Non-Financial Cons Of A Bigger House
When analyzing the pros and cons of buying a huge house, it's easy to focus on the financial aspects only. This is understandable given that the huge deposits, large mortgage payments, and high maintenance costs are some of the reasons people shy away from big houses. However, there are non-financial cons of owning a huge house that you should also be aware of, and they include:
Being a Perpetual Host
If you have a big house, expect to be the ones people turn to when they need a big place to hold an event. Even if they don't mention it explicitly, you will be in their thoughts, and you will be able to see it in their eyes. So when there is a get-together of your high school or college friends or annual family gathering, expect sidelong glances expecting you to raise your hand and volunteer.
Of course, there is nothing wrong with hosting parties again and again – if you want to do it. With a big house, however, others will expect you to do it whether or not you are in the mood.
Keeping Up With the Joneses
Big houses are usually owned by wealthy families and located in excellent neighborhoods. These people own specific cars, take their kids to specific schools, and even shop in specific locales. When you buy a big house in such a place, you may feel the pressure of having to fit in that kind of lifestyle. It can be extremely stressful if you don't have the means to do so. Even if you have the means, but don't wish to live the life, your family members may feel the pressure and make you feel it too.
Being of Target of Moochers
Lastly, if you have a big house, others may seek "temporary" lodging from you, only to end up as your permanent guests. Casual friends and distant relatives may all turn your place into a guesthouse. Don't get this wrong; helping people is good. But there is a difference between helping people and letting them steal your life from you. In fact, it's not even about the finances. Some permanent guests don't know their limits; they will always be in your face even when you want a quiet time with your loved ones.
Therefore, if a small house is what you can afford now, don't stress yourself saving for a bigger property. This is especially true if you have no problem with the "small" house you can buy now. The big house may come with its own problems.