You’ll be hard-pressed to find a person who, in his hearts of hearts, doesn’t want a bigger property. If we all have butlers, nannies, and cleaners to maintain the house, we would’ve wanted to live like kings and queens. But alas, not everyone is born with a silver spoon in their mouths. Almost every mortal on earth needs to work as hard as they can to afford a big house. Really, how do you know you’re ready for a larger property? Is money all there is to it?
Can You Afford It?
The first question, of course, is, can you afford a bigger house. You have gotten a promotion. You earn more now than you ever imagined you could earn. However, you still need to make sure that you will qualify for jumbo mortgages. These are mortgages meant for more expensive properties. The requirements for this type of mortgage is more stringent than an ordinary housing loan.
Do You Need More Space?
Is it space that you need, or do you need a remodel of your current home? Sometimes, what you need is a revamp of your old space and not a new house. You might already have the square footage you want, only that you are not maximizing every inch of the house. Maybe you need an open-floor layout, or maybe you need to section the house. Consider these things before buying a new and larger home.
Can You Accommodate More Responsibilities?
Bigger properties mean bigger responsibilities. Even if your home did not necessarily expand in size, if you have more land to tend, it means more things to do for you. Your lawn, like every part of your home, needs to be taken care of. Are you at that point in your life where you can take care of these things? Or, are you busy pursuing your careers that you cannot even remember the last time you walked around the lawn?
How Is Your Work Commute?
Sure, you have your eyes on a larger property that’s right up your budget. The question is, will it affect your work commute? Does moving there mean having to commute longer every day? Are you sure it is worth it? Many city dwellers are moving to smaller apartments to be near their places of work. If you are working in the city, moving to the countryside might not be a practical move to make right now. Unless you can already see yourself resigning in a couple of years, commuting hours to work is going to be the bane of your existence.
Can You Sell Your Current Home?
Is there any use to you owning two homes at once? The property taxes and maintenance costs will drive you over the edge. While planning to invest in a bigger property is a noble idea, you should also think about the state of your current home and the housing market. Can you sell your present home? Is it going to command a good price in the market? You can use the money you get there to pay partly for the bigger house you’re planning to buy.
Are You Planning to Expand Your Family?
If you do not have plans to expand your family, why do you need a bigger property? To entertain guests? Can’t your current home do that? Certainly, if you are expanding your family, you need more rooms in the house—bedrooms for the kids, a bigger yard for the dog, and extra rooms for learning and play. But before making a down payment for a big home, make sure that it has all the features that your family will want in the future, too.
Is It Worth All the Hassle?
Moving to a new property—whether big or small—is a lot of work. Do you need to do it now in the middle of a pandemic? Can’t it wait once this is all over? Hiring professional movers can set you back up by thousands of dollars. You will also spend an insane amount of time packing and unpacking boxes.
While a big property is always something everyone dreams of having, it is also a lot of work, time, and sacrifice. Maintaining large homes can be a logistical nightmare. Not to mention that it is also expensive. Most big properties are far from the cities, too, which makes it almost impossible for people who work in the metro. Before you take this plunge, think a hundred times about the choice you are about to make.