Most people are in a constant search for the perfect home — one that has the features they love, and enough space to grow a family. But at some point, buying a bigger home becomes an important consideration. It now has to be a spacious dwelling place not just for comfort but also to accommodate a new lifestyle.
Here are five tell-tale signs that it’s time for you to move to a bigger home.
1. Your family is growing.
Whether you’re having a new baby or your parents are moving into your home, more people means you will need more space. With a bigger family, you’ll need a spacious area to roam around.
If your current house no longer fits the family’s requirements, it’s time to get a bigger home. An extra bedroom, bathroom, and recreational space are one of the things you will need to prepare for.
2. Your lifestyle is changing.
A shift in career may require you to travel long hours to reach your new workplace. Instead of spending more time on your way to work, a new home near its location would be a practical move for you.
By getting a new home that fits your lifestyle, you can reduce cost and potential stress. Perhaps the location of your first home is not in the greatest neighborhood and you have no choice. You will have to select a community that best suits your preferences, needs and lifestyle.
3. You’re earning more.
A boost in income means it’s a great time for you to invest in a property. Now, you can already afford to be more particular about your priorities and space requirements, and start looking at projects by boutique real estate developers, for example. Spend some time contemplating and planning what you will do with a bigger space.
A bigger home means more money and hard work for maintenance. If you are 100% certain that you can afford it, now’s your chance to build that dream home. You deserve to better your level of comfort after all your hard work.
4. Remodeling your current home is both a hassle and costly.
If remodeling your house is out of the question, moving to a new home may be the best option. It’s not practical to spend huge money on renovation when you can afford to build a new home instead. That is, unless, you want to live for months in a construction zone.
You can opt to sell your current home instead and use the proceeds towards building your new home.
5. Market conditions are in your favor.
Knowing the market entails being aware of whether home prices are falling or rising. An increasing home price market means that you’ll be spending more on your new home. But you will also be getting more for selling your previous home. If the situation is such where mortgage rates are low, it’s a good opportunity to borrow money to finance your new home.
When market conditions are in your favor, it’s a great idea to buy a larger home. You’ll be taking advantage of the housing slump when there’s a decline in property prices. Acquiring a bigger home when there are low-interest rates means more purchasing power as well.
Four questions to consider before making a decision.
What is the current condition of your home?
After you move to your big house, you will still have to sell and make good use of your previous home. Study the market around your area. How long will it be on the market? Are you getting a great deal on your new home to cover possible price cuts to sell your current home?
Why do you want to move to a bigger home?
Reflect hard and well upon your situation. Is your decision based on some notion of prestige? If your only motivation is to impress other people, it’s not the best intention.
Moving to a larger home should not only be according to what you want. It should be something that you need to do. If your family is growing and you believe a bigger house will give you a better quality of life, then it’s worth investing in a larger home.
Are you prepared for the costs?
Your financial status is a big factor in building your dream home. There are costs associated with moving to a larger home that you have to consider. Think about the possible increased costs of your property taxes and home insurance.
On top of that, you may need to buy new furniture and spend more on home maintenance. You should prepare and plan for whatever extra costs are related to having a bigger home.
How long will you stay?
When moving to a new home, you have to consider how long you are planning to stick around. Moving to another house is a great adjustment for the family. The costs you suffer during the entire process are no joke. As a typical home buyer, you should at least expect to stay in the same place for five years to make the investment worthy.
Other important considerations:
- Don’t buy a bigger home based on size. Contemplate the home’s features to make sure it fits your needs.
- Make sure you are ready. Prepare for whatever unexpected circumstances that come with a bigger home.
- You should also understand that you may end up with a large purchase instead of a good investment.
- Do some research and find some home inspirations to get a clear picture of your dream home
- Make sure you hire a team of professionals to do the job to avoid expensive mistakes.
Upgrading and moving to a larger home is an exciting event. But amidst all the excitement lies the cost. Buying a home is a huge step and one of the biggest purchases you will make in your lifetime.
Nobody can dictate whether moving to a bigger home is a good decision or not. It all comes down to how your current financial situation can handle the change. You should be able to handle extra costs for the entire duration of building the new home. And this should happen without putting yourself at risk for debts.
Anyone will have the opportunity to build the home they’ve always wanted. But doing so means being responsible. Plan and prepare the needed financial foundation. Make the choice if you’re sure you can handle the costs and you think it will improve the quality of your life.