Thinking about buying a bigger home but still quite unsure about making such a move? It’s a conundrum some homeowners inevitably face. They buy a “starter house” knowing there will likely come a time when upsizing is an unmistakable reality. Then, there are homeowners who believe they have enough or the right house. That is, until an unexpected change. Whatever the reason for considering upsizing, it’s important to weigh the pros and cons. Because, it will definitely have its upsides and its downsides. The real question is will you gain more by upsizing?
What to Know about Home Upsizing
A bigger home not only means more living space, it means larger energy bills. Also, a larger insurance premium. Basically, every expense that’s directly related to the house will indeed go up. Now, that’s not such a bad thing considering the fact you can buy a bigger home that’s energy efficient. And, one that’s not as big as an insurance risk.
“A study commissioned by the nonprofit urban leadership firm CEOs for Cities found that homes within walking distance of schools, malls, parks and other amenities are worth more than those in areas where you have to drive to get anywhere.” —Realty Times.com
In other words, your expense will probably rise a bit but certainly not enough to make it financially infeasible. Of course, you can also think about alternatives to upsizing. One option is to remodel and convert a room or another space into additional livable square footage. Or, add onto the house and do the same, without having to sacrifice otherwise useable space. But, the cost of each can easily exceed upsizing to a larger property. What’s more, the ROI of a remodel or add-on might not materialize.
Top Reasons for Upsizing your Home
Upsizing isn’t for everyone and it certainly doesn’t solve certain problems. But, upsizing generally offers a functional solution in different ways. So, let’s take a look at the biggest reasons for upsizing your home:
- Your current home is just too small. If you’ve outgrown your current home, chances are excellent you’re fully aware of it but just don’t want to go through the process of buying and selling. Think of it this way, if you’re outgrowing or have already outgrown your present property, you’re already coping with the stress and anxiety it brings — which won’t go away if it remains unchanged.
- You actually need more usable space. You might technically have enough living space but lack in another area. For instance, a side-gig or hobby that requires dedicated space you simply don’t have to spare. It could also be the need for a dedicated home office. Whatever the reason, you need more space and you can’t squeeze it from somewhere else.
- Your lifestyle needs have really changed. When you bought your current house, you did so compromising in one or more areas. Now, it’s just intolerable and unrealistic to stay in the house. Perhaps you’re using a room for multiple functions. Or, have tired of the lack of a proper laundry room. These and more are other signs that upsizing is right for you.
- You routinely hosts guests and it’s cramped. Among the most obvious reason for upsizing is that you just don’t have the space you routinely need. You’re unable to cope with the cramped quarters and it’s negatively impacting your daily routine. If this continues, you’ll need a bigger house to accommodate your needs.
If you are considering buying a home in Orlando, contact us for the latest market information. We’ll also provide you with the right advice about the local real estate market so you make the best decisions.