Why Bigger Isn’t Always Better
When buying a larger house, you may be excited about the space you will be gaining, but it also comes with some hidden costs that you might not have considered. Some people may need a bigger space because their family is growing, but if you are considering moving into a larger home just for the extra square footage, there are some things to think about:
With added size comes added costs. Your mortgage will be larger, but having a bigger house also means higher property taxes, homeowners insurance, utility costs, energy costs, closing costs, etc. They can add up quickly, so it is important to think about your financial future regardless of if you have the money to spend now. Consider meeting with a financial advisor to make sure the higher premiums fit with your long-term financial goals.
Not A Guaranteed Better Investment
A house is a huge investment, so you will need to consider the return. Real estate market trends can change in the blink of an eye, so it is complicated to predict what will or will not be a good investment. Nearby amenities and the neighborhood itself can change over time, impacting the prices of the homes.
Think about functionality rather than square feet when looking into purchasing a larger home. When you are attending showings, ask yourself what you will use each room for. If there are two extra bedrooms in this home, will they be filled with furniture or left empty? Do you have enough furniture and decor to fill the layout of the floor plan in the living room? Refrain from buying a home with more space than you will actually use.
Being a homeowner requires work and responsibility. Buying a bigger home means more work and more responsibility. If you would prefer to have another person handle the work, that means spending more to hire a professional. Before buying a bigger house, consider how much time and effort will need to be spent on cleaning, maintenance, and repair.
Home prices can vary based on their location, meaning that an expensive large house in one area could be much more affordable in a less desirable area. Location is often a deciding factor when buying a house, so if you make the sacrifice to purchase the bigger home, you may regret it later.
Bigger isn’t always better. Consider both your current needs and the future needs of yourself and your family before signing on a bigger house. If you are dying for more square footage, use a calculator to get an estimate of how much you can afford rather than jumping on the first thing you see.
Wilson Property Management
Make the most of your time as a tenant with Wilson Property Management. We seek to offer a hands-on management approach to our owners by protecting their investments and enhancing the value of their property. We strive for “property management, leasing, and sales with a personal touch.” Contact us today!