Though we have this image of families from yesteryear living in large Victorian-style houses, the truth is that homes across the developed world are getting larger on average than they've ever been. In Australia the average home size has increased nearly 40% in just the past two decades, to an average of approximately 2,450 square feet. The numbers are similar in the U.S, where the average home sits at around 2,343 square feet, a jump of over 50% in the last 35 years.
These rates are not so much a result of houses across the income barrier getting progressively larger, but main houses in the upper tier getting much larger. 3,000 square feet new homes are now considered on the smallish side, with 5,000 to 8,000 being the norm. Whereas old style large homes were all quite unique from each other, this new crop of large, mini mansions are now dubbed McMansions, for their cookie cutter design and assembly line style production, often being crammed together closer than these homes would've been in the past.
The average house now has four or more bedrooms, despite the average family size in developed countries dropping drastically in the past 50 years. These large homes inevitably also get filled with larger everything. Larger appliances, multiple heating and cooling systems, professional-grade stoves and fridges, larger sofas, etc are just the beginning.
It's all about interior space with these houses, which is their main selling point. You may find yourself feeling claustrophobic after being in one of these behemoths and then returning to a smaller home. The ceilings tower and the rooms are massive, with large walk-in closets, tons of large windows, wide hallways, etc. If the human race evolves to the point where we're all eight feet tall with massive wingspans, these homes will not need to be renovated to accommodate them one inch.
A home of this size will all but surely be the most expensive item you'll ever purchase, and therefore needs a good deal of thought but into it beforehand. This begins with the neighbour, and not only the way the neighbourhood is now, but the way it's expected to be in ten, twenty or more years when you're looking for a .
If you're building a new custom home, you should certainly look into incorporating energy efficient designs into the home. Proper insulation, lighting, and heating and cooling systems will all play a major role in your utilities bill. You may also wish to give the house a more complete feel by having the brick or stucco facades that only face the front of most McMansions encircle your entire home. It's small touches like these that make a home unique and valuable.
Freud would be aghast at our preoccupation and obsession with size, but it's undeniable that we do love things bigger and more extravagant as we can get it, regardless of need or worth. This trend will surely continue in the years to come, at least until we eventually run out of land and are forced to cram into tiny apartments and sleep in containers like the Japanese.
Considering getting a new home mortgage to get better interest rate, lower monthly payment or shorter loan term? Well, you might just be in the right track. Put simply, a home mortgage refinance is only a sound financial decision if you save a good amount of money out of it. When is it a good idea to refinance?
Refinancing is sound if you have an existing adjustable rate mortgage which is increasing in a pace too fast for you to carry on, or about to make a balloon payment you are not ready for. Refinancing also makes sense if you need some extra cash for a big expenditure such as a much needed house renovation or college tuition. Before these circumstances put you in deeper financial trouble, it may be a good idea to get a new home mortgage and refinance your problems away.
There are a good number of online tools available to help you determine whether or not you are viable for a new home mortgage or refinancing. These calculators often take into consideration most of the factors which are important during the entire process which includes your current balance, monthly payments, interest rates, application fees, closing fees which include documentation, legal fees, appraisal, and so on. All these are useful, and will help you avoid underestimation or overestimation of the new mortgage you are planning to take on.
Getting a new home mortgage through refinancing usually involves paying off your original mortgage and signing up for one which is based on better conditions. If you are to pay off your first mortgage early, expect some pre-payment penalties to be charged against you. Also, you need to expect closing fees which will be charged by your lender.
With these in mind, you have to properly compare your existing loan and your new mortgage loan based not only on a short-term basis (monthly payments to be made) but in the long term as well (the mortgage term). This means that the total cost of your new mortgage (considering all monthly payments) should be less than your existing mortgage.
You must also look into annual rates and fees to make sure that the total costs you need to take on when financing a new home mortgage is less than your total savings in interest rates. There are lenders which do not require you to pay upfront closing costs, but charge you higher for your interest rate, with higher monthly payments. You will need to carefully consider these factors and do your own calculations to make sure you actually save when refinancing.
Getting a new home mortgage is a big decision that you should carefully think about and consider. Be sure to have your lender inform you of everything you need to know to avoid unpleasant surprises along the way. Lenders are always ready to be of help should you need any form of clarification. Remember though that in order to get a good deal, you should be well-informed and educated in the entire decision making process.
Both Caden Flynn & Alan Lim are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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Alan Lim has sinced written about articles on various topics from Colorado Springs Refinance, Flirting Tips and Online Dating. Want to know how to go about with your current finances? Need some financial advice on what to do with your home mortgage? We can help! Visit