Rightsizing

How big is closely related to how much. Prices per square foot range from about $70 to several hundred dollars (which varies by area), so once you’ve picked your ideal area, size has a big effect on your budget. You may want to take a quick glimpse at the Neighborhood Overview section under the "About Austin" tab to get a rough idea about neighborhoods and general price ranges.

The types of homes range form condos and townhomes in the suburbs to the newer luxury condos and lofts downtown or to single family homes in most areas.

Homes in the 1,500 sq. ft. size are available in the $125-175k range in many areas. Since we are not as pinched for land as in most other metro areas, 2,500 sq. ft. homes are very common. We also get into the mega-home category if that’s your preference. There are a lot of newer homes to choose from, and a typical layout for homes built in the last decade or so will have the master bedroom downstairs, no living room, and an open floor plan centered around the family room and kitchen.

If you’re a young and growing family, you may want to seriously consider getting that 4th bedroom now. It may be a $15k premium. Although an extra $100/month payment might seem like a stretch now, it may cost $25-35k in selling, buying, and moving costs if you have to upgrade years later. That $100/month now seems cheap in that context.

What about everyone else? How much space do you have now? Are you "crowded" because you don’t have enough people space or because you’re hanging onto rooms of furniture you really don’t need? Maybe it’s time to give away or sell some of it. Why penalize your budget to warehouse the things you don’t need? To decide on the number of rooms needed, maybe you can come up with multiple uses for one room instead of adding to the total number. Are the kids gone and you have rooms that you still furnish and clean but almost never visit? If your adult children and grandchildren visit once a year or less, paying for a hotel room is a lot less expensive than paying a premium every month for years on those extra bedrooms. Today’s homes have a lot of great styles and creature comforts, so going smaller does not mean skimping on enjoyment.

We have plenty of affordable choices if you want to go up in size. Most homes in the 2,500 sq. ft. range will have an office, and many will have a game room. In the 3,200 sq. ft. range and bigger a separate media room is very common in newer homes.

After deciding on a home size and amenities you’d like, the lot is the next thing to think about in the size category. In the higher density subdivisions a lot is typically one-sixth of an acre, which still offers a nice and manageable-sized yard. Many areas have lots in the quarter or one-third of an acre range, often within 15-20 miles of downtown. Lots in the one acre plus range are available within 20-30 miles of downtown, and many can be found in the $300-500k price range (including the house).

There are a number of excellent choices in many parts of Austin and the surrounding area. If you’d like to provide some inputs about what your ideal home and environment would look like, I can make some suggestions on areas to meet your needs. Just send along your comments and I’ll give a personal response promptly.