Size vs. Location: What is More Important When Buying a Home?

When it comes down to buying a house what is more important between location and size? Both of this two are key factors but the one that is more important depends on your specific needs. While your realtor will be the first to tell you that it is all about location, if you are a growing family looking to upsize then you may need to forgo location for more square footage in order to get everything you need. The same applies if you are looking to downsize. Here is what you may want to consider if you are stuck in a size vs location of a home dilemma.

The location of a home is important for the following reasons:

Your children are school-age

If you are planning to move and your children are school-age, then location is something you want to consider. How good are the schools in that area? If private or public schools are on your priority list then ensure that your realtor is well aware before they start house hunting for you.

Access to certain amenities

Everyday amenities are an important consideration when moving to a new home and it doesn’t matter whether it is coffee shops or public transport. From restaurants and grocery stores to parks and shopping, if you are in need of certain amenities then you should place heavy emphasis on the location of your home rather than its size.

You are planning to rent out your house

The geographic location of your income property is crucial whether you are planning on renting it out to short-term Airbnb visitors or long term tenants. This is because it not only affects the supply and demand of your rental but also the overall desirability.

More ideal work commute

If you are working in a busy town or city then it may be wise to go for a better location that is closer to your work place over a large home that is out there in the suburbs. Even though as city apartment will most likely be more expensive and smaller, the short commute to work will be worth the sacrifice.

The size of a home is important for the following reasons:

You are downsizing

Whether it is for the sake of simplicity or retirement, there are plenty of reasons why you may find yourself in need of a smaller home. It may be hard moving away from a familiar neighbourhood that is filled with people you know to one that has smaller apartments or homes. But, think about the amount of money you will most likely be saving in terms of housekeeping and utility bills.

Your family is expanding

If your family is growing then chances are that you will be needing more living space and bedrooms. You might want to consider sacrificing location for size if you are ready to graduate from your starter home to something more spacious. Additionally, a larger house may come with more outdoor yard space for your kids and pets to enjoy.

You are an ardent traveller

If you travel a lot then there are high chances that you don’t need a huge home. Therefore, you may need to focus your house search on smaller homes. Think of it this way, there is a high likelihood that you are not using even half the bedrooms or space available in your current home. If this is the case then renting or purchasing a smaller property makes more sense. In addition to this, given the fact that you rarely spend that much time at home, then the location of the property won’t matter as much.
So, after considering which one matters to you most between size and location, do you feel ready to move? Fortunately for you, cosmos values features a network of reputable and reliable realtors who can help you find your dream home.

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