Should I Upsize My Home? Four Factors to Consider
Homes are more than just investments – it’s where we live! It’s no secret that the cost of housing has been steadily rising for quite some time now. Deciding whether to upsize your home is a big decision. The idea of a bigger house often seems appealing, especially if you have kids or are planning on having kids someday. If you’re considering upsizing your home, you’ll want to consider the factors of more extensive living space. There are four significant considerations worth keeping in mind when deciding whether or not to upsize; let’s learn more about them.
- Do You Require a New Residence?
Expanding your current home is an option to purchasing a larger property. Renovations and additions require a lot of time and effort, but they allow you to stay in the house and neighborhood you know and love without having to buy a new house. You can also personalize your home to your preferences. Ask yourself this do you really need a new place?
- What is Your Financial Capability?
Even if you don’t have a pressing need for a larger home right now, it may be helpful to do so if your financial condition is stable. There’s a good chance you’ll need to upsize in the future, and it could happen at a time when you’re not as financially secure as you are now, causing you tension and panic.
Doing so now, while you still have the opportunity, might save you a lot of future frustration and grief, as well as allow you to purchase your dream home instead of settling for a bigger one later!
- Is it a Good Time to Upsize?
Demographic changes, interest rates, economic strength, and applicable government incentives are continually changing and have a significant impact on real estate values. When weighing your upsizing options, it’s a good idea to keep a few key considerations in mind.
First, look at what property values — or rents, if you’re a renter — are doing in your neighborhood and where you’d like to live. It pays to know which way prices are headed, whether you’re moving across the city or just down the block.
Consider all the factors, and if the time feels appropriate, you can go ahead with the plan.
- More Room Means More Maintenance
It’s easy to overlook the additional maintenance that larger homes necessitate. Lawns, gardens, and pools are fantastic additions to your life. Still, regular maintenance may consume a significant amount of time and money— and then there’s the periodic maintenance on top of that. The same may be said for expanding your home’s floor space. Do you have the time or money to keep a greater floor space clean? If yes, then you can plan further with buying a big house.
Before you upsize your house or buy a new home, make sure that your place is well organized and optimized for the space you have. This way, when you do eventually move to a larger house, you won’t be spending extra money on renovations and organizing new spaces because you will already set it up to work for you.
If you’re moving soon, you may wonder how to make the process as smooth and stress-free as possible. Start by looking for the properties that are perfect for you at the right place.
