The current generation doesn’t seem to want to buy what was once called a “starter home.” Instead, they want to own a home similar to the one in which they grew up. A family home with lots of room was likely not the first home that their parents bought. This impatience often results in the purchase of a larger first home that isn’t necessarily the right investment.
More room is essential if you are planning on having a large family down the road. However, going big on your first home involves more hidden costs than you might have considered. A larger home means more money across the board.
When it comes to a home with lots of square footage, it’s not only your mortgage payment that will be inflated. Property taxes, utility bills, and home maintenance costs will also be higher with a bigger home. Whether you buy an existing home or use one of the unique custom designs from Achieve Homes, a smaller design has its advantages. Let’s take a look at why going big isn’t always better for first home buyers.
When you buy a big home, it’s not only the size of the rooms that is increased. Not only is it likely that your mortgage payments will be higher, but your home’s general upkeep will also hold higher costs. Vaulted ceilings may give you a sense of vast space, but it will cost you a pretty penny to heat and cool that style of home. It’s also likely that your property taxes with a larger land plot will be higher with a bigger home. Other homeowner costs like maintenance, landscaping, insurance, and closing costs will be higher when you buy a bigger home.
Every part of building a home has an impact on the surrounding environment. Building a large home will have a much more severe impact on the ecosystems of the surrounding land. Larger homes tend to take longer to make, require more land preparation, and significantly affect the lands and groundwaters. Longer construction projects are also upsetting to the environment due to the extended period of noise produced by large building equipment.
A large home may seem like the right answer for your material needs, but it may create issues for you when it’s time to resell. There is no way to predict what will happen to the economy in the years to come; however, unloading an expensively large home may be difficult if there are hard times ahead. There is only a small percentage of homebuyers in the market for larger homes, making reselling a challenge.
Larger homes may have the illusion of tons of space with floor to ceiling windows and vaulted ceilings, but you may be surprised to learn that they don’t have as much livable space as you would think. Floor space is what counts when it comes to the size of your home. Larger, more complex home designs tend to create unique floor plans that don’t necessarily increase your usable living space. Be careful with your design team to ensure that your large home design will give you the real space that you need.
Buying your first home takes a lot of research and serious consideration. Prioritizing living space over the overall size of your home is critical to making a wise investment. Think about what you need, how you can stay on budget, the extended costs that come with owning a home, and remember that going bigger with your first home isn’t always better.