In October, the median price of a home in the U.S. surpassed $400,000 for the first time ever. With real estate prices on the rise and competition fierce in the market, it's easy to start talking yourself into buying a smaller home than you need.
Luckily, the typical home value of houses in Sioux Falls is quite a bit lower than the national average at $274,303. This means that you can get more house for your money when you move to our lovely South Dakota city.
That being said, there's also such thing as too big of a house. How can you figure out what the right house size is for you and your family, both now and in the near future?
Let's take a look at everything you need to know so you can make an informed decision about the size of your new home.
One of the first steps you will take when looking for a house is to take a close look at your finances. This can give you a sense of what price range you can comfortably afford.
Remember, the amount that you feel comfortable spending might be different than the loan amount you are offered by a mortgage company or lender. Make sure that you are taking into account future income, future goals, and your savings and retirement plans.
Buying a house is a big process, and it's only made more complicated if you're selling one at the same time. If you're buying a home, it's ideal to stay there for a number of years. For this reason, it's important to try and peer down the road of the future and think about how your household might change.
Think about whether you are thinking about having kids, if your parents might move in with you in the future, or if you plan on transitioning to working from home. On the flip side, you might be thinking about the fact that your kids will be off to college soon and you don't need as big of a house as you once did.
One of the best ways to understand the size of a house you need is to look at your current home. Is it too big, too small, or perfectly sized but laid out all wrong?
If you don't know the size of your current home, get out your measuring tape. You can measure each room and consider whether or not they meet your needs.
Take notes about how you feel about your current home including its size and layout. Remember, there are no wrong answers here. It's just about what you are looking for out of an abode!
What is the average size of a house in the United States? According to the U.S. Census Bureau, the average home is 2,687 square feet. That being said, don't be too quick to assume that this is the right size for you.
One way to think about the size of a house is how many square feet you need per person. Some people say that you should have 600 to 700 square feet per person in the household. This means that a family of four should go for a 2,400-2,800 house, while a couple without kids should go for a 1,200-1,400 square foot house.
There's no reason to stick to this as if it's written in stone. However, it can give you a general sense to work off from.
Bigger houses give you and your family plenty of space and generous storage opportunities. They can be great for entertaining and for large families. It also allows you to have more dedicated spaces rather than forcing you to create multi-purpose spaces.
On the other hand, bigger houses can be more affordable both in sticker price and in upkeep. It also can be frustrating if you buy too big of a house and you feel like there are rooms that go unused and collect dust. Larger homes can also make you and your family feel more isolated and disconnected from one another.
Larger homes are often in less convenient locations unless you have a huge budget. You'll want to think about how important location is to you if you're deciding how big of a home to buy.
If you're thinking about upsizing, check out this article about the cost of a 4-bedroom, 3-bathroom home.
Now let's take a look at the good and the bad when it comes to smaller home living. Most obviously, smaller homes can be cheaper to buy and maintain. It can also make you more mindful about buying too much stuff and reduces how much time you spend cleaning and doing upkeep.
Smaller houses can also encourage the family to spend more time together.
However, there's also a darker side to small house living. You might find that you end up spending more money than you would buying furniture that fit into small rooms or otherwise adapting your belongings to the space. It's also easier for smaller spaces to look cluttered and it can be difficult to entertain guests.
If the house you buy is way too small for your household, you'll likely find that the frustration this creates wasn't worth the cost savings.
There are a lot of different considerations to take into account when you are deciding about the perfect house size for you. For this reason, it can be a good idea to start pondering these types of questions some time before you start the actual house hunt. That way, when the ideal house comes on the market you'll be ready to be the first one to make an offer!
Is it time for you to find your new home in Sioux Falls? If so, contact us today!