Upsizing? What to Consider When Buying a Bigger Home
Anytime you start thinking about shopping for a new home, it is an exciting time. People move for many different reasons, and when they do, it’s not uncommon for them to be looking for an upgrade of some kind. A growing family is another very common reason people start shopping for larger homes.
If your current home is starting to feel cramped, upsizing to a bigger home may give you just the breathing room you’re looking for. But before doing so, be sure to first think through some of these more practical parts of moving into a bigger home.
Bigger House, Bigger Bills
It might seem obvious that a larger house will come with a larger price point. However, it’s not just the sales price you will need to think about. Utility bills and property taxes will likely go up.
To a great extent, how much this will impact you depends on location and how much bigger of a house you are looking to buy. If you are just sizing up by one bedroom, you will be less impacted by rising utility costs than you would be if you were upgrading from a 2-bed/2-bath home to a 5-bed/3-bath home, for example.
More square footage or higher value means you will see a proportionate increase in your property taxes. Other necessary costs will also go up, including your insurance in most cases. It’s important to be realistic about what you’re comfortable spending on your monthly housing budget before deciding how much larger of a house to buy. I can help you walk through the estimated costs based on the range of homes that interest you.
Think About Future Expenses
A larger home will also cost more to improve – and furnish (more bedrooms means you’ll need more beds!). A bigger footprint will also impact the cost to make upgrades like replacing the flooring, repainting the house, or a new roof for example. The same may be true for any necessary repairs down the road.
As you consider an upgrade, it’s also important to evaluate where that extra space is in the new home and to make sure you’re getting the space you need where you really need it. Do you need more living area space, vs. more bedrooms?
Finally, compare the locations of your current and prospective homes. You should be sure that your new neighborhood will not cause you to sacrifice anything you love about your current one. For help deciding which neighborhoods in Miami to consider, check out this post [link to previous blog] to learn a little more about some of the local areas we love.
If you’re ready to start looking for your new home, I’m here to help! The Drew Kern Team can also help you get your current home ready to sell. Contact us anytime to ask us your questions about South Florida real estate.
