Are you currently weighing the pros and cons of buying a bigger home, but you’re not sure whether now is the right time for you to make this upgrade? Although there are several benefits associated with purchasing a larger house, whether it’s the best move for you at this moment can depend on a few key factors.
What’s Your Primary Purpose for Wanting a Bigger Home?
Before splurging on a larger home, ask yourself what your reasons for wanting more space are. For example, you may be interested in:
- Additional home equity to grow over time
- A more desirable neighborhood, school zone or location relative to your job
- Extra space to grow your family or host your friends
- Fulfilling a longstanding homeownership dream
Can You Afford the Additional Costs Associated With a Larger House?
Along with a larger house come higher costs. Make sure you can afford these additional costs before trading up. Some expenses to budget for include:
- Higher property taxes
- A larger down payment and closing costs
- More furniture and decorations
- Higher heating and maintenance bills
- Higher mortgage payments every month
- Potential homeowners’ association fees
When you’re torn between buying a bigger home right now or waiting a while longer to get your finances or personal life in order, asking yourself these essential questions could help. Go through these factors to decide whether this is the right move at this time.