Is a nice big house really worth it when an older, smaller one is totally adequate?

[Anonymous]

DH and I are looking to buy in an area where starter homes are $ 800k and the average sale price is $ 1.2M. We have 300k savings. We could actually afford the monthly payments on a 1.2M house (HHI 400k, no debt). I just hate the idea of spending 7k every month for 15 years when we could be spending 3k.

To those of you with older kids: how much stigma do your children experience if you live in a 1950s split-level instead of a 4000 sq ft home dating from the early 2000s? I am aware that the home is the nr. 1 status symbol. Would my child feel more self-confident inviting friends over to the 4000 sq ft home instead of the 1600 sq ft split-level or rambler? Is that worth 400k + interest + increased real-estate taxes?

Apart from the children, how much do you think your own standing in the community is affected by what kind of house do you have?

We plan to live in our next house for at least 20 years, so I do not consider it an investment. Even if we buy the more expensive house, the upkeep will have cost so much by the time we sell it that I do not expect to make any profit.

[Anonymous]

I have no idea but am looking forward to hearing what others have to say. We are in the same position as you with pretty much the same financials. Love to hear what people think.

[Anonymous]

I think you are that sociology student OP who keeps posting nearly plausible hypotheticals. This is #3 by my count.

[Anonymous]

I think house size has zero impact on any "stigma" or 'standing in the community." No on else cares what kind of house others live in. However, I think it's all about which you more enjoy living in. We like having space, having a playroom, a home office, etc. we enjoy our larger house because we like living in it; we could care less hat others think.

[Anonymous]

"Why, oh yes! The child will feel 15% more confident with each additional 300 sq ft."

[Anonymous]

Yes, please buy the larger home-it's always best to base these type of decisions on your kids perceived stigma and your "standing in the community"

[Anonymous]

You're the dumbass that wants to know who to vote for aren't you?

[Anonymous]

There should be another option for you: what about looking longer in your neighborhood until something you like but is more reasonably priced turns up? Maybe something that needs work?

We looked for more than a year because I absolutely wanted to live in downtown Bethesda, in a house. Since nearly all of them were out of our price range, we finally hit on the one and only smallish fixer-upper that nobody would buy and got it cheap, renovated it carefully and now we love it.

Definitely do not spend your hard-earned money on a 1.2 house if your heart and that of your family is not in it 100%. The utility costs will be astronomic if it is not built well (and for that money, most builders build large but not well). The cleaning will be significant, even if outsourced.

Personally, I find split levels inelegant and tasteless on the outside but rather convenient on the inside. If thoughtfully renovated and decorated inside, you could save your money and stay put. Simple.

[Anonymous]

you need to think long and hard about what type of values you're teaching your children if you even remotely think this type of question should influence what type of house you buy...

[Anonymous]

OP here. I am neither the sociology student nor the "dumbass that wants to know who to vote for". I am a physician, if you really want to know. Why is my situation so implausible? Another poster just said that she is in the same situation.

[Anonymous]

Ah. You are an Indian physician.

[Anonymous]

She's stupid too, not all docs are smart-just have a good memory

[Anonymous]

Anonymous wrote:I think house size has zero impact on any "stigma" or 'standing in the community." No on else cares what kind of house others live in. However, I think it's all about which you more enjoy living in. We like having space, having a playroom, a home office, etc. we enjoy our larger house because we like living in it; we could care less hat others think.

+1

[Anonymous]

I live in a small 1925 home that is prefectly adequate for a family of four. Don't really care about the status thing. I am happy to not be forced to work full time (have had to not work or work part time due to special needs child) and not being stressed to the max to be able to pay the mortgage.

[Anonymous]

If this is serious what a twisted question...social stigma based on how nice/big your house is? Wth