As real estate recovers in many markets, more homebuyers are once again hankering for that supersized house with the circular driveway.

"With foreclosures on the wane and the economy shifting back, the bigger-is-better mentality is also coming back," says Mary McCall, a real estate broker and president of the Council of Residential Specialists (www.crs.com).

If they can afford it, McCall says many people now opt for a house with more than 5,000 square feet of living space, and an assortment of amenities.

Eric Tyson, a personal finance expert and co-author of "Home Buying for Dummies," says some older buyers still want to actualize a long-standing wish for a very spacious home, regardless of its practicality.

However, in most cases people have well-defined reasons for wanting an exceptionally spacious house, according to Tyson.

He and his wife, who have three high-school-age children, both work from home. To accommodate their lifestyle, they purchased a 5,500-square-foot house when their offspring were small.

Although many baby boomers are willing to shoulder the expenses associated with literally living large, real estate specialists say younger people have other housing priorities beyond sheer size.

"The younger generation cares a lot about its carbon footprint. For them, it's just not fashionable to be an energy glutton with a humongous house," says Jane Fairweather, a veteran real estate broker.

Also, she says many young couples with children are unwilling to move to an outer-tier suburb to obtain a super-large house, assuming that purchase means a lengthy, grueling commute for one or both parents.

Are you contemplating purchasing a large home, but want to be sure the move is right for you? If so, these pointers could prove helpful:

-- Get your finances in order first.

Depending on your outlook, buying an oversized house is a solid long-term investment or a pointless money drain. With real estate values rising in many parts of the country, Tyson says more homebuyers believe that buying a reasonably priced home and holding it for five years or longer could prove a prudent choice.

But he cautions that no one should buy a supersized house without first looking at long-term budget constraints, things that mortgage lenders don't consider when granting loan approval.

"Your mortgage lender will never ask if you've saved enough to send your kids to college or care for your elderly parents. But these are clearly concerns for many people," Tyson says.

Another concern involves retirement savings. If you buy a big house, will you still have enough to live comfortably in spite of your mortgage payments?

To make basic calculations about a long-term budget, Tyson recommends the free online financial planning tools available through such mutual fund companies as T. Rowe Price (www.troweprice.com) and Vanguard (www.vanguard.com).

-- Consider all costs associated with big-house ownership.

Some big-house enthusiasts are willing to personally handle all the cleaning and maintenance tasks they face. But beyond upkeep costs, there are other expenses to factor into your calculations.

"In many areas, property taxes are going up at a high rate. Also, homeowners' insurance premiums are rising," Tyson says.

In addition, he says you should be sure to factor in the costs to furnish, heat and cool a very large house.

-- Think through your views on the investment potential of real estate.

In recent months, home prices have started rising in many neighborhoods, though in most areas properties still sell for less than their pre-recession levels. Does that mean there are still bargains to be found in the big-home category that could justify your purchase?

Tyson says the answer to that question depends on the strength of your local economy and labor market.

"If the area where you're looking is a popular one with low crime and strong schools, you could gain a lot of appreciation in coming years. But if the area is already overbuilt with big houses, you'll need to wait longer to pick up value," he says.

No matter how large a house you buy, you should stay there for at least five years to make your investment worthwhile, according to Tyson. In the past, many who've held large houses for years have been richly rewarded.

-- See the big purchase in context with your overall life goals.

Michael Crowley, a real estate broker and past president of the National Association of Exclusive Buyer Agents (www.naeba.org), estimates that 90 percent of his clients buy as big a home as their budget will allow. But the rest have priorities that trump housing.

He tells the true story of a couple of clients, college professors in their 40s, who deliberately undershot their spending ceiling. They bought a 1,200-square-foot ranch-style house with a tiny master bedroom, though they could have financed a property much larger, because they wanted to have a lot of money available for foreign travel.

Through the years, he remembers working with a number of affluent clients who placed a higher priority on saving for their children's college educations than on luxury housing. Others were willing to forgo a large house to cover the costs of expensive hobbies, such as skiing.

Of course, as Tyson notes, financial priorities are highly individual. For all who choose a home smaller than their income would allow, many others max out.

"There's nothing wrong with buying a house that's much bigger than you really need. If you can pay for it and are up for all the maintenance headaches, I say go for it," he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

A half-decade ago, more retirees were interested in buying a home in an age-restricted senior community. But that was before the Great Recession hit.

Since the economic downturn, real estate specialists say they've detected a decline in interest in "active adult communities" where recreational activities are packaged into a lifestyle that caters to older adults.

"There's a lot less interest in one-size-fits-all living. More people want an individualized lifestyle and multi-generational living," says Art Godi, a real estate broker and former president of the National Association of Realtors (www.realtor.org).

Godi says many retirees are still drawn to the amenities offered in classic retirement communities, which are typically located in the sun-drenched areas of the map. But they're even more attracted to a lifestyle that allows them easy access to offspring.

"Grandchildren are an increasingly important factor in home-buying. The more insecure our society becomes, the more families want to stick together," says Godi, whose family-owned real estate firm has sold homes for decades.

"Grandparents provide a great emotional support system that's especially important if the parents have stressful jobs and work long hours," Godi says.

Are you an older homebuyer seeking a place that will allow you more interaction with your grandkids? If so, these pointers could prove helpful:

-- Realize the advantages of buying a home near your children's place.

Allan Zullo, co-author of "A Boomer's Guide to Grandparenting," says he and his wife, who live in North Carolina, relish seeing their four grandchildren, ages 3 to 16. The problem is that two live in San Francisco and another two in Tallahassee.

To see more of the Florida grandchildren, he and his wife recently built a small cottage on the property where the kids live, in which they reside three months out of the year -- and they couldn't be happier.

Living very near your grandkids can work for you if you have close-knit family relationships, Zullo says.

"It takes the right family dynamics to make this work," Zullo says.

-- Discuss the implications of living near your children before you move.

Living near grandchildren can be enriching for all involved. Most grandparents find it gratifying, and most working parents appreciate the nearby support system.

But Zullo says you shouldn't move near your grown children without first discussing the expectations of everyone involved.

"You need to talk it out and define boundaries before making a move," he says.

According to U.S. Census Bureau data, an increasing number of people are now actively involved in raising their grandkids. But is it OK with your kids that you take over major childcare responsibilities? And are you willing to do so?

No matter how much they love their grandchildren, Zullo cautions retirees against centering their lives solely on family.

"It's vitally important you also have your own friends and activities," he says.

-- Seek to buy in a child-friendly neighborhood.

Mary Biathrow, a veteran real estate broker and grandmother of four, recommends that retirees planning to buy a property near their grandchildren look for a family-oriented neighborhood.

"There isn't much for kids to do in a retirement community. You're better off living in a neighborhood where there are other young kids to play with," she says.

-- Think of a home in a resort area as an alternative to moving near your kids.

Leo Berard, charter president of the National Association of Exclusive Buyer Agents (www.naeba.org), has 13 grandchildren scattered around North America. He and his wife have decided to keep their large family house in Massachusetts. But not long ago they also bought a spacious condo in Naples, Fla.

When they acquired the Florida place, they hoped it would serve as a magnet to encourage their kids to visit from as far away as California. And their hopes have been realized.

"There's a tremendous amount for the kids to do here in Florida -- including fishing and boating, which they love," he says.

-- Don't overshoot your budget to buy a home to attract your grandkids.

It's fine if you can afford to buy a vacation property that encourages family visits. But overextending yourself at the expense of your retirement security is a mistake, says Candace Carnegie, a seasoned real estate broker.

Carnegie, who lives close enough to her grandchildren to "pop in for dinner," very much enjoys time spent with the extended family. But she cautions those with limited retirement assets against taking so large a mortgage that their financial security is threatened.

"Even retired people can still find lenders who will let them borrow more than they should. It's great to live in a place that lets you see your grandchildren often. But you don't want to be house poor and lack money to pursue your other strong interests, like travel," she says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

Financial advisers have long cautioned retirees to avoid taking on mortgage debt when they buy a home. But some find it unavoidable -- even when they're downsizing to a smaller property in a more affordable real estate market.

Rodney Harrell, a housing policy adviser for AARP, says older homeowners are increasingly likely to keep facing mortgage payments in their later years. In fact, a majority of owners over 55 now have mortgages versus a minority in 1989. The data -- the most recent available--show a dramatic change.

Economic factors are the key reason why fewer retirees are able to buy a different property without taking out a home loan.

"Housing costs have gone up higher than incomes," Harrell says.

Still, he notes that many longtime homeowners have less equity than before the housing downturn of recent years. When they sell one home to buy another, they often lack the funds to pay cash for the new property or to make a large enough down payment to be spared high monthly mortgage costs.

Facing a substantial monthly mortgage payment can be especially troublesome for retirees, who are often beginning to face health problems. The risk to those with a mortgage is that they'll lack the funds to pay for both housing and health care, including their medicine. They may also want to have enough of a cash reserve to pursue interests and hobbies in their retirement years.

Here are a few pointers for retired or soon-to-retire homebuyers:

-- Design your housing agenda in the context of a larger life plan.

Sheryl Garrett, the founder and CEO of the Garrett Planning Network, a nationwide network of fee-only financial advisers, says that for most people a home purchase in retirement involves lifestyle changes and trade-offs. As she says, such trade-offs are highly personal and best made after a period of reflection and planning.

She says her years of experience working with retired clients have taught her that those who are able to pursue their passions during this period of their life are most likely to thrive. But whether you plan to take up pottery, study a musical instrument or travel to China, your interests will have financial implications.

As a first step for couples seeking to identify their strongest personal interests, Garrett recommends that couples do one of the pencil-and-paper exercises she outlines in one of her many books, "Personal Finance Workbook for Dummies."

Working separately, the partners write down 30 things they'd like to experience, see or do. Then they classify these as "A," "B" or "C" level desires. Finally, the partners share their lists with each other. They then focus on the high-priority items.

To gain a broad understanding of retirement and how to balance your financial and personal plans before committing to a home purchase, Garrett recommends a book called "The New Retirementality" by Mitch Anthony.

-- Do an inventory of your savings for retirement.

Any comprehensive plan focused on cash-flow concerns in the present should also factor in long-term financial needs, says Eric Tyson, a personal finance expert and author of "Mind Over Money: Your Path to Wealth and Happiness."

Before you take out a mortgage of any size, he encourages you to do a full accounting of your retirement funds, especially if you're in good health and can anticipate a long life span.

To gauge how well-prepared you are for a potentially long period of retirement, he suggests you use the free planning calculators provided by such mutual fund companies as Vanguard and T. Rowe Price.

"Before making any mortgage commitment, the sensible thing is to first tally up your assets and liabilities. Making a move doesn't mean you have to be house poor. But you do need to plan," says Tyson, co-author of "Home Buying for Dummies."

-- Take into account the extra time a bigger property could cost you.

Suppose your housing dream involves a much bigger property complete with elaborate gardens. If an assessment of your finances indicates you could afford it, should you go ahead on that basis alone?

Not without considering the implications for your time, Tyson says.

"Time is precious, especially in retirement. And keeping up a really big home can be draining on both the physical and emotional levels," Tyson says.

Tyson suggests people carefully review their personal priorities before purchasing a property that could tax their time.

"For a lot of retired people, spending time with friends and family is more important than keeping up a big house," he says.

-- Don't rule out moving to a lower-cost area to fulfill your housing dream.

Are you willing to move to a different area to upgrade your housing without increasing your monthly mortgage payments? If so, Tyson suggests you might wish to consider changing venues.

Tyson cautions that anyone considering a retirement move to save money should factor in all the costs associated with the move, including the local property taxes in the new area. In addition, take note of the air travel costs associated with living in a remote area.

"Don't count on wishful thinking about moving to cut expenses. Do a detailed analysis or you might live to regret your move," he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)