Should You Buy a Bigger House?

If you’re wondering whether the decision to buy a bigger house is right for you, there are a few things you’ll need to know. While the modern trend in housing is to downsize, many homeowners are bucking that trend and focusing on “upsizing,” instead. Whether it’s because your family is growing or you simply want more space, the choice to buy a bigger house is a large one and should be considered carefully.

When Buying a Bigger House Makes Sense

Depending on your personal financial situation and preferences, there are lots of time when purchasing a larger home could make sense. For example, maybe your kids are getting older, and you’d like more space for everyone to spread out, or maybe you want to make room for aging parents to come live with you.

Perhaps you’re simply ready to move up from your starter home to a house with more space, or maybe you’re starting a home-based business. Whatever the case may be, buying a bigger home can be a smart move, and is a good way to make the most of your investment.

Things to Consider Before you buy a Bigger House

If you’re considering taking the leap and buying a bigger house, here are a few things to think about while you’re still in your current home:

Can You Afford It?

In most cases, larger homes come with larger price tags. To avoid getting yourself in over your head, you’ll want to ensure you can afford this larger price tag before you sign the papers. Break down your monthly payments, including things like taxes and insurance, and see how they compare to your current mortgage or rental payment. If it’s significantly more, consider whether it’s realistic for you.

Can You Maintain It?

Larger homes also require more maintenance than smaller homes. From cleaning to yard work to exterior repairs, everything gets bigger and more expensive as the square footage increases. Be sure you’re prepared for this if you’re used to living in a small space.

Is it a Long-Term Move?

If there’s a chance that you’ll want to downsize again in the next 5-10 years, think twice before purchasing a larger home. For example, maybe your kids are leaving for college soon. In a situation like this, you may quickly find that the large home doesn’t make sense for you and a spouse and that you’d prefer something smaller. In this case, it might be wiser to stay where you are.

 Welcome to Your Larger Home

While downsizing is right for many families, buying a bigger house can be an exciting process with lots of potential. Like all real estate decisions, it’s smart to make sure the move is right for you. With this in mind, you’ll want to consider everything from your 5-year plan to your willingness to maintain a large home before you close the deal. If you do decide that a larger home is right for you, you’ll be able to transition into the new space with peace of mind and happy anticipation.