Here, my wife and I were guilty. When we bought our first home, it was absolutely capacious compared to our apartment. Two bathrooms? A guest room? A living room and a little den? How could we ever need more space? Then we found ourselves expecting our first kid.
Within a few weeks of that happy news, we found an architect and general contractor and got to work adding an addition to the house. The final product was plenty of space for the growing family, but it added greatly to the amount of cash we had invested into the home.
When considering a house for purchase, think beyond today and consider your needs in years to come. Buying a home that was too small tied as the top mistake reported by the millennials Porch surveyed. Tellingly, for Gen Xers and baby boomers, buying too small of a house was the No. 1 mistake they reported.