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Here's How To Tell What Size Home You Need
If you're thinking about buying a new home, it's essential to find a home that fits your lifestyle and finances. Whether your plans include a long-distance move, a growing family, or an early retirement, purchasing the right size home will ensure a comfortable future. To determine what size home you really need, our real estate agents suggest 5 important tips.
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Consider the Size of Your Family
The size of your family has a big impact on the size of the house you need to live a comfortable lifestyle. While a small two-bedroom, two-bathroom home may be perfect for a newly married couple or seniors in their retirement years, it will not work for a family with three or four kids. If you're looking at South Bend homes for sale, make sure they have comfortable floor plans, adequate square footage, and essential spaces like bedrooms, bathrooms, and closets for family needs.
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Take a Look at Your Finances
If you want a comfortable lifestyle with less stress, don't buy a house that you can't afford. Before you make a purchase, take a close look at your current financial situation, your future financial goals, and your monthly household expenses including:
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- Mortgage payments
- Utility bills
- Property taxes
- Homeowner's insurance
- Maintenance and repairs
To calculate how much house you can afford, use the 28/36 rule. It states that you should not spend more than 28% of your gross monthly income on home-related expenses, and no more than 36% on your monthly debts, including mortgage payments, credit cards, auto loans, and student loans.
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Evaluate Your Lifestyle
Since the neighborhood and the home you choose impacts the square-foot cost of the property, it's important to evaluate your lifestyle choices. If you want a house in the city near restaurants and shops, a lake house with a boat dock, or a house with a pool, spa, and outdoor kitchen, you can expect to pay more. If you don't want to compromise on your lifestyle choices and things you enjoy, consider a smaller, less expensive home with adequate square footage to meet your basic household needs.
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Plan for Your Work Needs
If you're a business owner, self-employed, or work from home, you may need to plan for a home office. Instead of a three-bedroom home, you may need a four-bedroom home to accommodate your office. To calculate how much square footage you need, consider your daily job duties, the type of equipment you use, your storage needs for files and essentials, and the space needed for permanent or part-time associates. To figure out a room's square footage, multiply the room's length by the room's width. For example, a room that is 15-feet long x 12 feet wide = 180 square feet. A room that is 20-feet long x 15-feet wide = 300 square feet.
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Factor in Your Future Plans
To determine the size of the home that gives you adequate room for growth, it's important to consider your future plans as well as your immediate plans. Although it's impossible to know what the future holds, here are some things you should consider:
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- Are there enough bedrooms for a growing family?
- Do you need more bathrooms for family privacy?
- Do you have adult children in college or moving out?
- Will there be an aging family member moving in?
- Do you plan to retire or downsize soon?
If you're considering a move to South Bend, contact us about available properties in the area. We have a variety of beautiful homes that may be the perfect fit for your desired lifestyle, family needs, and finances.
Note: a subscription to the Do Not Call list does not apply when requesting information from our company.
