Not sure what size home you need to suit your lifestyle? Here are the five stages to help figure out how much living space you need now and in the future.
As a party of one, it’s rather easy to find a cozy bachelor or one-bedroom condo on the market that offers enough room for you to live comfortably. What you should consider though, is how much room you actually need for any special hobbies or pets. For instance, if you’re an avid adventurer, you’ll likely need space to store all your equipment, like your snowboard or skis. If you’re a painter or personal trainer, you may want a den space or extra bedroom to practice your craft. So to calculate how much space you need, determine how much space your hobbies or pets require, if any at all.
Couples often require more space to move around and store their combined belongings together. So purchasing a small bachelor condo could leave you stir crazy with little room for personal space. A large one-bedroom should suffice, but you should also take your lifestyle into account. For example, if you both refuse to part with your individual possessions, or if one of you happens to work from home, or if there are pets involved, it’s likely you’ll need more space than a one-bedroom.
Planning for a Family
Moving with a baby is a challenging feat, so if you plan to have kids in the next year or two, purchasing a two-bedroom condo or a small starter home would be ideal. A small starter home is a great option for first-time parents, but if you plan to have another child immediately after, maybe now’s the time to look towards a three or four-bedroom home before the baby arrives.
Full Fledged Family
When you have a family of four or more, your spatial needs become reliant on both your future needs and your financial situation. For example, it’s easy to put two children in the same bedroom together when they are young, but as they grow older this becomes more difficult. You may also need to eventually accommodate a college grad or senior parent at some point down the road. Cost is also something worth noting. Owning a large home in a neighbourhood with reputable schools will cost you more than moving into a smaller home in a less desirable area. It’s important to factor in your income level as well as your future needs when determining the most appropriate space for today and down the road.
When you finally get ready to retire, how much space you need will be determined by what standard of living you desire. Most people at this stage of their life will be living in a large family home with lots of space they no longer use and can no longer maintain. If you’re an empty nester, it might make more sense to sell the family home and downsize to a bungalow or condo. The space you need will be driven by how much stuff you’re willing to part with.
If you’re struggling to figure out how much space you need now and in the future, contact us at Accord Law. We can provide the advice you need while protecting your rights when it comes to drafting or reviewing your real estate or private mortgage agreements