Here are some tips to consider when asking yourself ‘Should I buy a bigger house?’:
Top Reasons for Upsizing
People move to a bigger space for many reasons: a growing family, the blending of two families, or grandparents moving in; starting a home-based business which may require space for employees; or growing your real estate investment portfolio. With experience in all of these conditions, I can help you answer the question of “should I buy a bigger house?“.
Desirable Aspects to a Bigger Home
Analyze what your current home doesn’t provide so you can determine the requirements for your new home. Don’t forget to consider how your needs may change and what you’ll need from your home in the future. The cost of selling your home, buying a new one, transfer taxes, and moving expenses as well as the sheer time and energy involved means you should ensure you’ll be happy for many years to come. So, think about location, commute, size, yardage, special features (i.e. pool), and what is essential to your desired lifestyle.
Can You Afford to Buy a Bigger Home?
Have a meeting with your mortgage specialist to determine if you can manage the increased expenses associated with a larger home and still maintain your current lifestyle. If you require, I can provide you with a recommendation. Recognize that your mortgage payments, property taxes, insurance, utilities, and repair costs will likely increase.
Buying or Selling First When Upsizing
It’s beneficial to sell your current home before the purchase of your new one. However, if you’ve found your dream home and would like to purchase right away so you don’t lose out to a competing buyer, putting a contingency in your contract is an option. This means that the purchase won’t go through if the sale of your home falls through. However, keep in mind that this may keep some buyers and sellers from accepting your offer. With experience in these types of situations, I can guide you on the best course of action.
Bigger Home, More Furniture
Owning a bigger house means having more rooms to furnish and walls to cover. Although it may be tempting to purchase new furniture immediately, I’d suggest waiting 2-3 months until you have a handle on the increased expenses and can establish a budget. Once you’ve lived in your new, larger home for some time, you’ll also have a better idea of what items you actually need.
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