Which is Better More Space or Good Location?
Hi I’m Emily Coates with Crosstown Marketing Group and I’m here to talk to you about larger space versus better location.
Clients ask us all the time what is more important: Finding a small space in a location that they love and is convenient for them or finding a larger space that they can grow into that might be a little bit further away?
One of the questions that we’ll ask first is:
- What do you need the extra space for?
- Are you looking to have kids?
- Do you need a mortgage helper?
- Are you looking to entertain on a regular basis?
Also how much will your commute cost? So if you do move into a larger space, further away:
- Are you going to have to be paying anything extra for tolls?
- How much gas is it going to consume?
- What are your added transit costs?
What is your eventual goals for the space?
- Are you thinking that you are going to keep it? or eventually sell it? or rent it out?
The Case for a Small Space
If you are planning on using it as a rental, more often than not a smaller space is going to be the right choice in a better location because that is where the entry level price point is and it is a much easier place to rent. Small spaces also have fantastic furnishing options these days, great ideas and lots of storage ideas. (About storage – if you are planning on purchasing storage or renting storage you need to take that into cost considerations as well.)
The Case for a Larger Space
If you end up looking for a a larger space it may end up being a better choice for you because you may stay there longer. If you are thinking of buying a small space, selling it to purchase a larger place for you with an eventual family, those costs can add up pretty quickly: real estate fees, property transfer tax, moving costs, etc. These all need to be taken into account.
If you have any questions about what your best bet is, feel free to contact us anytime.
I’m Emily with Crosstown Marketing Group and I talk Real Estate.