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Can you buy a house that is too big?
Purchasing a house that’s too big can also get in the way of your retirement. Once your children leave home, you could end up living in—and paying for—a McMansion that’s largely empty. That will cost you more in utility bills, property taxes, insurance and repairs.
Why don’t you want the nicest house on the block?
You can’t bet on the neighborhood to improve If you’re buying the nicest house on the block hoping the neighborhood will improve, you’re putting a lot of stake in a volatile market—and you’re more likely to be disappointed (and possibly even go broke).
How big of a house does a family of 4 need?
The average living space required for a family of four to live comfortably is around 2400 square feet. It is widely believed that each person in a home requires 200-400 square feet of living space. The average cost to build a home of that size will range between $147,000 to $436,000.
Is a 5000 square foot house big?
Well you can Imagine the average home size for a family is roughly between 1500 and 1700 square feet. That means 5000 square feet offers a typical family 3 times as much living space than they actually require to live relatively comfortable so 5000 squre feet would fall under the category of luxury.
Is it bad to buy the most expensive house on the block?
Ultimately, there’s no right or wrong answer to whether you should buy the priciest home on a given block or in a given neighborhood. In some cases, doing so could mean buying your dream house, but in others, it could mean getting stuck with an expensive property you can’t unload when you want or need to.
Is buying an expensive house a good investment?
Besides having great amenities, expensive real estate is also likely to be in great shape overall. This means that you won’t have to spend much on home improvements before you rent it out or sell it. Higher resale value – Since it is in high demand, expensive real estate usually appreciates very fast.