What to Consider When Buying a Larger House

Some people say size doesn’t matter, but those people never tried to raise a family of five in a house designed to fit only two. If you’re thinking about trading in your old house for a newer, better, and most importantly bigger one, here are a few things to keep in mind.

Picking the Right Location

A big house is a big investment, the kind that can take years before it fully pays off. That’s why it’s probably better to delay buying a larger house if you’re not planning to settle down there for a long time. Having said that, if you are indeed ready to put down roots and you don’t mind investing a lot of time and money into a property, make sure you pick a location you’d enjoy living in for a good chunk of your life.

Love going to the beach and catching some sun? Maybe you should look at properties in Tampa. Prefer making snow angels and skiing the slopes? Head north and check out the real estate for sale in Whistler. Do you require privacy and solitude? Maybe a cabin in rural Colorado is right for you. Whatever your tastes, there’s a location that’s right for you. Don’t settle. Find a place you can truly call home.

Knowing What You Can Afford

Two of the biggest factors one must not overlook when planning an upgrade to a larger home are A. income and B. cost. Neither of these things is quite as cut-and-dry as they might seem. To wit, when considering your income, it’s important to look not only at what you’re currently earned, but also what you have saved and, more importantly, what you expect your income to be a year from now, or five years from now, or ten.

Likewise, when thinking about the cost of a larger home, remember that there’s more to worry about than just the down payment and your mortgage rate. A larger house also means larger utility bills, repair and maintenance costs, school and property taxes, and more. It all adds up over time, which is why you have to be sure you’re not biting off more than you can chew.

Choosing a Time to Strike

In a way, real estate is a bit like stand-up comedy. Timing is everything and, if you screw it up, there’s nothing funny about the mess you’re left with. Just like a stand-up comic needs to learn to read their audience, a prospective home-buyer needs to learn to read the market. After all, there’s a huge difference between a buyer’s market and a seller’s market.

Jumping the gun to buy a house when the market isn’t on your side is a good way to end up paying way too much, only to watch your property values shrink as the market shifts in the other direction. At the same time, waiting too long is an equally good way of having a good deal slip through your fingers, and it might never come back. Do some research on the market in order to educate yourself, then you’ll be better poised to strike when the iron is hot.