Home Buyers: 6 Tips to Avoid Regret When Upsizing

Home Buyers: 6 Tips to Avoid Regret When Upsizing


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Home BuyersAll home buyers hope that they will live in their first home forever.  Few home buyers see this dream come to fruition.

It is very easy to outgrow a home.  Some people buy a home when they are single and are surprised to find themselves married with three children in what seems like a blink of an eye.  Others choose to move in elderly grandparents or even let close friends or family live with them.

Regardless of the reason, many home buyers find themselves needing to buy a bigger house compared to their starting house.  

What A New House Has to Offer

When upsizing to a new home it is easy to only concentrate on the square footage of the house.  While this does give an indication of a large home, it still may not be a good fit for the family.  Home buyers should decide what they want in their new home so as to avoid missing out.

For example, understanding what features are a priority. Are you looking for large bedrooms, a huge kitchen, two bathrooms, or even a big family room?  Choosing what rooms need to be emphasized in the search will make it easier to find the right house. Just looking at every big house that is on the market can be exhausting if they do not fit the other criteria.  

Trading Size For Comfort

A house that is bigger in terms of square footage is not always more comfortable for a family.  Even with a bigger area to work with most houses with many bedrooms have smaller rooms. The more extra rooms a home has – like an office or a workout room – the smaller these rooms will be.  

Unless home buyers are looking to double or triple their square footage they must trade room size for the number of rooms.

Look Past Gimmicks

There are many trends in real estate.  Sometimes builders will hop onto these trends and craft houses after them.  When this happens, the layout or the added rooms may not fit the needs of a modern buyer.

Even if that sprawling formal dining room looks fantastic, how many times will it really be used?  If the answer is maybe once a year then it is not a selling point on the home.

More Than a Mortgage Payment

While looking at houses, home buyers often think about their potential mortgage.  The bigger the house the higher the price and subsequently the bigger the loan. Pushing this loan to its limits is going to give the homeowner a huge mortgage payment to deal with.  Unfortunately, that is not the only cost of a new home.

A large house will have higher property taxes to pay which is usually rolled into the mortgage.  Any utilities used in the home will cost more because they are covering a larger space. Not to mention the overall maintenance a house needs.

Selling

No one wants to plan their next move before they have completed their first one.  However, it is smart to plan ahead and think about the value of the home if they would sell it down the road.  

Even though the family needs a bigger home now does not mean they will need that much space later.  Downsizing is something many people do after their children have left the home and started their own families.

Look Outside the Comfort Zone

People like familiar things.  A neighborhood is something that home buyers can become very attached to.  When looking for a new home many buyers start within their own neighborhood.  This does not always pan out.

Neighborhoods may have a certain style and size of homes to choose from.  When looking to upsize this can make it hard to find a new house in the same location.  Finding a new neighborhood may be needed to get a bigger home.

Buying a bigger house can be intimidating.  It comes with a higher sale price, more space to furnish, and higher bills overall.  A homeowner should play it smart and consider if they need more space or if they just need to change their current home to fit their needs.  Buying a bigger house may be the next step to take if it is planned well.

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