When it comes to owning a home, many people assume that bigger is better but if you're an empty nester, single person or couple without kids; it's highly unlikely you'll need a five bedroom, three bathroom home.
When trying to determine the right size of home for your specific needs, there are a few pros and cons to consider when it comes to owning a large house.
How Much is Home Ownership Going to Cost You?
It's simple math for the most part; the larger the home, the higher the costs. We're talking maintenance and upkeep, repairs and upgrades, lawn care - these costs add up and can be quite substantial.
What about your utilities? More water, electricity, and heat mean higher bills as well. However, if you're building a new home with a reputable builder there are ways to offset those costs with construction practices (http://www.nrcan.gc.ca/energy/efficiency/housing/new-homes/5057).
More room also means more furniture, and we all know new furniture can be pricey. The fun part is finding those furniture/decor pieces to create the perfect look in your home which is even more enjoyable since you have space! And with more space comes...
More Room to Play
So with more space comes added flexibility. You'll have the extra room for family and/or trying out new things with the added space to thoroughly enjoy your home.
Want to add a home office? Done! Time to create that home gym you've been pinning ideas [ https://www.pinterest.com/explore/small-home-gyms/ ] for? That extra bonus room in the basement would be perfect. Planning on entertaining a lot of out-of-town guests in your new home? You now have a guest bedroom, giving guests their own space vs. sleeping on a fold-out in the living room.
Rooms can also be multi-functional, which means even more options! A craft room/home office means you can get your craft on while your spouse is finishing up some office work. If all this added space appeals to you, Good Housekeeping [ http://www.goodhousekeeping.com/home/decorating-ideas/tips/g2400/dual-purpo…] has some great ideas for creating multi-purpose rooms in your home.
A larger home can also mean more yard space which can be used for gardening or a detached workshop. You'll have ample room to create the perfect outdoor living area for BBQ season and outdoor entertaining. It's easy to enjoy the outdoors when you have a great yard that meets your needs.
It's Time to Clean Up
Talk to any friends and family that own a large house and you'll hear the same thing: "I love the house, but I'm not a fan of the housework!"
There's a large amount of maintenance that's involved with the upkeep of your property. And it has to be done. It maintains the home's appeal and leads to increased value over the years. To accomplish this, you'll spend weekends on landscaping, performing minor repairs, and cleaning the entire house; unless you hire someone for these services (in which case, you can add that to the cost of ownership we discussed above!).
Many homeowners spend a fair bit of time on different projects around the house each week and can end up feeling like they don’t have a lot of time or energy left over for relaxing.
Owning a large home can also make being organized a challenge. More room = more things = more clutter. You may find yourself accumulating a lot more stuff, simply due to the fact that "there's more room for it".
Family Coming Into Town? Sounds Great!
Those who enjoy entertaining and inviting guests over benefit from a large home by having the necessary space available. There's added convenience that comes with having more rooms and increased square footage, which allows your house guests to enjoy more privacy without feeling cramped in your home.
This also makes it easier to host dinner parties or backyard BBQ's throughout the year and not limit the number of guests you can invite. Neighbourhood block party, anyone?
"Hello? Anybody there...?"
Large homes are usually more spacious with the size of their living rooms, bedrooms, and common areas. Even with an open floor plan this can lead to a space that feels a bit bare instead of the cozy, intimate setting most people want in a home.
Many people also find it challenging to fill in bare corners or walls with extra artwork and furnishings, which means you might get that echo-y feeling when you walk into the house...
Live Your Life, Your Way
One of the benefits of a large home is that it's relatively easy for family members to find their own private space. It's a lot easier to find a quiet spot to read or relax when you aren't tripping over each other.
Because you have more land you also have the added benefit of privacy between homes/neighbours. Although you're still part of the neighbourhood, the added space gives you that feeling of seclusion; like you're in your own little world. Added bonus? There's also more outdoor space for kids and pets to roam and play!
At the end of the day, many people may find the idea of a large home appealing but it's important to evaluate what's important to you, weighing the pros and cons of a large home so you make an informed decision. The key thing to remember is that the size of home that's best for you is the one that meets your needs, wants and suits your lifestyle.