In a recent study from Realtor.com, nearly 1 in 5 surveyed respondents said that they wished their current home had more space, and more than 15% of renters and owners said that “more space in the house” is a must-have for their next home — making it the most sought-after home feature among potential upsizers.
That old saying “bigger is better” is not necessarily the case when it comes to property. Too often, we are attracted to the promise of a roomy abode without considering the long-term stress of heightened mortgage repayments and upkeep. Upsizing can be a necessary transition, but before committing to a larger pad, it is crucial to consider your financial and familial circumstances. Here are eight questions to ask yourself before upsizing your home.
Do You Have Any Plans For The Future?
As you think about your “wants” and “needs” in purchasing a new home, it’s also important to think about the future life you want to get out of it. Is more space a necessity that is worth investing in, based on your short-term and long-term goals? Or are there other features that you should prioritize to find a new home that will truly work for you and your family?
Let’s give an example more space may be a must-have requirement for you if you’re planning on extending your family or wanting your kids to come back home “to the nest” after a few years away at school or work. On the opposite side, you may not need all those extra bedrooms if you’re not expecting to be hosting many overnight friends or guests. While your home may be the go-to spot to get together now, that grand chef’s kitchen and pantry may not seem as important in a few years when your kids are the ones hosting Thanksgiving and Christmas get-togethers.
It’s all about being realistic, planning for the future, and discussing your goals with a local real estate agent or Realtor. Your Houston Premium Homes agent is a hyperlocal expert who will take the time to truly understand what you’re looking for to help you narrow your search and find the amazing properties that will be the right fit for where you are now and where you’d like to go in the future.
Is It More Sensible To Renovate?
Get some quotes and also do your research. If you have space and permission, adding an extension onto your old home, or building up, might cost less than investing in a larger home. It is, however, advisable to consider the additional cost of renting while the renovations are undertaken.
Are You Willing to Move Into a New Community?
Maybe you’re living in a Houston neighborhood dotted with two-flats or bungalows. Maybe you’re in a transit-oriented development where many of the houses follow a similar blueprint.
In many scenarios, finding a perfect home with more space might mean moving into a new community. Are you comfortable with making a change in location? Are you willing to move for more space if it may mean a longer commute time to work or moving away from your favorite restaurants, malls, and theaters?
Looking to explore a new neighborhood or get a better sense of all that Houston, Texas has to offer? Your real estate broker will be a valuable resource. Houston Premium Home agents are local experts who can help you search for properties while also getting a feel for each new neighborhood.
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Will a Larger Home Mean Bigger Bills — or More Responsibilities?
Beyond your downpayment and monthly mortgage bill, it’s important to consider all of the other financial and personal commitments that may go into buying and owning a larger home.
For one thing, upsizing into a larger space may mean more time spent maintaining and cleaning the property, inside and out. Meanwhile, larger properties may also come with higher taxes, higher HOA fees, bigger utility bills, more substantial closing costs, and a need for extra furniture and décor. All of which can impact your bank account over time.
Does a Bigger Home Really Mean More Functional Space?
Don’t let your hard-earned money go to waste. While that new home may come with more square footage than your current property, it’s important to make sure that you’ll actually use its space. For example, will you actually take advantage of that extra game room or bedroom? Do you really need 5 bedrooms for your family of three? Do you have a vision for that upstairs “bonus room,” or would it just end up as a blank space?
Your Houston Premium Homes agent can help you find a property that’s as unique as you are. As you begin your home search, don’t be afraid to talk over your plans and expectations. Any strategies that can empower you to make the most of your investment over time.
Does a Bigger Home Mean Bigger Resale Value?
Does purchasing a larger home automatically mean a better real estate investment? It’s important to remember that the real estate market is ever-changing, particularly in a dynamic time and area like Houston.
While some studies suggest that buyers may prefer larger floor plans and more space right now. Consumer preferences could shift back toward smaller properties in the upcoming years. Which could greatly affect the resale value of your home. Also, it’s important to remember that many ever-changing factors and trends must be evaluated when considering the value of a home now and in the future — from its location and any nearby amenities to the state of the overall economy.
Interested in learning more about the Houston real estate market? This could be a great topic to discuss with your local real estate expert, who can help you navigate the ins and outs to expect right now, and in the future.
Ready to Start Your New Home Search? We’re Always Here to Make It Easier!
While it’s hardly business as usual in 2021, we know that the Houston real estate market is still strong. The market is moving — and if you’re ready, you can too.
During this COVID pandemic, the professionals at Houston Premium Homes Realty Group are here to help homebuyers and sellers achieve their biggest real estate goals while making the process easier at every step of the way.
Please rest assured that while we are instituting the CDC’s health safety and prevention protocols across all our businesses and office locations, we are still operational and ready to continue serving you. Whether you’re buying or selling, your Houston Premium Homes agent can help you make the most of virtual open houses and tours. So you can continue to pursue your real estate goals from the comfort and safety of your home. At this time, real estate brokers can also show homes in person, with safeguards in place to ensure every buyer and seller’s health and safety. Along the way, our One-Stop-Shop will work together to give you an easier experience from beginning to end.