The idea that bigger is better is something that is ingrained in us from a young age, and it only intensifies as we get older, but should we really be applying it to our homes? First, ask yourself if it is really time to sell. Then follow our list of things to consider before super sizing.
1.Think about your goals. Family growth has changed in recent years as it is becoming more and more common for kids to live at home after college for a longer time and for in-laws to move in as they age so rather than a traditional arc of a family growing at the beginning then leveling out and finally diminishing, families are experiencing different growth patterns and therefore have different housing needs.
2. Determine what you really need. Is the house really too small or do you just need a different layout, a more open kitchen, or to declutter. Often we hold onto things that don’t serve us which limits our options and shrinks our spaces. If you look on paper and see a house that ideally should fit all your needs, consider what you can alter to make it work.
3. Crunch the numbers. Ask yourself if you can afford the closing costs and the costs that add up in the first year of home ownership. It’s not just a mortgage that gets bigger, think about whether you can afford to spend more on taxes, utilities, and maintenance which all also increase with the size of your home.
4. Look outside the box. If you truly need a bigger house you may have to look outside your neighborhood to find one that fits your needs. Stay open-minded, because with the right agent, you won’t have any trouble finding the perfect, upsized home for your family.
While it is tempting to upsize into a nice, large home that may have previously been out of financial reach, think carefully about making this purchase.
The home price is only one consideration. There are many other expenses that come with a larger home.