Buying a bigger home is an exciting time for anyone. Whether you need more space for your family or just want more room to spread out, upsizing can be a great way to improve your quality of life. However, it’s important to remember that buying a bigger home comes with its own set of challenges. Here are some things to consider when upsizing your home.
One of the most important things to consider when upsizing your home is your budget. A larger home generally comes with a higher price tag, so it’s important to know what you can afford before you start looking. Make sure to factor in all the costs of owning a larger home, such as higher utility bills, increased property taxes and insurance, and more expensive repairs and maintenance.
The location of your new home is another important factor to consider. You may want to stay in the same neighborhood, or you may want to move to a new area with better schools, more amenities, or a shorter commute. Think about what’s important to you and your family and make sure to choose a location that meets your needs.
Of course, the main reason you’re upsizing your home is to get more space. But it’s important to think about what kind of space you need. Do you need more bedrooms, more bathrooms, or more living space? Will you need a larger yard or outdoor living area? Think about how you plan to use the space and make sure the new home meets your needs.
More space often requires more furnishings. Are you going to add a new sectional in your larger living room? Will you need an extra TV or possibly even two, for the extra rooms in your new quarters? Are you considering to decorate your walls with new artwork? Will your new larger home feel emptier with your current stuff or are you going to go for the tastefully spaced out, uncluttered look?
Your lifestyle is another important factor to consider when deciding to get into a larger home. Do you enjoy entertaining? Do you need space for hobbies or a home office? Do you have children or pets that need more space to play? Make sure the new home can accommodate your lifestyle and make your daily life more enjoyable.
A larger home typically requires more maintenance than a smaller one. Think about how much time and money you’re willing to spend on maintenance and repairs. A larger yard, for example, may require more landscaping and upkeep. Make sure you have a plan for keeping up with the maintenance needs of your new home.
Even if you don’t plan to sell your new home anytime soon, it’s important to consider its resale value. Make sure the home is in a desirable location and has features that are popular with buyers. You never know what the future may hold, so it’s important to make a smart investment in your new home.
Finally, don’t forget to factor in the costs of moving. Upsizing your home typically means more stuff to move, which can be expensive. Make sure to get quotes from several moving companies and factor in any additional costs such as packing supplies and insurance.
Upsizing your home shouldn’t be done at a whim but with a few considerations in mind. Here are a few tips to help make the process go smoothly:
- Work with a real estate agent who knows the area and local real estate prices. They can help you navigate the process and find a home that meets your needs and budget.
- Get pre-approved for a mortgage before you start looking at homes. This will give you a better idea of what you can afford.
- Take your time and don’t rush into a purchase. Buying a larger home is a big decision, so make sure you take the time to find the right one.
- Consider all the costs of owning a larger home, including higher utility bills, property taxes, and maintenance costs. Make sure you can afford these costs before you buy.
- Be prepared to compromise. It’s unlikely that you’ll find a home that meets all your needs and wants, so be prepared to make compromises. Decide which features are most important to you and be willing to compromise on other aspects of the home.
- Think about the long-term. As you’re looking at homes, think about how your needs may change in the future. Will you need even more space as your family grows? Will you need a home office if you start working from home? Try to find a home that will meet your needs not just now, but in the future as well.
- Don’t forego a home inspection and make sure it is thorough. In addition to a typical home inspection and a 4-point, you may want to get a wind mitigation report, as well as other less common inspections, such as pests and wood destroying organisms, pool, well water, septic, etc. A larger home may have more hidden issues that could be costly to repair, so it’s important to know what you’re getting into before you buy.
- Factor in the cost of furnishing a larger home. A larger home may require more furniture and décor to fill the space, so make sure to factor in these costs when budgeting for your new home.
- Don’t forget about storage. A larger home may have more space, but it also means more room to accumulate clutter. Make sure to consider your storage needs and find a home that has adequate storage space.
Upsizing your home can be a great way to improve your quality of life and meet the needs of your growing family. But it’s important to carefully consider all the factors involved before making a purchase. By thinking about your budget, location, space, lifestyle, maintenance needs, resale value, and moving costs, you can make a smart investment in a larger home that will meet your needs now and in the future.