Don’t buy a Short Sale until you heard this!

Hey, everybody, it’s Janine Sasso, your local Chicagoland realtor. And in today’s episode, we will be covering how much home is too much home for you. This one I want to kick off with some interesting stats. Did you know that in 1982, 2.76 people lived on an average of 1595 square feet. Now, let’s compare this to 2018. In 2018, 2.54 people lived on 2385 square feet. What a difference. But how come? Where’s the difference coming from? Now, let’s think about this. Double vanities have become a must have in a master spa bath. How about the man cave? The entertainment room. Everything is considered a must have item on today’s home buyers list.

What about the in-home office? Or my absolute favorite, the king sized bed that has to fit in the master bedroom. Now, qualifying for the McMansion is not so much a problem these days. People are generally making a good amount of income and they’re getting qualified for homes that are definitely up in the price ranges. But when it comes to buying McMansions, here are some things you definitely want to consider before you make the purchase. Bigger homes mean higher property taxes. The added square footage adds into your taxes. Bigger homes also mean higher utility cost. Heating and cooling. A bigger sized home will take more money from you.

And bigger homes also equal more maintenance cost. The outside of the home has a larger surface, which in turn means a larger roof. Larger siting, most often a decent sized yard that needs to be maintained. Now, what do all of those higher costs mean to you? Now, if you have higher maintenance costs and higher utility bills and higher taxes, do you have less money oftentimes for retirement savings? College funds. And to pay down other debts that might be important for you to get rid of. So before you purchase the McMansion, consider those facts. I hope you found this helpful. And as always, I look forward to another episode next week. Feel free to send me your questions at Janine@3keysrealestategroup.com. And I look forward to being your local real estate guide in the Chicagoland area.

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