Whether you are looking at an extra couple of bedrooms to expand your family into or you want to have that dreamy playroom space, you need to consider having a bigger house. Everyone wants to have more space when they are working hard every day, but there are some pitfalls to choosing to buy a bigger home. Houses today are – thankfully – bigger than they were a few years back, but that doesn’t mean that you won’t strive for a larger space anyway!
When you are buying your own home you have to make a few key decisions. Some people buy into the trend that “bigger is better” but not everyone has the same ideas. You will also be better off talking to a mortgage broker before you get started as they can tell you the fees and costs for buying bigger. There are always benefits and reasons for buying a bigger house, but you should consider these five things before you go for it!
- A Bigger Mortgage. Of course, the bigger the home the bigger the mortgage, but you want to try and avoid having a mortgage that you can’t actually afford. Depending on where you live, the house prices change dramatically and there is one universal rule for buying a bigger house: look at the square footage! The bigger the square footage, the bigger the land ownership and the higher the cost, which means that you should think about whether a bigger house is for you.
- Bigger Taxes. When you have a bigger mortgage, you’ll have bigger taxes to pay. When you assess the value of your home, assess how much tax you currently pay on your house. This amount will go up once you have a bigger house, and you need to be able to factor this into your budget. If you can’t make room for bigger taxes, then home improvement will be a better plan than moving into a bigger house overall. Taxes are something you can’t skip out on, so don’t put pressure on yourself.
- Bigger Utilities. A bigger home requires more heating used to keep it warm, more lighting to keep it bright and more water when you add bathrooms. This is a huge consideration as you need to ensure that your budget stretches beyond your mortgage payments and taxes. You even have to consider the fact that your window cleaner will be more expensive, as will your gardener and any renovations that you have to make.
- More Furniture. A bigger house has more rooms to fill with more furniture, and that is going to come out of your savings or your current budget. Two living rooms means more sofas, more sideboards and a bigger amount of shelving and cabinetry. Furnishing an extra bedroom costs money as does recarpeting the entire area, too.
- It Could Take Time To Sell. One day, your nest will have emptied and you will need to sell your new, bigger house. Consider the fact that you can often find it harder to offload a bigger house, and you may not want to move into one at all. If you’re already stretched to meet your current financial obligations, this may not be the best idea!