Should You Rent A Larger Home Or A Smaller One?
When it comes to houses, most people assume that bigger is always better. But is this really the case? Are there times when you should rent a smaller home instead? Yes. To help you find the right size for your next rental, here are a few times to consider going bigger and a few in which to go smaller.
When to Rent a Bigger House
Certainly, the most obvious reason to rent a bigger place is when you have clearly outgrown your current size. This most often happens when the kids get older, you start or expand a family, or you entertain large groups often.
However, you may also need to look at larger homes if you've developed a targeted need. This isn't just about an overall larger house but rather about finding one with a specific space — such as a dedicated home office, a fenced yard, or space for overnight guests. Shopping for more square footage is more of a side effect than the intent.
A larger rental home is also a great way to ease into home ownership. By getting a larger space, you learn more about what you want in your own house and how much work it will entail. It also helps you do a trial run with the higher expenses and even some maintenance issues you'll face later.
When to Rent a Smaller House
Intentionally keeping your rental plans small may feel counterintuitive, but it provides a lot of benefits. Smaller homes allow you to have more flexibility and rent in nicer areas on a smaller budget. That lower rental payment also frees up your budget, reducing financial stress and allowing you to use that money in other ways like travel or investments.
Smaller spaces are also easier for busy, on-the-go tenants. There's less to keep up, clean, and manage — particularly if you don't even fully use all the rooms. If you don't love to clean or do landscaping, you may find that a bigger house is more work than you need.
Finally, don't underestimate the value of limiting lifestyle creep. This is the tendency to increase spending as income grows. It prevents many from getting ahead. Remember that along with a larger rent check each month, you'll also need to furnish and decorate that larger space. And that often leads to continued spending and effort to keep it updated and full of the latest and best stuff.
Where to Start
Which situations do you find yourself in? Should you increase your rental size for functionality and experience? Or should you keep it simple to reduce stress and costs? No matter which is right for you, the best place to begin is to tour properties for rent in your area. With these goals and needs in mind, you'll soon find the right place to call home.
For more information, look at properties for rent in your area.
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