There are several different reasons that we may decide it's time to buy a larger home. There will be benefits and possible drawbacks. Here are some things to consider before making a decision.
- More space- probably the biggest reason for moving into larger homes is for the extra space. Growing families, needing a home office or wanting more privacy are all popular and valid reasons for moving up. Gaining 1, 2 or more extra bedrooms means not having to move again for many years, if ever.
- A better, more preferred layout may be a key feature in a bigger home. An open concept rather than cozy closed off rooms may gain you a larger kitchen. Perhaps a master bath is what you are after. Renovating and adding onto a smaller home can be as costly as buying a larger home with the layout we desire.
- Possibly gaining a larger yard is a big dream for those with kids, dogs or are avid landscapers. We all want space to run and play.
- Larger tax deduction, who doesn't love that?
- More space means higher utility bills. Heating and cooling that extra space adds up.
- More space means most improvements or changes may be more expensive. More paint, more flooring, more carpet, more window treatments, more bathrooms, etc.
- If a bigger yard comes with your bigger house, there will be more lawn care needed.
- Higher property taxes, no one loves this.
When the time comes to move up to a bigger house, it's exciting to consider having a different layout and more space. Check out the "During" page for some considerations to make before putting your current home on the market.