Author: Dan Rafter / Source: Wise Bread
That two-bedroom home near the heart of the city was perfect when you and your partner first bought it. But ever since you started a family, that once quaint home feels crowded. It’s time to upsize to a larger residence. This is a big move with plenty of factors you need to consider before you make an offer on a sprawling home in the middle of the suburbs.
Are you financially ready for the extra expense that comes with a larger home? And what are you willing to sacrifice to get that extra square footage? If you want that new home purchase to be the right one, you need to consider some key questions.
1. Can you afford it?
Bigger homes come with bigger price tags. But the sales price isn’t the only inflated cost you’ll face when upsizing.
Bigger houses come with bigger property tax bills. You’ll also have to spend more in homeowners’ insurance to protect that home. Then there are the utility bills. A larger home costs more to heat and cool than a smaller one. If your big home comes with a sprawling front and backyard, will you mow the grass yourself or pay for a landscaping crew?
Before making an offer on an upsized home, consider all the extra costs that come with it. Study your existing household budget and determine if the actual costs of a bigger home fit in. (See also: 7 Added Costs That Come With a Bigger House)
2. How much space do you really need?
You might just need an extra bedroom or two, but not a three-car garage or an added office space. If you’d never use that extra room or space, it’d just be a waste of money.
When looking at homes for sale, consider the way your family lives.
If you don’t do much cooking, you probably don’t need a huge, state-of-the-art kitchen. If no one works from home, you likely don’t need a home office. You can…The post 5 Things to Consider When Buying a Larger Home appeared first on FeedBox.