Many people dream of living in a large house, such as a mansion. Aspiring homebuyers and residents want that large space to accommodate fancy amenities, such as expensive furniture, antiques, and gym equipment.
A bigger house, however, isn’t necessarily the road to a happy life. According to a study published by Clement Bellet of Erasmus University Rotterdam (EUR), the satisfaction of having a large home only lasts until a neighbor constructs a bigger house.
If you’re thinking of getting a bigger home because other people have it, you may want to consider taking the plunge. Here are six reasons to think twice about getting a larger home or having a custom home builder to construct a bigger house.
The House Is Big—And So Are the Associated Costs
When you buy a large house, expect the mortgage to be large, as well. After all, a big home comes with a hefty price tag.
Apart from high minimum monthly mortgage repayments, purchasing a larger house means higher:
- Property taxes
- Insurance premiums
- Energy costs
- Renovation costs (if you decide to update parts of your house)
- Property taxes
These expenses add up fast. If you don’t consider them in your home purchasing process, they may prevent you from achieving long-term financial goals, such as a comfortable retirement.
More Space Doesn’t Always Translate to Usable Space
If you want to get the most out of your house, consider functionality instead of square feet. You may be wasting space if you buy a large home and have the area sitting there empty. If you’re living by yourself (and choose not to have a family), you don’t need three living rooms, four bedrooms, and five bathrooms (unless you frequently invite guests over to your home). Never purchase a house with more space than you need.
Maintaining a Large Home Takes a Lot of Work
You’ll have to undertake a lot of responsibilities just to keep your big house in tiptop shape. Some home improvement and maintenance tasks that you’ll do include fixing a defective furnace, plugging up leaky roofs, and performing preventative maintenance.
If you’re not a DIY person, you may be thinking of leaving the maintenance and repairs to the professionals. Be warned, though, that this move could drain your wallet quickly.
You Have to Make Sacrifices to Buy a Large Home
Even if do you have the funds and income to get a bigger house, ask yourself this: “Do you really want to channel most of your hard-earned money into paying your mortgage and household bills?” If your answer is yes, be ready to sacrifice other areas of your life. You may have to drastically change your lifestyle by cutting down or eliminating luxuries like annual vacation trips, monthly movie night outs with your friends, and weekly trips to your favorite restaurant.
You can’t deny the allure of a large and spacious home. Getting a house of this size, however, isn’t always wise and realistic. Rather than feel envious of others with large homes, get a house that meets your needs and budget.