Should I Buy a Bigger House?

When it comes to houses, bigger is usually better, traditionally speaking. When you think of the home of your dreams, you’re probably picturing a large home that contains spacious rooms and multiple bathrooms. There are enough bedrooms for everyone in the household to have their own private space. If you’re looking to buy a bigger home, there are some considerations you should make before doing so.

Homeowners have many reasons why they might decide to move to a larger home. Some of the most common reasons why people decide to buy a bigger home include the following:

• The most obvious reason for buying a bigger home is to have more space. If you currently lived in a cramped house, you certainly know the importance of having an adequate amount of space.
• Your family is growing. When you joyfully add a new member to your family, you’re going to have less space and maybe not enough bedrooms for everyone. Logically, a larger house would solve this problem.
• You’re relocating. If you find that you are going to relocate, why not relocate to a larger home? If you can afford it, there’s no better time to upgrade your living standards than if you are already making the move.

The benefits of owning a bigger house are numerous. The major benefit is simply that you have more room. In addition to having more open space, other benefits of owning a bigger house include the following:

• You’ll have room for guests. Rather than having visiting relatives stay in a hotel, you can simply invite them to stay in your guest bedroom. This has the benefit of giving you more time with your loved ones that you wouldn’t be able to enjoy if they had to rush off to a hotel.
• You can have a room all to yourself. Maybe you operate a home business and need a home office. Or, perhaps you have a hobby and would like to set up a hobby room. When you have a larger home, you can designate a space within your home specifically for your business or hobby.
• A larger home is typically worth more because of its size. This is especially true if your home has a fourth bedroom. That extra bedroom significantly increases the home’s value. And, should you ever decide to sell your home, you can rest assured that large homes are always in demand making for an easier sell.

You’ll want to have a professional on your team when you’re searching for a larger home. Find a real estate agent who understands your needs and listens when you talk. Make sure their communication methods meet your expectations and be sure you understand their roll in your transaction.

Your real estate agent is a valuable resource. They can help you find the home that fits your needs perfectly. Once you do find a home, your real estate agent will help you put together an offer that has a good chance of being accepted by the seller. If your offer isn’t accepted right away, your real estate agent will negotiate on your behalf and will work with you all the way to closing. They are your advocate throughout the process and will provide expert advice.

You will need to decide where you want to live. Decide if there is a specific neighborhood in which you would prefer to live. If your family has grown, then you might require more bedrooms and bathrooms. Or, perhaps you just want to move to a home that has more square footage. Maybe you’ve always wanted a home with a garage and basement. You need to let your real estate agent know the absolute must-haves for your new home. Also make known other options that you would like to have but could do without. It’s possible your agent will locate that perfect home.

There are costs of which you should be aware when upgrading to a larger home. Your monthly mortgage payment is going to be higher. Because of its size, a larger home is going to mean higher energy costs. You’re going to have more space to heat and cool. Also, your property taxes will be higher since they are based on the assessed value of your home.

Many people find that once they can afford to upgrade to a larger home, they take the chance and do it. If you think a bigger home would make more sense for you and your family, then you should talk to your real estate agent and start looking for your dream home. Once you close on your home, you will have the satisfaction of knowing you’ve found the home of your dreams.

Your real estate agent is the best source of information about the local community and real estate topics. Call Tom Verhelst at 218-205-2604 | Karen Zell at 218-731-6836 to learn more about local areas, discuss selling a house, or tour available homes for sale.