If your starter home is feeling a bit cramped, moving to a bigger home is traditionally better. Each of your kids will have his or her own room, you’ll have a bigger kitchen, and your spouse can set a home office in a spare room. Your will also have a spacious yard where the whole family, including your furry pets, can have some quality time.
A bigger home has plenty of upsides. While this generally means more space or additional rooms, a larger place also equates to an improved quality of life and a much happier family. There are, of course, things to consider before upgrading.
Do You Have the Money?
A larger home in an attractive neighborhood means more money or taking in more debt. Can you handle a bigger mortgage payment? Will you need to cut back on other expenses? Ask yourself these questions and evaluate your financial situation before checking mortgage rates. Salt Lake City financial experts suggest taking in your income into account and creating a budget for your monthly payment, including maintenance and homeownership costs.
Can You Sell Your Home?
When moving to a bigger home, it is much better if you own your home, with no mortgage payment left or attached. This will help in providing a down payment and other upfront expenses for a new property. The challenge, of course, goes down to selling your current home. This is why it is still better to have enough money to cover a new purchase without relying too much on the profit from selling your current place.
How it Will Affect Your Life?
A new home generally means a better life. It will change your social status and will affect how your family and friends will think of you. It is more than just an upgrade of square foot, but an upgrade of your life. This, or course, will depend on your situation with your current home. For some, it means less clutter, tidy storage, while for others it means having a guest or an exercise room. The upgrade always translates to a better life quality.
Changes are inevitable, but be sure you are ready for it. When it comes to buying a larger home, think how it will cost you. Factor all the hidden and unexpected costs and choose the most affordable home that fits your lifestyle and income.