Home Sold Sign
There may be one of many influencing factors on why people decide to purchase a smaller house. Sometimes they simply desire a house that does not feel as big. Some homeowners feel the need to downsize due to the economy and some just want their home to feel cozier and use every bit of usable space. Since the 50s, the average size of the American home has doubled while the average number of people in the family has dropped from 3.7 to 2.3 members on average. Even though the trend has been to enlarge our habitations to include media rooms, extra bathrooms or bedrooms, build larger kitchens or a new home office, bigger may not really be better in terms of real estate and property appraisal. Here are some of the downsides to having a “super sized” house.
Environmental Factors
Larger homes will require the use of more building supplies, and they will need more energy for heating and cooling. Even though there are more energy efficient methods to harvest building materials or reduce heating and cooling costs, larger homes tax the resources more strenuously than smaller ones. And this is true even if they are well insulated.
Too Much Wasted Space
It is a wasteful thing to have lots of extra cool storage spaces, or other usable space in a large home and let them set unused. Most of us spend our time at home in just one or two rooms. However, we are still paying the utility companies to keep them comfortable, fill them with furniture whether we use them or not and spend effort on maintaining these unused areas.
Negative Impacts on Family Social Situations
If a house is too big or not is really up to the individual’s perception. But many psychologists agree that an oversized home can have negative impacts on the family’s ability to be together. When family members each have their own get-away space it can affect their togetherness, communication skills and problem solving abilities. When a home is too large the psychological well being is impacted and the family’s level of functioning as a single unit is diminished.
Financial Hardships
It is entirely possible to have a professional property appraiser like Abbe Edelman come to assess the property you are considering buying. And if the property appraisal lines up properly with the desired mortgage amounts, you might be able to secure a lending source so you can purchase a mansion. However, it can be more difficult when it comes time for it to be paid back. In the last couple of years, as home prices have plummeted, many people have seen the value of their home drop along with the market values on other properties and they find themselves in situations where they are unable to pay back the loan. When families are determining how large of a mortgage can be afforded, many fail to consider other factors such as college savings, emergencies, and various other long term financial goals that must be reached. Buying that super-sized mansion you always desired without considering various other financial concerns can increase the risk of bankruptcy or foreclosure.
How Much Can You Afford?
It is necessary to purchase a home within your means. One way to determine current obligations from a financial perspective is to begin by writing down all of the current financial obligations needed. You will also want to consider your long range goals as the purchase of a house and your long range goals must be able to be accomplished together without inhibiting one another. Create a budget (this does not have to be outlandishly elaborate) so that you can detail how much money will be needed each month to just make it. While considering the monthly costs that are basically unchangeable, think about emergency funds and other things that might just pop up unexpectedly. Bigger is not always better, it’s much more important to be comfortable within your means.
