Is having a big house REALLY a clear indication of success and is that what you REALLY need when buying a home? For generations, most Cambodian people think that owning a huge house is equivalent to being successful and wealthy. However, to what extent, do you think the above statement is true? At a quick glance, the answer seems pretty obvious. The bigger house you own, the more successful and wealthier you appear to be. As a matter of fact, when it comes to choosing the right house size that meets your actual requirement, the size of the house is not always necessary. There are more factors such as personal preference, resale value, location, future plans, your current budget, and more that you need to take into consideration before deciding whether to go with a smaller or bigger size.
Data shows that homeowners don’t necessarily use all of their home space. In this article, we will provide you some practical tips on how to choose the perfect house size that you really need.
1. Assess your finances
It’s only ideal that you should be looking for the right size home that not only meets your needs but also doesn’t put a strain on your budget. Also, take into account the utility cost and furnishings. Remember that it’s not just what it costs you to buy a new home that’s important but how much it will cost you every month to own it.
2. Think about the resale value
Whether it’s your first or last home, we all want our homes to appreciate in value over time. It’s a good idea to seek for a home that has an appealing design to today’s homebuyer. With the trend towards artfully crafted smaller homes that are more functional with practical floor plan and layout, going for the bigger ones doesn’t always guarantee a good return on investment (ROI) and a quick selling process when you decide to sell in the future.
3. Bigger is not always better
It’s time to break the conservative way of thinking “having a bigger house is a clear indication of success” and that you should always go for the biggest ones available. Despite having the budget for the bigger one, you should resist the temptation to go for big for the sake of owning a huge home. Consider the floor plan and how it flows. Look for that unique, right size home designed for maximum functionality – one that makes use of every inch of space available. If done correctly, “less is more”.
4. Look to the future
Before making one of the most significant decisions in your life in buying a new home, make sure you think ahead. What’s your 5-year or 10-year plan? Most likely you do not want to move again in the near future. There will always be unexpected changes in your housing needs, therefore, having a concrete plan in mind that will allow you to stay in your new home and live comfortably for years to come should not be overlooked.