Buying a home is a huge decision, and there is an affinity of factors that go into this decision that shouldn’t be taken lightly – one of them is the tradeoff between whether to prioritize the size or the location of your apartment.
Although both are essential factors, depending on your circumstances and specific needs, there is undoubtedly one more important than the other. Unless you have an unlimited budget, you have to make compromises. However, before you make a huge purchase decision, make sure that you have done thorough research by checking out real estate agencies that have many options, like Butler (www.ButlerRealEstate.com).
Now let’s get into how to choose between size and location…
Factors Related to Size:
1. You Have a Big Family
Usually, when couples get together, they get a “starter” home – which is a home that is not intended for big families or kids altogether. If you currently have kids or a big family and need more bedrooms and space for every family member to be comfortable, then consider prioritizing size because it will make the family way more comfortable. Also, you might want a house that has a large outdoor area for the kids to enjoy, or/and if you have pets.
2. You Are Planning on Having a Big Family
Have you decided with your significant other to grow a family? It might be a better decision considering the size. If you currently live in a 1-bedroom apartment in a more expensive part of the city, you might consider finding a place a bit further from the center that is bigger and not super expensive. It will make your family way happier than choosing the location in the long run, especially if you get a large outdoor area too.
3. You Have Visitors/Guests Frequently
Is your house the kind of house that always has people over or loves to host? Then, having a more spacious and comfortable space might be better for you. Maybe you have your in-laws coming constantly, some family members sleeping over, or you are simply extra sociable. It is always a good idea to have more room for those people coming over.
Factors Related to Location:
1. Your Commute to Work Time Is Important
If you live in a city where the traffic is constantly heavy (especially during rush hours) and having a long and tiring commute to work is not ideal for you, then you might want to consider a house near where you work. Although it will definitely mean that you will get a smaller house for the same price you would pay for a big house in the suburbs, it will make a drastic difference in your life. Having a shorter commute to work can reduce stress, and gives you more time to spend on other important things.
Of course, when moving to a new house, it is important to consider the amenities around the area. This could be anything like coffee shops, supermarkets, public transportation, etc. You need to ask yourself questions like: “Am I willing to drive for 40 minutes just to go grocery shopping? Can I work from home/ have an office, or do I usually work in coffee shops? Do I want to drive everywhere, or would I prefer using public transportation?” The amenities around you play a huge role in choosing the location of the house.
Also Read: Buying vs. Building A Luxury Home: A Helpful Guide
3. Do You Plan on Selling the House And/or Renting It
If you plan on putting this house for rent, whether for long-term or short-term tenants, the location of the house is very important. Having an apartment in a desirable location increases the demand for the apartment and therefore determines how profitable this rental can be.
Unless this is the house you plan on living in forever, you need to consider whether the geographic location you plan to purchase a house in shows good resale value. So, if you plan on selling after living there for a while, you need to consider the location since it’s the most important factor when selling a house.
4. You Have Children near the Age of School
Do you have school-age children or plan on having babies that will eventually grow into school-age children? Then you need to consider the quality of the schools near your house. If high-quality education is a priority for you, then make sure that you put this on top of your list before you start house hunting.