Consider these reasons why it might be best to keep your current home. Generally, larger houses cost more upfront and over time - and they might not be worth the extra investment in the long run. There are lots of outdoor upgrades you can make, too, when you’re ready. If you’re looking for more space to host guests, you might need to upgrade the size of the home to go with your backyard oasis. Homebuyers are hunting for more outdoor space. If you can’t swing an extra bedroom, even in a larger home, consider other private areas, such as the basement, attic, or garage. If you shifted to a work-from-home schedule during the pandemic - and you plan to keep it that way - you’ll want to look for homes with enough space to put a desk and chair. You’d like to use a bedroom as a home office The extra cash may help you afford the larger housing payment or even pay down the mortgage faster.Īlso See: Buying a Rental Property: Everything You Need to Know 3. You might also decide to rent out part of your house, either to a long-term tenant or a quick rental using a marketplace like Airbnb. You can easily compare lenders with Credible in just a few minutes.Ģ. Planning out these details can help you make sure you get the new home you need, so you’re not looking to move again anytime soon.īefore you go to your bank for a new home loan, be sure to shop around and compare interest rates with multiple lenders. What type of home do you prefer - for example, do you need a single family house with more privacy or a condo with less maintenance?.How many bedrooms and bathrooms will you need?.But consider a few of these key questions first: Whether you’re welcoming a new child or a relative is coming to live with you, a growing family may need more space. While upgrading could mean having a bigger mortgage payment, you might be ready for your next home if: 1. Is buying a bigger house the right move?. Sales for larger homes increased by 21% in summer 2020, according to Redfin, underscoring a trend across the country.īut a gain in square footage comes with plenty of hidden costs you might not have considered.īefore buying a bigger home, consider the benefits and drawbacks of such a purchase, along with the costs you’ll need to budget for: If you’re squeezed for space and thinking about buying a bigger house, you’re not alone. NMLS # 1681276, is referred to here as "Credible." Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Our goal is to give you the tools and confidence you need to improve your finances.
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