When is the Right Time to Buy a Bigger Home?
Are you looking to increase your home's square footage but don't want to go through the hassle of a major renovation? Have you considered upsizing? It is natural to want a larger home, especially when you have a growing family and find things a bit cramped.
While you may have bought a smaller home as a first-time buyer, you may be at a point in your career where you are ready to take on a more substantial property with more bedrooms, square footage, and perhaps more outdoor space. However, even though you may feel you need more space, it is often challenging to know when to invest in a larger home.
Greater Financial Stability
The biggest concern when it comes to investing in a larger home is money. You don't want to start looking at listings of larger homes if you are not ready to take on the financial responsibility. However, if you have recently had a significant promotion or received some unexpected income, buying a larger, more expensive home may be a realistic and exciting opportunity.
If you speak to your real estate agent, they can show you some potential properties while also speaking to you about the taxes and other financial responsibilities of owning a larger home. With their guidance, you can pursue the right path.
Meeting New Milestones
Throughout your life, you will meet various milestones, all of which can influence where you live. If you have been living in a home that you own independently and have recently met a new partner or want to get married; this is the perfect time for you to purchase a new home.
Similarly, suppose you are currently in a relationship and looking to expand your family and have children. In that case, a larger home will be necessary to ensure there is enough room to live comfortably. Consider bedrooms and bedroom sizes and whether or not you want your family to stay in one place or if you will be moving around.
Once you know you need to upsize your house, a real estate agent can show you listings that will accommodate your future needs, considering bedroom sizes, bathrooms, and recreational space.
More Time at Home
Since the beginning of the COVID-19 pandemic, more companies have migrated their workers to home offices. As people are spending more time at home, there is a common desire to make the home as livable as possible. Many cities are seeing a growing interest in families wanting to increase their square footage, looking for homes with lots of space for leisure.
If you are now spending most of your time at home, you may want to consider upsizing. You can look for a home that will allow you to do more without having to leave your property. For example, purchasing a property with a large yard and an outdoor pool could present you with many options for fun activities during the summer, in case restrictions are still in place limiting public gatherings.
Consider the Future
When it all boils down, the main thing you need to think about when upsizing is your future. If you have a reasonably good idea of what the next five to ten years will look like in terms of finances, family, and home life, you will be able to make a sounder decision.
Once you feel that it is the right time to invest in a larger home, make sure to contact a real estate agent as they can guarantee to help you find that perfect house for sale without going overboard on the budget.
