How Big of a Home Do You Need?

Buying a home is a significant step, and determining the right size is crucial for your happiness and financial well-being. Whether you’re ready to stop pouring rent money down the drain and start building equity or just looking for a change, figuring out how big of a home you need is an essential first step. Here are some factors to consider when deciding on the ideal home size.

1. Home Size Based on Family Size

Your family size plays a significant role in determining the size of the home you need. Consider the following:

• Average Household Size: From 1973 to 2015, the average household size declined from 3.01 people per household to 2.6 people per household, according to the U.S. Department of Commerce. Despite this, the average home size increased by about 1,000 square feet.
• Space Requirements: Most people require 200-400 square feet of living space just for themselves. Consider the number of bedrooms, bathrooms, and communal areas your family will need.
• Future Needs: If you have small children, factor in the additional space they’ll need for individual rooms, storage, and recreation areas. Conversely, if you have teenage children who’ll be moving out soon, you might not need as much space.

Personal Tip: Always think about how your family size might change over the years. Planning for the future can save you from having to move again too soon.

2. Home Size Based on Location

Location significantly impacts how much space you can afford. Here’s why:

• Regional Differences: The city, state, and region you live in can drastically affect the price per square foot. For example, you’ll end up spending more money for less space in Naples than you would in Lehigh Acres.
• Median Price Per Square Foot: Before making decisions about square footage, look up figures like the median price per square foot in your area. If you have your heart set on more expensive areas like Fort Myers Beach, you might have to settle for less home space.

Example: With $300,000, you can buy:

• 1,500 square feet in Naples
• 2,800 square feet in Lehigh Acres
• 1,200 square feet in Fort Myers Beach
• 2,000 square feet in Cape Coral
• 1,600 square feet in Fort Myers

Personal Tip: It’s essential to balance your desires with reality. A great location might mean compromising on space, but the benefits of living in a preferred area can outweigh the downsides.

3. Home Size Based on Lifestyle

Your lifestyle can significantly influence the amount of space you need. Consider these factors:

• Hobbies: Do you have hobbies that require a lot of space? For example:

  • Outdoor sports like fishing, boating, biking, and beach activities are very popular in Southwest Florida.
  • Home improvement activities like yard maintenance, gardening, and carpentry.
  • Music performance requiring a PA system, electric amplifiers, guitars, and keyboards.
  • Visual arts requiring canvases, drop cloths, easels, and dry storage.

• Work Situation: If you work remotely, even part-time, you’ll need a dedicated office space to avoid distractions and maintain productivity.

• Personality Type: Introverts often need more space and alone time to recharge than extroverts do. If alone time is important to your mental health, consider this when deciding on home size.

Personal Tip: Reflect on your daily routines and how you use your current space. This can help you determine how much and what kind of space you need in your new home.

4. Home Size Based on Type

The type of home you prefer can also dictate the size. Here’s a quick comparison:

• Townhouse: Generally bigger than a condominium and smaller than a single-family home, averaging between 750 and 2,000 square feet.
• Condominium: Most condos are between 600 and 800 square feet but often make up for size with security and free repairs.
• Single-Family Home: New single-family homes generally offer more space, averaging around 2,600 square feet.

Personal Tip: Your aesthetic preferences and lifestyle will likely trump size differences. Choose a home type that suits your needs and makes you feel comfortable and happy.

Conclusion

Although your family size, lifestyle, location, and preferred home type will all factor into your decision-making process, you don’t have to decide your ideal home size all on your own. An experienced realtor can work with you to find a home that’s just right. Don’t settle for indecision and doubt; call your trusted realty company today to get started hunting for your perfectly sized dream home.  For more tips on buying a home, check out our previous blog post, 6 Essential Things to Check Before Buying a Home.

Ready to Find Your Perfect Home?

If you’re ready to discover your ideal home size and start your home-buying journey, contact Elizabeth Steele at MVP Realty. Let’s find the home that fits your needs perfectly!

Elizabeth Steele PA
Professional Real Estate Consultant
MVP Realty
Email: esteelerealestate@gmail.com
Phone: 239-370-5988