After you’ve assessed your current situation and established that you need an extra space due to a growing family or specific business needs, it’s time for you to consider upsizing your home. In order to expand your living space and make it a better place for you and your family, weigh your options carefully by taking into account both positive and negative aspects of moving to a bigger home. You should be aware of the consequences of your decision, whatever it is. Moving to a bigger home comes with bigger responsibilities you should be prepared for in advance.
Buying or renting a bigger home can be a very exciting change in your life. However, make sure you honestly answer to the following questions:
- Why should I move to a bigger home?
- What are my goals?
- Will my monthly income cover higher household expenses?
- Can you handle a bigger home?
- Is there any alternative? Is it the only option?
Common reasons for upsizing
– Moving in with your partner or starting a family.
If your studio apartment cannot accommodate your growing family, it’s time for you to consider other housing options.
– Starting a business at home. If you have decided to work at home and have your own office and maybe several employees you will need more spacious living and working space.
– Other family members are moving in with you.
– Your monthly income has significantly increased and you want to invest in real estate.
When thinking about your main goals, you should know exactly the purpose of your new property, whether it is going to be your family home or just a real estate from which you would like to profit.
Can you afford upsizing your home?
Moving to a bigger home includes higher property taxes, home insurance, monthly mortgage, repair costs, maintenance costs, utility bills,… Not to mention the effort you have to invest to properly maintain your property and additional responsibilities you need to take on.
– Living in a house is great for your children, but, on the other hand it will be very costly to
maintain the outdoors. Even if you will have professionals maintain the exterior of your house, you should include that cost when calculating your budget.
– In addition to that, electricity and water consumption will significantly increase, so your utility bills will be considerably higher.
– Also, remember that the size of your property will determine the amount of property taxes – the bigger the property, the higher your taxes will be.
– Purchasing an affordable home in a bad neighborhood is a double-edged sword. If you decide to sell it at some point, no one will be interested in buying a house in a notorious area.
That being said, you should carefully assess your monthly income and expenses in order to figure out whether you can afford to move to a bigger home or find some other solution.
Alternatives to moving to a bigger home
On the other hand, renovating your current home instead of renting or buying a bigger one can be an acceptable solution as well. Although moving to a bigger home sounds more appealing, sometimes doing some home improvement works is a perfect way to remodel your current home and make it a more enjoyable place for you and your family.
Another way to make more space is to free your home of all the clutter that has been accumulated over the years. Take back your living space by getting rid of all the useless things! Afterwards, you may realize that moving to a bigger home is not always the best solution to the issue of insufficient living space. Also, bare in mind that there are certain furniture-arranging tricks that may make your home feel more spacious. If you plan the room layout thoroughly, you may be able to make the most even of a very small place.