If you want to move into a bigger house but aren't sure of whether it would be a good investment or not, continue reading this guide. To help you with making the correct decision, we will explore a few important reasons for choosing to live in a bigger house. If you relate to any of these reasons, then this would be the right time for you to relocate to a big house.
A life transition is one of the major reasons that one might need to move into a bigger home. Here are a few such transitions that may require you to opt for a larger living space:
- Moving in with your partner
- Getting married
- Expecting a child
- Babies growing to toddlers
- Kids growing into teenagers
- Elderly parents moving in with you.
If you have more people living in your house, you will not only have to look for a larger living space but a different kind of space as well.
- You can upgrade from a condo to a house and enjoy a great deal of privacy from your-in-laws.
- You can sell your townhouse and switch to a flatter, one floor home if you find your toddlers struggling to climb the stairs.
- You may need a bigger house if you want a basement for your teenage kids, yard for your young children, or nanny suite for your nanny.
Overall, if you relocate to a larger living space, especially during life transitions, you can easily minimize your stress and prepare yourself for success.
Unanticipated financial jackpot
Relocating to a larger house is frequently a no-brainer, especially when your financial situation has improved. The decision to upgrade into a bigger home can be easy if you unexpectedly receive money and opt to improve your living standard.
Here we have identified a few factors that can unexpectedly improve your financial condition:
- Job bonus
- Office promotion
- High increase in salary
- Profit out of bandit on weed stock or cryptocurrency
- Winning a lottery
- Parental gifts
- Lawsuit or divorce settlement
Larger living spaces and affordability
Sometimes the high cost of larger homes compels you to live in smaller living spaces even if you have a big family. In such a scenario, your closets may overflow, you may need to hire offsite storage, and you might need to share bedrooms. You will also be unable to accommodate guests or extended family.
- If you have a large living space, you will have more soundness and stability in your life:
- Moving to a larger living space will provide you with greater privacy and mental stability.
- You will have access to more space for hanging out and having fun with your guests.
- You can enjoy an extra space where you can sit back and relax away from chaos.
Thus, if you have made considerable savings in your life or are earning more money than usual, we recommend you undertake the financial responsibility of buying a larger home. While buying a bigger house, make sure you choose a safe and comfortable neighborhood where good schools and other community opportunities are present.
Diminishing equity of your neighborhood
Your house is an investment and not just a home. Like any other investment, the value of your house will be impacted by the change in the economy over time.
- If the value of the houses in your neighborhood has been stagnant for a while or have had reduced activity, it might be the right time to buy a bigger home before the value of your current home plummets.
- In the case that you find that the real estate value of your neighborhood is degrading, selling your property, and using the money to upgrade into a bigger house is a good idea.
You won’t want to see your equity diminish, and sadly you can’t control the degrading value of your neighborhood. So, if the value of your house is reducing and if you have been planning to relocate to a bigger house, now will be the most appropriate time to act on that plan.
Remote working opportunity
A lot of people are working remotely these days. If you want to work successfully from the convenience of your home, you must have access to the best living space. This makes it important for you to have a larger house or apartment. Many small houses will not provide you with sufficient space to support a home office or even create space for a makeshift desk.
If you have a large house, you can easily transform a vacant room into a work-from- home office. This is usually important if you have plans to start your own business. Also, if you have space in your own house, you can save on your expenses by paying rent.
Is relocating to a larger home worth the trouble and moving expenses?
Making a long-distance move can be quite expensive. If you hire professional movers to make a local move, you can expect to pay around $1000 or less. In case you plan to make a DIY move, you may require a few hundred dollars for truck rentals, moving supplies, and moving equipment.
You will need to invest a lot of time for packing and unpacking your items. Hence, if having a larger living space is worth your time and effort, relocating into a larger house will be the best decision.
Significance of having a qualified realtor
It isn’t easy to navigate through a local housing market, especially when you are looking forward to buying a bigger house.
- Hire a reliable and qualified real estate agent who can provide you with seamless house hunting experience.
- Interview a few realtors who will guide you in finding an ideal house that can stay within your budget and space requirements.
Drawbacks of buying a larger house
After incurring expenses and moving to a bigger house, you will have to pay even more to maintain your house. Along with high property taxes and homeowners’ insurance charges, you will have to pay an even higher cost for your utility bills. You will also have to pay for home cleaning and landscaping services as well.
If you need to repair a large house, you will incur more expenses than you would have otherwise incurred in repairing a smaller house. This is because more material is required to work on a big house than a small house.
Having a lot of extra spaces sounds like a good thing until you need to maintain them. With more rooms in the house, you will have to do a lot more cleaning, and the same applies to outdoor cleaning or maintenance.
If you buy a house with too many rooms, you will not have enough furniture for all of them. You can expect to spend time and money on buying bedroom furniture appliances, chairs, and any other furniture pieces you might need after relocating to a new house.
Having more square footage in a house does not mean that the house will have more usable space. One of the biggest differences between a large house and a small house is in the square footage of all its rooms. Though this will be advantageous in most cases, this may not always be the right thing to do.
Lack of communication
A bigger house will give you more space to spread out, this will provide a separate space for each family member and may interrupt communication between family members.
If your house doesn’t give enough opportunities to your family members to interact with each other, we suggest you create a different floor plan.
Are you ready to move to a large house? We suggest you consider all the aspects of buying a bigger house that we have discussed in this guide. If you don’t want to take on a lot of stress, simply hire a professional mover who will help you relocate smoothly and easily. You can interview a few shortlisted moving companies and choose the one that suits your budget and requirements.