If you’ve been pre-approved for a mortgage and it is time to start looking for a home, what kind of home are you going to be looking for? In recent years, we have begun to see a trend towards larger homes on small lots, but many buyers are still looking for the medium or small-sized homes, on larger lots. When it comes time for you to pick your house, will you be looking for a large house on a small lot, a small house on a large lot, or something in between?
Large House in a Small Lot
This appears to be one of the most popular choices for many buyers today. Larger houses are often believed to be more valuable, and if you need a lot of room in your house for family or friends, a large house is definitely something to look for. They are not, however, without their drawbacks. Large homes can sometimes be difficult to keep clean. More space means more places for dust and dirt to accumulate, and even with help, keeping those spaces clean can be a daily chore.
Large houses usually also require more maintenance. More plumbing, flooring, drywall, etc. means there are more areas of the home that can be damaged or that can break. While this might be great for someone who loves to tinker around their home, it can be a major expense and time-vampire for those that do not have the time or the skills for maintaining a home.
Small House on a Large Lot
Having a big yard, with plenty of room to grow a garden and for pets and/or kids to play is always a major draw for home buyers. A smaller house might not provide as much space for parties or family time, but having a large, functional outdoor space can definitely make up for that. When you have enough room outdoors that you can host a garden party or send your kids out to play in the safety of your own yard, sometimes a large house is not as necessary.
That doesn’t mean that a large yard has no drawbacks. Just as a large home will require more time and maintenance, a large yard will require significant attention in order to stay beautiful and functional.