Is buying a house “too big” a bad idea ?

Jan 12 24 Comments

I’m looking for a house currently. I have found a house that my wife and I really like. But it’s a little bigger than our requirement.

My family consists of my wife and I, and our newly born first baby. Our parents might stay with for around 5 months in a year during summers.

This house that we like is 2300 sqft / 4 bed / 3 bath. We were imagining 1700 sqft / 3 bed / 3 bath might be ideal for us. This additional size of the house comes with an additional budget as well.

Do you think I should take the risk and get the bigger house ? I can afford the house now (got pre-approval from lender) but I am just nervous about over investing. What do you think?

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TOP 24 Comments
  • Google Drunk 🥴
    Reading the title I thought you must be considering 4000+ sqft. 2300sqft isn’t big anyway. I have the same family size as you and won’t consider anything smaller
    Jan 12 0
  • Ironclad / Legal ⌐(ಠ۾ಠ)¬
    Blind rule #1
    Jan 12 1
    • Walmart QTFP86
      This is the most polite way over TC/GTFO 🙂. This is good.
      Jan 12
  • Lyft Daav60
    Without the TC/house price, how do we help you assess the risk...
    Jan 12 2
    • Amazon Curious30s
      OP
      Household TC : 350K (my wife’s and mine put together). Both of us are 30 yrs old.

      2300 house is priced at 900K.
      1700 house (in that area) is priced at 700K.

      I will be downplaying 10% so the 900K house would result in a ~5K monthly payment, while the 700K house will result in a ~4.5K monthly payment.
      Jan 12
    • Lyft Daav60
      Go for the bigger one. 5k vs 4.5k doesn’t make so much difference to you given your TC. The difference on down payment is also only 20k, if you have the cash now, you’ll get the dent fixed at your next stock vesting.

      You have enough # of people to justify the extra room. You’ll need room for possibly more kids while you want to keep a computer room for work/entertainment

      By the way, are you sure you did the math right? 200k divided by 360 months is already 550 dollars, you’ll have interest on it which likely will make it something like 800/month?
      Jan 12
  • Buy only what you need, don’t get swayed by what others say, do or think.
    Jan 12 2
    • Amazon AllBurn
      Buying what you can and like is prob better here.
      Jan 12
    • Buy multiple properties if you can, but use only what you need
      Jan 12
  • New vhwiWd
    What is the price difference?
    Jan 12 2
    • Amazon Curious30s
      OP
      2300 sqft : 900K
      1700 sqft : 700K
      Jan 12
    • New vhwiWd
      Stay small. Easier to unload in future. Easier to manage if you lose your work.

      $200k less means $1,000 less in monthly payment. Use this to experience life and to do something with your family. When you get old, you are not going to remember the big housed you lived in but rather the time you spent with your family.

      Also, the less space you have the less things you buy.

      You can also buy a second nice condo in Florida for $200k and rent it out
      Jan 12
  • Lending Club uuidAsKey
    Are you ok to rent the extra room out? If so, I think you will be ok.
    Jan 12 1
    • Amazon Curious30s
      OP
      The house is such that the 4th room can’t be rented out separately, so I doubt that’s an option.
      Jan 12
  • Lockheed Martin turkblue
    Better to buy a slightly bigger house than a small one. The small one will annoy you everyday and the big one will annoy you once a month
    Jan 12 0
  • New / IT Gkl678
    With in-laws visiting I don’t think 2300 is big enough lol. Jk, if you already have plans for people to be staying, more space is better. You’re probably west coast so the price difference is probably significant
    Jan 12 0
  • Facebook solidmeh
    That house also sounds like a pain to maintain in terms of cleaning and all that. However it does give you room to expand your family more and make your parents more comfortable when they visit.
    Jan 12 1
    • Expedia Group forsaked
      2300 vs 1700 becomes a pain to clean?? He said it's one more bedroom...
      Jan 12
  • Amazon tpigvj
    I think the question should be, is there a smaller house significantly cheaper that you like? If no, then be happy and buy what you want.
    Jan 12 0

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