Considering Moving to a Bigger Home? 5 Signs You’re Ready

While some homeowners are embracing the “tiny house” craze, and downsizing their homes significantly, many other homeowners still want the traditional American dream: a home large enough to accommodate a family and provide some room to grow. Which is why some are moving.

If you’re considering moving into a larger home, either because your family is expanding or because you simply want more space, there are a few telltale signs you’re ready for the transition. Read on.

5 Signs it’s Time to Think About Moving into a Bigger Home

If the following five facts apply to you, the chances are that it’s a good time to find yourself a larger abode:

1. Your finances are healthy and robust

Larger homes come with more expenses – from the utility costs to simple maintenance and insurance expenses. With this in mind, it’s not smart to buy a larger home unless your finances are comfortable and well-maintained.

This means your debt-to-income ratio should be in-check, and that your credit score should be in good shape. If these things don’t apply to you right now, consider working to improve them before you make the decision to buy a larger home. While this may be frustrating in the short-term, it will make the process much more manageable in the long-term.

2. You can afford a larger mortgage payment

While paying a mortgage can be difficult, affording a larger one is a whole new ball game. Because larger homes are more expensive to purchase, you need to be sure that you can afford the cost of a larger mortgage before you make the decision to move.

If you have any doubt about this, sit down with a real estate professional or mortgage broker to discuss what the payments and rates of a bigger mortgage would look like. Suppose you can comfortably afford the increase, you’re in good shape. If you can’t, it may be wise to spend some time reconsidering whether moving is the right option right now.

3. The house will accommodate the next several years of your life

If your family is actively growing, a larger home is a great decision. If you have older kids who are preparing to head off to college, you may consider staying in a smaller home, since you likely won’t need all of that extra room once the kids are gone. Because moving into a larger home is such a big decision, it’s important to ensure that the home you decide to purchase is one that will accommodate the shifts and changes of your life over the next several years.

4. The home’s resale value should stay strong

As buying real estate is always a somewhat risky move, it’s smart to ensure that the larger home you purchase is one that holds a strong potential for resale. By ensuring you’re making a smart investment now, it’s easier to keep your financial health stable down the road.

5. The house will help accommodate your goals in the coming years

Want to start or expand your family? Looking to develop an at-home company with room to grow? Do you simply need a garage or large backyard to work on a hobby or passion? If so, a larger home is a great idea, and moving into one (providing you’ve met the above criteria) can enhance the quality of your life.

Moving up in Life 

Moving into a larger home means more space, more possibilities, and, yes, more expense. When you take the time to be sure you’re ready for such a change, though, it’s easy to enjoy your upcoming move rather than struggling with whether or not the change is right for you.