How much house do you need?

(MCC) Potential homebuyers typically have lists of requirements they would like to find in a new home. Although there are many features that are universally appreciated, certain elements may appeal to particular buyers more than others. For example, a swimming pool may be coveted by active families, but may not be as desirable to retirees looking for less upkeep.

Size is consideration that merits significant attention. The mantra “bigger is better” is well known, but homes with significant square footage may not be ideal for all buyers. “How much home do I really need?” is an important question to ask before embarking on a home-buying journey. Here’s how buyers can determine how much house they need.

• How many occupants will be living in the home? - The first consideration in home size is the number of residents. Rocket Mortgage says a good rule of thumb is to give each person 600 square feet of space. So that means a family of four would ideally live in a home that is 2,400 square feet, while a couple may be fine in a 1,200-square -foot home.

• Number of rooms - Generally speaking, the more rooms in a home, the larger the house. Potential buyers should identify rooms they feel are essential. While formal dining rooms once were de rigueur, they largely fell out of favour in recent years in lieu of open floor plans. The more rooms you need, the larger a home should be.

• Potential life changes - It’s important to consider life changes on the horizon, and buyers should decide if they want to move as a result of those changes or if they want to set down strong roots and stay in one home. Also, those who anticipate caring for a parent in the future may want a home that will accommodate an extra resident in the years ahead.

• Tiny house movement - The trend to live in very small houses has gained popularity in recent years. Many people have chosen to live with less and downsize to diminutive homes. Most “tiny” homes are less than 400 square feet and are not much bigger than some owner’s suites in larger homes. There are merits to small homes, and that includes a small environmental impact, less clutter, financial advantages, and other perks like spending more time outdoors.

• Housing budget - Sometimes how much house a person needs comes down to how much he or she can afford. Small homes tend to be less expensive than large ones. However, even small homes in urban areas or those close to the water or other attractive amenities could be expensive..