Whether you are preparing to transition from renting an apartment to owning a home or your expanding family has outgrown the house you currently live in, upsizing may be something you are considering.
“There are a handful of reasons people choose to move into bigger homes – be it a growing family, inlaws moving in or a desire for more space” informs Chandler Crouch of Chandler Crouch Realtors in North Texas. Before you get caught up in the excitement, here are a few things you will want to think about.
Think about your goals:
Take time to think about why you want to purchase a larger property. This crucial first step is going to help you determine if a move is right for you.
So, why do you want a bigger house? Are you planning on expanding your family? Do you want to be able to accommodate guests? Are you tripping over family members in your current home? These are just some of the reasons many homeowners start to consider upsizing.
Determining your future goals is also an important step in order to decide if moving up isn’t the right choice. Are you wanting to retire soon? Travel? If so, moving into a larger home may not make the most sense. In fact, if this is the case, you may be more interested in remaining where you are or even downsizing.
Think about the cost:
Most people are aware that bigger homes are usually accompanied by bigger mortgages. Going through the financial planning process of purchasing a “move-up” home will ensure you are fully aware of potential increased payments.
Keep in mind that your mortgage payment isn’t the only new expense to consider. Bigger homes also see bigger utility bills as they cost more to heat or cool and have more space to be lit.
Ongoing maintenance of a larger property will come with a larger price tag. Whether it be repainting, flooring or special projects like reroofing or repaving, these are likely to cost more in a new, bigger home.
Think about time:
Consider your lifestyle and the amount of time regularly allotted for your house and property upkeep. A larger home will require more time to clean and tidy, whereas lawns and gardens will generally be more expansive and in need of regular maintenance.
If you are already struggling to juggle the demands of daily life, scheduling more time for these tasks may not be feasible. Hiring help is a potential solution, however, remember to budget accordingly as a bigger job is followed by a bigger bill.
Think about the space:
The main reason for wanting to upsize one’s home is the need for additional space. Before rushing into the largest home you can find, determine exactly what space you need and whether you will actually use it.
Sure, it’s great to have a guest room for overnight visitors, however, if you don’t host out of town guests more than once or twice a year, the area will generally sit unused.
Having extra space typically results in the need to fill it. Furniture, appliances and decor will add up, so being resourceful with what you currently own and mindful of each rooms purpose will save money and ensure all areas of your new home are used effectively.
Regardless of what is driving your decision to look for a larger home, taking the time to consider these aspects will ensure you will be taking that step with no regrets.
