Is It Time to Buy a Bigger House?

There are a few reasons why you need a bigger home, some more obvious than others. Homes today are much bigger than they were just a few decades ago. When you bought your first home, it may have been perfect for you and your spouse. What great times those were! But now – you may find yourself pregnant, the newest owner of a dog, or perhaps you have opened your doors to the in-laws. Either way, these are a few factors that may call for a new home.

Family Expansion

Let’s talk about the first and most obvious reason it may be time to upsize. Family expansion is the most common reason for buying a bigger home. If your family is growing (congratulations!) too big for your home, there is really only one option. Time to upgrade!

Sometimes, it isn’t just about the number of rooms. Even if you’re just adding a number to the family, it is possible to grow out of the kitchen and bathrooms too. Yeah, the 1.5 bath may be fine for you and your spouse, but once there are toys scattered across the floor and squeaking ducks in the bathtub, you may be ready for your own space.

So you don’t have kids, but you got a dog? Perfect! That pup may be just the reason you need to get a bigger home, or at least, a bigger yard!

Getting Married?

Most newlyweds may not have the disposable income to be picky about the size of their home, but they could be moving from their parents’ house, an apartment, or a place with roommates. In this case, the next step after marriage may be to upsize. If you and your spouse are currently renting, taking the next step and buying a home should get put on the to-do list. If paying a mortgage instead of rent every month comes with upsizing, then yes, it is time to get a bigger home.
Mortgage loans at Missouri Central come with competitive fixed and adjustable interest rates, low fees, and experienced loan officers to assist you.

Location Change

Depending on where you live currently, the location you’re headed might be a helpful indicator on if you’re ready to purchase a bigger home or not. The cost of living is different in each state, but also different from town to town and neighborhood to neighborhood. If you’re moving to a place where the cost of living is much higher, then maybe purchasing a larger home isn’t the best financial decision. If you’re moving from a shack in California to a mid-size home in Lee’s Summit, then yes, it’s time to buy a bigger home because there is a good chance you’ll be able to afford it! (If you do decide to move to Lee’s Summit, call Missouri Central, we’ll take good care of you!)

Having more room to spread out may mean living 20-30 minutes from the city. If you’re ready for the switch from the city to suburbia, then you may, indeed, be ready to upsize.

Promotion

Congratulations on the new job!

If you have recently been promoted or have a new job with a higher salary, then you may be ready for a larger home! To start, just because your check is larger, doesn’t necessarily mean you NEED a larger home, but it may mean that you started out somewhere more temporary. Paying a mortgage is much more beneficial to you and your bank account in the long run. If this job is somewhere you’ll be for a while, upsizing may be the right move for you!

If you already have good credit, let’s not forget that an increase in salary may even get you approved for a better mortgage loan that you could have been approved for previously! If you’re not sure what you can get approved for, talk to a loan officer at Missouri Central Credit Union today or fill out a mortgage application online.

Resale Value

Resale value may be the reason you’re moving from your current place, but could also be the reason you move somewhere bigger. If you think you could come out on top by selling your current home and moving to a larger one, then by all means, go for it! If the areas around your current home are growing and changing or you’ve done some remodeling, your home may be worth more now than it was when you bought it. If that’s the case, you could be ready to upsize and change scenery.

If you choose your new home and location wisely, upsizing might mean a small profit down the road. Look at your potential new place from the eyes of future buyers. Is this a home that someone else may want down the road? Do research about what other homebuyers want and what people in that area look for in a home. Keep an eye out on the latest buying trends while you’re looking for your new space. It may turn out to be a deciding factor! 

Now that we’ve covered five common reasons why you may be ready for a larger home, here are a few things to consider before making the big move.

Before moving to your mansion, here are a few other things to think about:

  1. Bigger house = more furniture
  2. Bigger house = more to clean
  3. Bigger house = higher utility costs
  4. Bigger house = higher property taxes
  5. Bigger house = more outlets, more faucets, more doors, more things that can go wrong.

Before making the move, make sure you have some emergency expenses saved up in case something does go wrong. Your new home may be new to you, but it may not be a brand new home. Don’t forget to take that into consideration!