There comes a time for many homeowners when they realize their house is too small for their needs. Your family has grown and you need extra space. Or maybe your first home was all you could afford, and it was a bit on the small side to begin with.
You may find yourself in a position where it’s necessary and financially feasible to upsize. If you plan on upsizing, be sure to avoid these three mistakes when buying a home:
1. Not being realistic about your needs – Bigger doesn’t always mean better. If you buy a house that’s massively larger than your current home, remember it will cost more time and money to maintain that extra space. Plus you’ll need more furniture. Assess what your needs actually are before you jump to upsize.
2. Not taking a long-term view – Your current needs may not be the same as your future needs. For example, you may have two teenage kids living at home and that’s why you want to upsize. Everyone needs more space. But what happens in a few years when they move out? You may get stuck with extra space you’ll never use.
3. Rushing to upsize – Don’t dive into buying a new home the moment you’ve decided you want to upsize. Because you already own a home, you have the luxury of waiting until the time is right for you. There’s a lot to consider:
- How your financial situation looks
- The state of the local real estate market
- What you want to do with your current home
When buying a home to upsize, be sure to avoid these mistakes. For more professional advice on buying a home in general, contact us at Randy Lindsay today.