Growing out of your starter home is all part of life. So, if that perfect home that was once a great fit for just the two of you has become a bit overcrowded with the kids, pets, and maybe an in-law, it may be time to upsize. The biggest question is probably: what do you look for in a home when you are bringing so many people under one roof? However, there is plenty more to consider when upsizing beyond just the square footage. Let’s talk about what you need to consider if you are thinking about upsizing.
What Are Your Goals?
Obviously, you want more space, but have you thought about why? Before hitting the market in search of a new place to call home, take a minute to pin down exactly what you need versus what you want. For example, why do you want a bigger kitchen? If you are going to be hosting Thanksgiving in the future, you will definitely need a bigger kitchen. By listing your goals, this helps prioritize what you actually need in your new home. In other words, have a plan and find a home that works for your family.
Is Bigger Better?
When house hunting, consider the homes square footage as well as the layout. What your family needs is not necessarily what builders are producing. In this hot market, builders are producing the largest homes they can on the smallest possible lot in order to sell the home for a better price which doesn’t always equal good rooms for families. You may think you are getting more space, but if it isn’t usable or feels tight, then this may not be the home for you. The more bedrooms a home has can sometimes mean those rooms are on the small side. So, you may not need more rooms, just more spacious rooms.
Crunch the Numbers
Be sure to determine if you are prepared for the real financial burden of a bigger home. It is not just the sale price of the house, but the long-term costs associated with it. When you go up in size, you get higher property taxes, higher utilities, and more maintenance. Plus, more rooms equal more furniture. You wouldn’t want to live in your dream home and have to sit on the floor.
The Resale Value
As with any home purchase, you should consider the resale value. Upsizing now can mean a pretty good profit down the road. Sure, you might think that once you have found the right size home, you will stay forever, but you may find yourself downsizing down the road.
More Space May Mean Different Neighborhood
If your starter home is in the perfect, up-and-coming community that is close to the city, with great public transportation, and your new favorite coffee shop around the corner, the cost of a bigger house in the same area may be more than you can afford. If you are willing to move a few miles away from the city, you can get more house and land for a smaller price. So, choosing between the city life or a bigger home, may be one you must make.
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