House prices are low, sending many homebuyers out into the market to buy the biggest house at the lowest price. Sure, you want the biggest bang for your buck, but there is more to think about than the monthly mortgage payment when it comes to choosing a home.

• Bigger houses require more costs in cooling and heating
• Evaluate whether your family is growing or shrinking
• Repair and replacement costs depend on size (heating and cooling units, roof repair or replacement, exterior painting or siding maintenance, repair and replacement, etc.)

Bigger House, Higher Costs

According to the Environmental Protection Agency, the average American household spends $2,200 annually on energy costs. The majority of these costs go toward heating and cooling the home. Keep in mind that even though you may be getting a great deal on the purchase price of the home, you have the ongoing costs for running the home. When it comes to electricity, gas, heating and cooling, the more square footage, the higher your monthly costs will be to cool and heat the home.

Even if you buy a larger home, there are ways you can budget for and keep these costs as low as possible. Some of your options include setting the thermostat at a few degrees higher in the summer and a few degrees lower in the winter, using a programmable thermostat, installing energy efficient appliances, and using common sense, such as shutting off lights and other electric items when nobody is in the room. Unfortunately, some of the costs will still be out of your control.

Current and Future Situation

You may fall in the love with a home because of the neighborhood or the style. While this is fine, the neighborhood and style of the home may not fit into your current or future lifestyle. When buying a home evaluate your short-term as well as your long-term goals.  For example, that cute little two-bedroom bungalow may be perfect for you and your spouse, but if you plan on starting a family in the next few years, all of a sudden two bedrooms may seem way too small.

On the flip side, if you are getting ready to send your youngest child off to college after raising four kids in a five-bedroom home, it may be time to consider downsizing to a smaller home.

Repair and Replacement Costs

A bigger house also may seem more a detriment than a benefit when it comes time to repair and replace household and structural items. Some repair or replacement costs do not necessarily relate to the size of the home (like the replacement of an oven), but other  costs directly relate to the size of your home. For example, if you have to replace the roof on your home, the larger the roof is, the more it will cost you. If the air conditioner needs replacing, you have to buy a unit that is the correct size to cool the square footage of your home. So, again, this is a situation where the bigger your home, the more it is going to cost you to replace a cooling unit.

In a situation where you can buy a bigger home for less money, it may seem as if you are getting a great bargain. While the home may be a steal, consider the other costs that come with a bigger home before and evaluate if it’s really the deal you think it is.