Home has always been synonymous with social status. Many homeowners buy too big to look good.
Attention! The luxury of space is very expensive.
Behavioral physiology obliges, Homo modernicus loves to show off. It's neurological: our brain likes to compare itself with others. Marketing, decoration shows or inflatable neighbors make the phenomenon worse.
To avoid falling into this trap, you must first carefully assess your current and future needs. Every square meter must be justified.
Do you need an entrance hall with a monumental staircase, a powder room, a California closet big enough to sleep in, a bedroom for each small child, a finished basement, a large courtyard, a swimming pool, a spa, a summer kitchen?
When you start a family you need spaces, but above all significant common areas. A large kitchen, a living room that serves as a living room, an indoor play area overlay a huge master bedroom with an attached bathroom.
If you telecommute, your office must be on the ground floor or upstairs and be well lit; Especially not in the basement. You pay for the house and stay there the most: your work space can take up the living room or the largest bedroom, even if that means you have to sleep in a smaller room.
Completely tailored to your needs
In 1971, a 1,200 square foot home was considered sufficient and considered standard. Only doctors or business people could dream of living in 2,000 square meters or more. In 2018, the average square footage of single-family homes in North America exceeded 2,200 square feet.
Which budget items increase due to a property that is too large?
- Household contents insurance: Does it make sense to ensure that the dining room is only used about ten times a year if you systematically eat at the central kitchen island?
- Heating and air conditioning: One way to reduce costs is to heat the least used rooms a little. But why are there such parts that are rarely used?
- The interview: The bigger it is, the more bathrooms there are, the longer it takes to clean, or the more expensive the maintenance is.
- Financing: the larger the house, the higher the mortgage debt; Those tens of thousands of dollars in additional interest could pay for your children's education, travel, home improvements, car, and retirement.
- Property taxes: They are calculated specifically based on the size of the house. Every year, those extra square feet add value to your community, not your RRSP.
The superfluous
- THE garage is it justified? Most people use it as a man cave or to store cossins that are used every five years. It often represents the temple of civic waste. It is better to park your car there (this is its main function) if you have difficulty finding a parking space on your street or if you have an electric vehicle.
- There Swimming pool incurs annual maintenance costs of approximately $700. Why pay between $4,500 and $6,000 to purchase an above-ground pool (and worry about maintenance) when annual access to the municipal pool (which you fund with your taxes) is often free or only costs a few dollars?