As technology advances rapidly and as families grow, the house you purchased just 10 years ago seems too small and too dated. You just visited your friends brand new house and that made you want a upgrade as well. No house is perfect, and any move requires organized planning and financial responsibilities, but sometimes it is the absolute best decision for your lifestyle. If this sounds like something you’ve been considering, whether or not you should move, then these signs should help you decide if you need to move into a bigger space or not.
No More Space
You would be surprised that an additional 500 square feet can alleviate loads of family tension. You have already had to change your office into your child's bedroom and you have another beautiful baby on the way. When you have guests you would like to have a guest bedroom because your in-laws insist on having a bed when they come to visit. If this sounds familiar then you should consider a bigger home, our houses should accommodate our most basic needs, and space is a necessity.
Useless Floor Plan
The layout of some homes are just useless, plain and simple. Especially when preparing for life changing events such as a new baby or an sickly relative moving into your space, you need an accommodating floor plan that suits all your needs. A bigger home can provide space for an in-law suite, entertainment suite—or a downstairs master bedroom, with easy access to a nursery.
Adding on is Impossible
It can be mush cheaper and less stressful to just add on to your house by taking out a line of credit but sometimes zoning or HOA regulations can prevent you from being able to legally build that extra bedroom or extend your kitchen and living area. Sometimes you may not have enough space on your lot to add to your house and in those cases you should consider moving to a bigger home.
Your Equity can Cover the Down Payment
Even if you’re packed wall to wall or stumbling over pets and your kids’ toys every day, don't invest in a new property if you can not afford to do so. You need to see if the equity that you have already built up in your home will be enough to cover the down payment towards the purchase of a larger home. If the numbers aren't where they need to be it will still be good to know where you stand so that you can continue building equity and start a savings plan toward a bigger home. If you do have enough equity to cover a down payment on a bigger home then you should consider moving.
You are Set for a Change
Buying your first home can be an emotional investment and accomplishment, even if you’ve outgrown the space, it can be hard to leave. Consider all the pros and cons of purchasing a larger home, what do you love about your house and the neighborhood, then think about how these things will change when you move. Buying a larger house can also change your social, geographical, and financial status. Family members may view you differently once you’re in a bigger home, friends may not visit as often if you move out to the suburbs or countryside, and you more than likely will have more expenses. More space can benefit your life in many ways, but be sure you’re ready for the other changes that come with a bigger home.
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