another drawback of a bigger home is there could be a waste of usable space. Do you really need to have 3 bedrooms only to leave a couple of them empty? Maybe having two living rooms are a bit much? Or does the layout plan leaves so much unused space? If you want to be efficient and practical, never buy more space than you can actually use.

 

  • More effort in maintaining

Unless you hire someone to do it, doing the cleaning, fixing, lawn mowing and other home upkeep requires more energy and time.

 

While we’re on the topic of buying a home, we have a blog about how to know if you can really afford to buy a home that might interest you.

So what do you think — do you prefer a bigger home or a smaller home? Whatever size of home you prefer to buy, our agents at Broadpoint Properties can help.