Should you really buy the biggest house in the neighborhood?

Should you really buy the biggest house in the neighborhood?

Snow on Driveway leading to homeWhen property buyers go to purchase a new home with the assistance of a real estate agent and a real estate lawyer in Illinois, they are often attracted to the largest home in the neighborhood where they want to live. While having enough room is beneficial, there are a few reasons why home buyers should avoid purchasing the biggest home they possibly can.

Why the biggest house isn’t necessarily the best

After purchasing the largest home in a neighborhood, homeowners may have a difficult time selling their property in the future because homes that are extremely large typically only appeal to a small group of buyers. Those purchasing a home with the assistance of their real estate lawyer in Illinois should also keep in mind that even if their home is the largest in the neighborhood, it will only go up in value as much as the other homes surrounding it. For example, if a homebuyer purchases a large home valued at $500,000, but the rest of the homeowners in the neighborhood paid approximately $250,000 to $300,000 for their houses, the homeowner with the largest home will find that his or her home will appreciate at a limited rate.

The benefits of buying a smaller home

While those in the midst of purchasing a home should buy a house that has enough space to complement their specific needs, homebuyers should keep in mind that there are several advantages associated with buying a smaller home. These include some of the following:

  • Lower maintenance and utility costs—costs associated with performing home improvement projects, like replacing the roof or painting the home’s exterior, heating and cooling and purchasing furniture can quickly add up in a larger home. In comparison, all of these costs are lower in a smaller home.
  • Smaller homes save time—unless a cleaning and landscape crew is hired, it can take a significant amount of time every week to maintain the cleanliness and the landscaping of a larger home.
  • More can be spent on quality upgrades—by living in a smaller home, property owners may be more likely to be able to afford quality upgrades when improving their home because they are able to buy less to complete the project.

Homebuyers who begin looking at homes in the neighborhood they would like to live in should carefully consider how much space they need and whether or not purchasing a larger home is worth it before putting in a final offer. Property buyers should consider consulting with a real estate lawyer in Illinois who can help them weigh the benefits and disadvantages associated with owning a larger or smaller home.

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