Signs It's Time To Buy A Bigger Home
There are evident and reasonable signs it's time to buy a bigger home if you're beginning to feel cramped or your needs have changed. You might be considering moving into a larger property for one or more out of several reasons but are still unsure if it's a wise decision. For instance, you want to avoid all the common home remodeling headaches to improve your current property, a bigger residence already equipped with your needs is certainly a more attractive choice. Still, you need to know the legitimate reasons for upsizing.
Considerations before Moving into a Bigger Home
Of course, there are some considerations to think about before moving into a bigger home. A new mortgage definitely warrants deep thought because if you can get the best home loan rate and you can afford to pay a little more each month, you're one step closer to moving into a larger home. In addition to your mortgage principal and interest, slightly higher property taxes and insurance rates will also be a reality, as well as higher utility bills.
...if you feel like you're ready to move up, there are lots of upsides to buying a larger, more expensive home. The most obvious is the intangible, emotional upside that comes with owning a nicer home: It can greatly improve your quality of life. More important from a financial point of view is that if home prices continue to appreciate, you'll get a bigger bang for your borrowed dollar from a larger, more expensive home. For example, say home prices grow 5% over the next year. If you hold on to your $160,000 home, you'd wind up with $8,000 more in equity. But if you owned a $250,000 home, that same rate of appreciation would give you $12,500 in new equity. --Wall Street Journal
More space likewise equals more routine maintenance. Moreover, you'll have more interior space to keep clean, a trade-off for more living and storage space. If your current home isn't in an HOA community, larger homes which appeal to you might be, something to think about. However, if you've taken these factors into considerations, you might still be less than sure about buying a larger house.
Signs it's Time to Buy a Bigger Home
The signs it's time to move to a larger property are all around you. Knowing when the right time is to upgrade or upsize is a tricky calculation because life events are unpredictable. Even if you can easily afford to upsize, this alone isn't a good enough reason to make the move. Market timing is an essential part of the equation and in an active market, you're more likely to find what you most want and need. Here are some of the best signs it's time to buy a bigger home:
- You have a growing family. When a family is growing, thinking about moving into a bigger home is more than just a passing notion, it's on your mind, each and every day. But take comfort in the fact this is the number one reason people choose to upsize. It's very common for first time home buyers to purchase a small home to save money. But when the family begins to expand, the house no longer fits their growing needs. It doesn't even have to be children, but can also be pets, elderly parents, and other circumstances.
- Out-of-town guests visit frequently. Sarasota is a well-traveled destination location because of its wonderful weather, white sand beaches, and loads of recreational opportunities. If you have out-of-town guests visit regularly, your home might pack people together too close for comfort. What's more, a bigger home would allow you to use a guest room for a dual purpose of your choice.
- A need for more amenities. Although living close to the nightlife, restaurants, and shopping is generally desirable, it usually means homes near these locations lack certain amenities. Smaller houses lacking key amenities are downright frustrating and not having ample room to install these just makes the situation all-the-more maddening. Bigger homes generally have quite a few highly desirable amenities.
- The cost of repairs is never-ending. If your current small home is always needing repairs, you should break out a calculator and see if said repairs are financially feasible. You could very well discover it's just not worth the money to stay put and buying a bigger home is a smart decision.
- Changing professional needs. The average family moves every 6.7 years and for a variety of reasons. But, one of the most often cited is due to work. If your commute is unbearably long, it's worthwhile to seriously look into moving and take advantage of the situation by gaining more space.
If you are considering buying a bigger home and want to know all available options, just contact us. We'll help you with your house hunt and find the right property for your wants and needs.