The Ideal House Size: How Many Bedrooms?
If you are looking for a house to rent or planning to buy a home, there are many decisions to make. Determining how many bedrooms will be in your home is a critical step.
Plan for the Future
There are many factors in home buying, but it’s great to start by assessing your current needs. You need to make sure there’s plenty of space for your everyday life and future plans. It’s best to plan for the long term.
Planning can be complex if you’re not sure what you want yet. Ideally, your house should have a room per person and one room for guests or an office. It would help if you also considered how long you will live in the house and what will change in that time. What do you want out of a home during this stage of life? Do you want to grow into the home? Will you have kids? Do you have a hobby you need space for?
An extra bedroom in your home can make significant life transitions easier on you.
The average American family selects a 4 Bedroom house plan. Many people choose this plan so they can generate passive income after retirement. A 4 Bedroom also gives you the possibility of renting your property to tenants if the rooms are not in use at some point.
Determine Your Price Range
Homes in the US are typically between $340,000 to $500,000. Experts recommend that you invest about three times your household income and pay 20% of the total value as a down payment.
In the past, people limited the cost of their new homes to three times their household income. The decline in the interest rate in the 1980s changed this, and families have been stretching it further these days.
Check the latest rate of mortgage charges to gauge what you will be able to manage.
There are a few websites that post updated mortgage rates for free. It is wise to spend less than five times your household income on your new home. It will be prudent to invest about three times your household income and pay 20% of the total value as a down payment. Most banks will not lend you above a 42% debt-to-income ratio.
And remember to enjoy your search!