Remember how your home was the perfect size when it was just you two? However, when you add a couple of kids or pets into the mix, that’s no longer the case. Whether you have already overgrown your current home or are about to expand your family, there are a few critical factors to consider before upgrading to a bigger home.
Establish Your Goals
It’s time to sit down and think about what you want to get out of your new, spacious home. We get it, you want more space. But have you thought, specifically, about why? Does the house need a large modern kitchen with an island to serve breakfast in the morning? Or are you just looking for a property with more bedrooms? You should only be concerned with the features that matter to you and your family. Make a list of your must-haves and prioritize them.
Understand That Relocation May be Necessary
While you may not love the size of your current home, you still have a neighborhood you’re accustomed to. However, having more room often means being further away from where you live now. To put this into perspective, say you currently live in the heart of Omaha. You love how close you are to your favorite stores, restaurants, and bars, but you want a home with more space for your growing family. This may require you to move outside of your comfort zone to somewhere like Bennington or Millard. You have to be open to this move if you want the spacious home of your dreams.
Bigger Doesn’t Mean More Functional
Even when you find a bigger home, it doesn’t necessarily mean it will fit your needs better than your current home. While the home may look larger on the outside, the inside might tell another story. In addition to paying attention to the layout, you should also take into account where the extra space is distributed. For example, the home may be bigger with more bedrooms, but the bedrooms may be smaller than the ones in your current home. Therefore, it’s crucial to investigate whether or not you’re actually getting the space you desire.
Can You Afford It?
Considering that you have a financial obligation towards your additional family members or pets, you need to evaluate if you can afford the higher payments that come with a bigger home. Here are a few things to keep in mind when considering affordability:
- Your mortgage payments could substantially increase. In addition to higher sale prices, you may pay higher interest rates on your home loan.
- It will cost more to furnish. Aside from your monthly mortgage payment, several expenses increase when you move into a bigger home– including furnishing costs.
- Repair and maintenance costs will be higher. The bigger the home, the more maintenance costs. Think about the extra upkeep needed to maintain more yard space and your home’s exterior and interior spaces.
- Your property taxes are likely to increase. Property taxes are typically calculated by multiplying the assessed value of your home by the local tax rate in your area. Bigger home = higher taxes
- Your utility bills are likely to be more costly. While the cost of utilities varies by several factors, extra space and more lights and appliances to power can add up.
Keep the Resale Value in Mind
You may not want to think about where you’d live after this home. After all, you don’t even live there yet! However, it’s always a good idea to think about the latest trends before you buy. Choose the home that meets your goals and factor in the location and features that increase its resale value.
Trustworthy Title & Escrow provides numerous title-related services to ensure your protection. With our experience and knowledge, we can provide quick title and escrow services to ensure your transactions and funds are protected and secure. To learn more, call us at (402) 513-9760.