Key Factors to Consider Before Upgrading to a Bigger HomeFebruary 13, 2019
Feeling a little claustrophobic in your current home? You may have recently added more members to your family or plan on doing so in the future. Additionally, there’s a chance you have a friend or relative that is staying with you or you are someone who has frequent guests. Regardless of your situation, you finally feel that it’s time to make the move to a bigger home. However, before upgrading to a bigger home, there are a few important factors that should be considered.
What Are Your Goals?
Take time to sit down and think about what you hope to get out of your new, spacious home. Does the house have to have a large modern kitchen with an island for serving breakfast in the morning, or are you just looking for a property with additional bedrooms? Sure, it would be great to get a house that is a total upgrade, with a library or a pool. However, you should try to only worry about the features that matter to you and your family. If you only need an extra bedroom or two, then focus on that rather than an extravagant home that would end up costing you much more. Basically, write down a list of your must-haves and prioritize those.
Re-Location Might Be Necessary
Right now, you may not have your ideal-sized home, but you still have a neighborhood that you have grown accustomed to. Perhaps you are near restaurants, bars, or public transportation – all amenities which you may not have the same access to once you move. Often times, to get a bigger space within your price range you are going to have to relocate to a different area. To put this into perspective, let’s say you are located in Baltimore and love the community, but wish to have a bigger space. This may require you to move to Columbia, Towson, or somewhere else outside of Baltimore. You have to be open to this move if you want to get the spacious home of your dreams.
Determine If the Individual Rooms Are Actually Bigger
While a bigger home looks great on the outside, it might tell a different story on the inside. To illustrate, the additional rooms that the larger home provides could mean that the actual square footage of these rooms is being sacrificed. So, you could be getting a bigger home with more bedrooms, but the bedrooms are smaller than before. This would be a case where bigger doesn’t necessarily mean better. Therefore, it is in your best interest to investigate whether or not you are actually getting the additional space you desire.
Can You Realistically Afford It?
Considering that you will have financial obligations towards your additional pets or family members, will you be able to also handle the higher payments that come with a larger home? Besides a more expensive monthly mortgage, you may also experience higher property taxes, costly utility bills, and additional maintenance requirements. Before settling on a home, see if you can actually afford it by doing research. Add up all of the potential expenses and calculate the estimated total costs. This way, you can see which expansive homes are within your budget.
Keep the Resale Value in Mind
Lastly, while you may not want to think about where you’ll live after this home, it is always a good idea to keep the latest buying tends in mind. Choose the home that meets your goals first and foremost, and then factor in the location and features that would increase its resale value.
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