You could use the house on a large lot for a dynasty, but not on the lot it's on. It's too small and there is very little room to grow. Of course, with minimal changes you CAN grow it up three floors and down four, but I think it would still be too small for a dynasty/legacy challenge and not sure it would meet Metro's rules if you stayed on the small lot. That lot is not one originally with the game. I had to go into Edit Town to place the three lots in a row and he says no Edit Town except for things like the fire station and such.
I had a few choices I had to make. I wanted this to be a very comfortable, yet eye candy type house for an author. He/she would be a loner and shut in most of the time so the surroundings had to be lovely to look at but highly functional. It takes time or money to fix a clogged toilet or broken cold shower so they had to be high quality. Ditto with kitchen stuff, though I skimped a bit on the fridge since he would not spend a lot of time storing food. Even the computer is not quite top of the line but still a very good one, but the chair had to be super comfy.
I made a male Sim and for some reason I felt he would not appreciate my usual pastel pink surroundings so I went with a bright, red, white and black color scheme. That made it easy to make it look modern. I used the cheapest table and chair, the cheapest light fixtures, and items that would not directly impact his comfort. It's easy to recolor furniture and stuff to make it look great so that's what I did. I had bought the cabinets a long time ago. They are the cheapest ones you can use but a bit on the frilly side so going with black and white fixed that. The floor and walls were actually free. I don't know if it was a bug in the game or what but that floor is absolutely free and can then be recolored however you want it to look, also free. Same with the white walls. I really don't know where they came from but I use them a lot because they cost me nothing. Again, it might be a glitch. Just adding the $1 decorative vases gives that "nicely decorated" moodlet and the $1 hydrangea can also give that "beautiful vista" moodlet so I use them both a lot. The vases can be recolored as well. I set this up for my test sim for the write here, write now challenge and learned a lot from it. Mostly that I hate being forced to sit and write and that I really do love to build and remodel.