It’s no secret that downsizing house is favorable for several reasons – lower rent or mortgage monthly payment, lower bills, reasonable maintenance costs,…People are often forced by their difficult financial situation to move to a smaller house or apartment, but some of them (empty nesters) at one point realize that they no longer need a huge living space.
On the other hand, insufficient living space leads to upsizing the home, which is not an easy decision, since there are several factors you must take into consideration.
If you intend to purchase or rent bigger house or apartment, you have to be aware of all pros and cons of such an important decision. Ask yourself a few basic questions so as to ensure you are making the right choice. Whatever the reason for upsizing the home is – marriage, child on the way, family members moving in,… you should think this option through.
Why do you need to upsize?
Upsizing your home is quite challenging. You need to assess your needs carefully, to decide about the size of your future home and your budget. Your finances should determine your expectations. Since one of the most common reasons for upsizing is the family growth, make sure all family members are on the same page regarding the expectations. You should all agree on some basic aspects like house characteristics, the number of bedrooms,…
Alternatively, you can go for renovating and extending your current home if possible. Sometimes this option may seem appealing and more affordable, but you might also end up spending more money because the old house improvements cost you more than buying a new property. Sometimes selling the old property is the best starting point for upsizing your home. If buying a new property is not an option at the moment, consider decluttering your home. We all tend to accumulate unnecessary items and keep drawers and cupboards full of stuff we haven’t been using for a while. Give away or donate all unwanted items so as to get more usable free space. Purging your home can be a profitable mission, so organize a garage sale.
Try to be realistic while weighing the options. Figure in all family members’ demands, but the most important factor are finances. Before you start researching housing options, have your current house valued. Take into consideration your monthly income, expenses and terms and conditions of the loan if you are considering one. A job stability is one of the most important aspects you have to take into account when purchasing a more spacious house/apartment. Long-term financial commitments may be very risky and challenging given unstable times we currently live in.
Ideally, a steady monthly income and good financial situation usually make purchasing bigger home feasible. If you can afford it, treat yourself to spacious and more comfortable home.
Unless your future home is brand new, moving to a new house/apartment usually requires renovation and repair works. Moving to a more spacious home necessarily goes with higher monthly expenses – rent or mortgage, monthly utility bills, maintenance costs,… Moving to a house with garden or yard also means that you have to invest time, energy and money in keeping it well maintained. Furthermore, large living space needs to be well furnished, which appears to be huge financial investment.
Location of the new home is a factor that matters a lot. There’s no point in buying a larger property situated in a bad neighborhood or far away from your office or children’s school. It you intend to spend years in this neighborhood, make sure all family members are happy and satisfied. This move might be a life-changing experience, so make sure it is a positive one for all involved.