Buying a home for the first time? One of the key considerations you’ll need to make is just how much ‘house’ you want to buy. While going minimal might seem like a good idea to save on costs, having a smaller living space can end up cramping your lifestyle in many ways. Let’s take a look at three great reasons why your first home should be roomy, spacious and luxurious.

You Might End Up With More Family Than You Think

Have you considered whether or not you want to have a family? Whether you’re a single young professional or part of a newlywed couple, there’s always a chance you’ll end up with more kids than you think. If you’re buying a home for the long haul, you’ll want to ensure that you have enough bedrooms to contain a growing family. It’s much easier to make other use of a spare room than to invent an extra bedroom if you end up with one or two more children than you had planned. Even if you don’t have kids, you may end up welcoming other family members into your home for extended periods.

Small Spaces Limit You In Just About Every Way

As you might imagine, small living spaces will limit your options. Whether you want to build out a new media room or just want more luxurious furniture, much of the time living small means living without. Buying a larger home from the start will give you all of the space needed to build your dream home. And over time, you’re far more likely to enjoy living in a home that you can tweak and customize to suit your changing tastes.

You Can Always Monetize The Extra Space

Don’t forget that extra space can always be put to good use. If you have a finished basement, you can possibly rent the suite out to a tenant. Or, you can host guests in your extra bedrooms using apps like Airbnb. If you’re more of an entrepreneurial type, you can start a small business out of one of the spare rooms.

These are just a few of the many reasons why buying a larger home is an excellent idea. For more information about purchasing a luxurious home, contact your trusted real estate and mortgage professionals today.

Whether the kids have moved out or you just aren’t using the extra bedrooms, having a house that feels ‘too big’ is rarely fun. In today’s post, we will share a few changes you can expect when you downsize from a large house to a smaller apartment or condo.

Why Downsize At All?

As you might imagine, having too much space is the primary reason that couples and families downsize. Larger homes cost more to maintain and can feel empty if it’s just one or two people living there. In many cases, old items and clutter tend to build up as there is so much storage space. Downsizing to a smaller home helps to maintain a lifestyle that is more efficient but no less luxurious.

Ask Yourself: Are You Ready?

Another consideration that you will need to make: are you ready to move? If you are retired from work, then you likely have enough time on your hands to manage a move. Conversely, if you and your spouse are both working full-time and live near your workplace, you may want to source a smaller home nearby.

Don’t forget that if you own the house you are living in now, this might mean having to list and sell it while buying your new home. This is a common situation and isn’t a significant problem, but it will require a bit of scheduling and financial planning.

The Hardest Part: Choosing What To Keep

Ask any couple or family that has downsized their home about the toughest part, and many will share that it was choosing what stays and what goes. When space is at a premium, everything from shoes to appliances needs to be considered.

Spend some time going through each room in your house, taking an inventory of what you have. Are there any family heirlooms or other emotional items that you can’t part ways with? After that, is there anything that will be usable in your new home? Everything else should be considered fair game. Sell it, donate it or toss it out.

Moving to a smaller home can seem challenging at first, but it is a lifestyle choice that can pay significant dividends. When you are ready to make a move, contact our professional real estate team. After discussing your wants and needs, we will be happy to recommend some perfect local listings.

At some point in their lives, every renter thinks about home ownership and whether or not it’s worth it. Let’s explore the top 5 reasons why young individuals prefer the idea of owning a home over renting.

It’s All About Control

It’s unlikely to come as a surprise that having control over their living space is the number one reason that younger buyers prefer owning over renting. Living in a home owned by someone else limits your ability to customize your home. Want to expand a room or rip out the kitchen cabinets? Good luck with getting your landlord to pay for that!

Privacy And Security Are Key

More than 90 percent of millennials reported that having a sense of privacy is an important factor when choosing between buying and renting. And this makes a lot of sense, especially in areas where a landlord has the right to enter the premises on short notice. It’s tough to imagine feeling secure when a landlord can demand access to their home for whatever reason they so choose.

Your Own Space Is Just Nicer

Take a look around your home. Is it as luxurious as you’d like it to be? While you can furnish a rented apartment or house however you want, in many cases, renters just don’t put the same amount of effort into it. 81% of young renters shared that one reason they want to buy is so that they can live in a nicer place.

You’ll Be More Engaged In The Community

If you want to feel more engaged in your local community, buying a home is an excellent idea. More than 75 percent of young and first-time buyers reported that community engagement is a key reason that they want to be a home owner. Not only are you more likely to care about the area around your home if you’re responsible for its upkeep. But as the value of your home is influenced by the surrounding area, you also have a financial incentive to staying engaged in the health of your community.

Owning Gives You Flexibility

Finally, consider that owning your own home will offer flexibility that you can’t get from renting. Not only will you be able to customize your home the way you want, but you’ll also have a productive financial asset. And that can be a huge help in securing additional credit if you want to make significant investments or other financial moves.

When you’re ready to expand your freedom by purchasing your own home, contact your trusted mortgage professional. We’re happy to help.