How Much Square Footage Can I Afford?
You probably already know that square footage impacts the overall cost of a home, but that isn’t the only thing. Did you know there are other influencing factors as well? Did you know these other factors may determine how much house you’ll be able to afford?
Here are a few things to consider when looking for the most square footage bang for your buck.
Depending on where you want to live, the homes can be more budget friendly. For example, a larger home in Spruce Grove or Fort Saskatchewan may be the same price (or less expensive) than a smaller home closer to Edmonton’s downtown core. Both are affordable options, but the overall cost varies due to demand. For this reason, you’ll want to weigh your options when you’re considering where to buy your home.
In short, if you dislike commuting to work and aren’t looking for a larger home, you may want to stay closer to urban Edmonton. Conversely, if you’re looking to get more square footage and don’t mind a short commute, a bedroom community could be a perfect choice.
Adding upgraded finishes and features will often impact the overall purchase price of a home. While that’s not to say upgrades don’t add value to your home, they may affect how much square footage you’ll be able to afford. For example, if you have a strict budget but you’re wanting premium countertops, flooring, cabinetry, landscaping etc., you’re likely going to have to purchase a smaller home to avoid breaking the bank.
On the other hand, you’ll be able to afford a larger home if you stick to the builder’s standard finishes and refrain from adding too many upgrades. A good builder will offer premium finishes and features even at a standard level – guaranteeing your new home will look great and maintain its value.
Home models and styles also play a big role in determining how much you’ll pay for square footage. Consider the following when trying to choose the best home to meet your size and space needs:
Townhomes and Duplexes
Townhomes and duplexes are great options if you’re looking for plenty of space without the extra square footage that accompanies a single-family home. Townhomes are generally more affordable than single-family homes within the city and come in a variety of desirable locations. These models typically feature plenty of storage, private yard space and, in many cases, private garages. This style of home is a great choice for anyone who wants it all at a reasonable price.
Front Attached Homes
On the other end of the spectrum, front attached homes are generally larger, both in square footage and lot size. They also accommodate extra space for a double front attached garage. This home style is ideal for growing families needing more bedroom, yard and storage space. If you have a set budget, here’s where you’ll want to think about location, as you have the potential to get more square footage based on community.
Rear Detached Homes
This home style tends to be the perfect midpoint between townhomes/duplexes and front attached models. Rear detached homes offer all the benefits of single-family living and often come in at a lower price point than their larger front-attached counterparts (overall square footage is generally slightly less). This home style is perfect for homebuyers looking to move-up into a single-family home but aren’t needing the added space or cost associated with a front attached model.
No matter how much square footage you feel you require in your new home, there are multiple options available. Knowing what has an impact on square footage can help you better gauge what you can afford. Keep this information in mind and you’re guaranteed to find a spacious new home at a great price!