What size house should you buy?

Many buyers wonder if they should buy a two BHK or a three BHK flat. This decision has many implications - costs, convenience, future needs etc. For most people, buying a house is probably the biggest purchase they will make in their lifetime. If one takes a mortgage on it, then they will pay off for years, or maybe even decades. When deciding on the size of the house that you and your family needs, you will need to ponder upon a number of factors such as:

Long-term needs:

Before buying a property try and determine how long you plan to live in it and what are your long term needs. You should buy a bigger place, if you are planning to start, grow, or support an existing family. It is always better to buy a property that will meet your future needs.

Affordability:

Buying a house is once in a lifetime decision for an Indian, therefore the first preference for a buyer is the budget on the basis of which he repays his home loan. As a golden rule it should be kept in mind that a property which is more than 6x of the current income of the household should be avoided. The sweet spot to buy a property should be 4 to 6 times the current income. You can make an exception if you fall in the age group of 25-30 years as your earning potential will improve over the period of time.

Furnishings:

A larger house means more furnishings and additional expenses. Larger homes require more furniture which means you might need to purchase new items. This could prove to be a huge additional expense.

Maintenance costs:

People often overlook the maintenance charges of a property before buying one. Always calculate the maintenance charges before hand; specially if you are planning to buy a bigger house. In most of the societies the maintenance costs is calculated on the per square feet basis, this translates into larger home means paying more maintenance. The utility bills will also be higher for a larger house. Also, if you plan to hire a housekeeper/ house help, remember that for a larger house the help will charge you more.

Buyer Preference:

Always weighing the pros and cons of buying a larger house alongwith your personal preference. Some people prefer a cozy house, while others enjoy spacious environment. In the end, you are the one who is going to live in the house so take your preference into account.