Remember back when you bought your first home? A few years ago, it was the perfect place for just you and your partner. Unfortunately, now that you have a couple of kids to think about, and a handful of pets in your gang, you simply don’t have enough room anymore. Whether you’re just about to expand your family, or you’re already bursting at the seams with your home, it might be time to move to a new house.
The question is, what do you need to keep in mind when you’re upgrading to a bigger property? There’s plenty to consider before you upsize, beyond simply square-footage. After all, you want to upgrade your home, but you don’t necessarily want to downgrade your bank account at the same time! Here are a few tips to help get you started.
1. Think Carefully about your Goals
While your main goal right now might be to give yourself more space, you should also think carefully about what you really need for your entire family. Think about whether you just need more room overall, or whether you specifically need extra bedrooms, a bigger kitchen, or a second living room. Space comes in many different formats, so don’t simply look for bigger – think about how you want to create the right space for your family.
2. Decide whether Bigger is Better
Before you commit to the search for a larger family home, make sure that you think about not just the square footage of your chosen property, but also the layout that you want to commit to. In this hot marketplace, today’s builders are focusing on building larger houses on smaller lots to improve the amount they can get back on price. However, that’s not necessarily what you’re looking for as a family. Remember that sometimes, the more bedrooms a home has, the smaller those bedrooms become.
3. Invest in Space You’ll Actually Use
While it’s tempting to get carried away when you’re moving into a new home property, try to make sure that the features and rooms in the home that you want to buy will actually be used. For instance, it might be nice to have a theater room in the basement, but if you’re not going to use it, then you’re just spending money on something that you can’t really benefit from.
4. Always Remember the Numbers
Before you start spending money, think about whether you’re prepared for the actual financial burden of upsizing your home. It’s not just the sticker price of the home that you’ll need to consider, but the long-term costs too. When you go up in square footage with your home, you could end up with higher utility expenses, more maintenance, and greater property taxes too, so make sure you’re keeping all of that in mind.
5. Think About Resale Value
Finally, before you make that big investment, remember that upsizing now can contribute to a significant profit at a later date if you choose your location and home carefully. You might think that once you’ve found the perfect bigger home, you’ll stay in that location forever, but there’s a good chance you’ll need to either upsize again, or downsize a few years from now. With that in mind, as with any other home purchase, look at your potential place through the eyes of a future buyer. This means making a careful choice about what you think future buyers will want.