Should You Buy A Bigger Home? Here’s How To Tell

Buying a bigger home is something that almost every family considers at some point. Having more space usually means an improvement in lifestyle. 

But what does buying a bigger home mean in practice? How does it work? 

That’s the topic of this post. We look at some of the reasons you might want to buy a bigger home and how you can tell. Here’s everything you need to know. 

Assess Your Needs

You want to start the process by assessing your needs and thinking about what you want your home to do. New parents usually underestimate the size of the house they require for a functional and happy life. 

Whether you have a growing family is the first consideration. You want to know how many children you intend to have, and the amount of space they are likely to consume. 

You also want to think about space limitations. Having less storage space than you require isn’t ideal and could leave you feeling frustrated if you remain unchanged on your current property. 

Even lifestyle changes, like taking up new hobbies, might require more space. For example, you might need a room for a hyperbaric oxygen chamber for additional recovery if you decide to get into fitness or running. 

Check Your Financial Situation

The next step is to check your financial situation. You want to know whether you have the resources to take on a big project, like finding a larger home. 

It’s a good idea to learn about expert mortgage services from SAM Team Loans to discover more about what you can afford. Yes, you may want a new home, but financial realities could get in the way and spoil the party. 

Even if a larger home seems to fit your budget, you may have to pay higher insurance and property taxes. These additional costs can be a real burden and prevent you from living the life you want. 

You also want to keep an eye on your debt-to-income ratio and ensure this doesn’t become overstretched. Again, it is worth talking to mortgage lenders about this and how you can move the situation forward. 

Consider Your Long-Term Goals

You also want to consider your long-term goals when thinking about whether to move to somewhere bigger. While it might seem like a good idea at the time, it doesn’t always work out that way. 

For example, how long do you plan to stay in the current area? Making plans beyond, say, 5 to 10 years, doesn’t make sense for most people, especially those with jobs who like to move around. 

You also want to think about your future financial flexibility and whether a bigger home means more opportunities. For example, renting out a larger space is helpful if you want to make a side income through sites like Airbnb. It’s also a step in the right direction for so-called “aging in place”, making it suitable for a grandparent. 

Market Conditions

Of course, market conditions should also play a role in your decision-making processes. You want to make sure that you’re getting in at the right time and optimizing the use of your precious savings. 

Ideally, you want to be in a situation where it’s a “buyer’s market.” Check things like local trends and interest rates.

The best time to buy is during a crisis since sellers are often highly motivated to get rid of their properties because they have too much debt attached to them. This process causes prices to fall. 

You also want to think about buying in areas where house prices are likely to appreciate over time. Rising values are often the best option for sound investments, meaning your family is likely to have more money overall in the long term. 

Look For Alternatives

Sometimes, buying a new home and starting again because you don’t have sufficient space isn’t the best idea. Leaving your old life behind and starting again can be a real challenge. 

That’s where renovating or re-doing the space can be helpful. You could look at how you might improve your existing arrangements and discover more space that way. 

How you do this is very much up to you. Currently, reconfiguring rooms is one of the best ways to make better use of your existing space. If you can come up with a new arrangement that suits you better, that’s often a much lower-cost approach than switching homes. 

Decluttering is an even more financially efficient strategy. Getting rid of the things you don’t currently need and generally cleaning up the home can offer you more space and allow you to do more with it. 

Pay special attention to cupboard rooms full of junk. Usually, you can make these into bedrooms or even places to enjoy your hobbies. 

Check Your Emotional Readiness

Of course, buying a bigger place is also an emotional ordeal. It’s something that can have a profound effect on how you feel. 

That’s why it is critical to think about your stress management. Can you really cope with a big move? 

It’s also worth thinking about your family preferences. Do your children actually want to move or are you creating a problem for no reason? 

Seek Professional Advice

If you’re not sure about the financial side of moving, it is always worth speaking to a financial advisor about your situation. They can provide in-depth guidance and tell you about the possible risks you face if you change your address. 

You can also talk to real estate agents about the risks of getting into the market as it is right now. You want to know whether it is suitable for buying or if you should hold off for a few months until conditions improve. 

Ultimately, a larger home is something that will cater to your lifestyle needs. The bigger it is, the more room you have for all the things you want to do. 

But, of course, it comes at a cost. You need to be prepared to pay a higher price or find alternative ways to solve your space-related problems.