It is not a secret that following the example of prosperous people who own luxurious and spacy homes, many individuals decide to buy a new bigger house or apartment too. However, this bargain can bring about not only more space and recognition of relatives but also many hidden costs you can’t afford.
It goes without saying that you can buy a roomy home if your earnings have grown significantly or your family has expanded greatly. But if you do that only because you like this idea, there are several things to consider.
It is more expensive
It goes without saying that you need to pay more if you get more space. If you plan to sell your current home and buy a larger one, you should have money to add. Moreover, if you plan to take a mortgage, you should understand that along with your monthly payment you get a significant increase in maintenance of this property. This includes more funds on closing the deal, furniture, utilities, property taxes, homeowners insurance, and other factors. One more important point is your future: even if you have enough money today to buy this home, will you be able to afford it on retirement too?
This investment is not often a better one
When you make the biggest investment in your life buying a home, you should think about the return. According to the current trends in the real estate market, a bigger number of buyers are looking for more affordable homes. It means that large houses spend more time in the listings and you can experience a great loss selling it once.
Your ego should not be the main factor making this decision
Every homebuyer has a list of priorities when he makes a decision to buy a larger home. However, if you do that only because you want to impress your friends, relatives, colleagues, it is definitely a bad idea. It should not be a factor to consider at all since you must first think about such features of the future investment as location, condition, money, facilities, life goals. Only then there is sense to decide if you can and should satisfy your ego making this purchase.
A bigger area does not always mean more useful space
Large homes are not always functional. They can have the same number of rooms as it was in your previous home but more spacious ones. It means that you will not be able to provide separate rooms for your grown-up kids even if you get more square feet. When you look for a home, you should plan how each of its rooms will be utilized and if there is any sense to pay for long and wide corridors, staircases, two-floor living room, and a garage for two cars.
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You might need to sacrifice your comfort
It often happens that large homes are cheaper because of the location. Lack of amenities, time-consuming commute, other cons – you can get these inconveniences together with a new large home. That is why it is worth considering if you need to sacrifice comfort for a larger area.
You get more responsibilities
Along with the extra space that you get buying your home, you receive a bigger list of responsibilities. Both repairs and renovations increase proportionally to the size of your home and your budget, of course. Moreover, you need to buy new furniture and accessories since everything you have at the moment is not enough. One more thing to consider is cleaning: you should cover a bigger area and it will take much more time and effort than you got used to.
As you can see a bigger home is not always a good idea, so you should think twice before you decide to make this purchase.