Our homes don’t grow with us. The house that worked when you were a single person, a young couple, or a young family with small children may no longer fit now that your family has grown or your living circumstances change.
Making the decision to move into a larger home is a big decision. Here are three factors you should consider before you make the move into a larger home.
1. Do you really need to upsize?
It’s always wise to stop and think about why you wish to upsize your home. Do you need more space or do you just want more space? Either option is fine! You just need to understand your motivation for moving.
Take a close look at your home and determine if you’re using your living space efficiently. Sometimes renovating, reorganizing, or decluttering your home can create the additional space you need. But if there isn’t a way to create more space despite your best efforts, buying a new home is the best solution.
2. Can you afford a larger home?
If you need a larger home, its important to do your financial homework to make sure you can comfortably afford your new home. Review your monthly income and expenses and determine how much you’ll have available for housing costs. Use our mortgage affordability calculator to help give you a sense of the price range that is affordable to you.
Remember that a larger home also means higher property taxes and utility bills. While you may not be able to change your property taxes, you can find ways to mitigate the increase in utility bills by looking for energy-efficient homes.
Another factor that’s often overlooked is the cost of additional furniture you may need for your new space. You don’t need to buy everything at one go (in fact, we recommend you don’t!) but it’s a potential new expense that should be on your radar.
3. What do you need that your current home lacks?
If you’re considering moving into a larger home, you probably already have an idea of what features your next home needs to have. Have a conversation with your family to discuss additional features you will need in your new home.
Its also important to look at the long-term picture. Consider how your life may change in the next few years. How long do you anticipate staying in your new home? Will your family size change? As you’re looking at homes, consider how each home will be able to accommodate potential changes.
Factoring in these possibilities will enable you to find a home that not only meets your current requirements, but may also accommodate future changes.
Is it time to upsize your home?
If your once cozy home is now starting to feel cramped, it’s probably time to upgrade to a larger home with more space.
At Hayden Homes, we help buyers find the right-sized dream homes in Oregon, Idaho, and Washington. We invite you to view our collection of beautiful, smartly designed new homes and contact us to learn how we can help. We look forward to welcoming you home.