Thinking about buying a new house? We hear often about downsizing when the kids move out of the house or when we need to save money. But what about upsizing your home? While this movement isn’t economical for every homebuyer, the trend for 2017 is that more people—retirees to millennials—are upsizing. Upsizing may not be a bad idea if you can afford it, and there are some good reasons to upsize.
A space for friends and family
For many upsizers, a bigger home means more room for guests. With a comfortably-sized house, dinners, parties, hang-outs, etc., are easier accommodated. For retirees, the incentive might be to encourage family to visit more often with the knowledge that the house is spacious. Roommates, whether friends or family, can also be invited to share the costs of the house, and even if you don’t plan on having roommates, you know that by upsizing your home, you’ll have the space to assist a family or friend in need under your roof.
Room to grow
Even some millennials are skipping the starter home and purchasing larger houses. A bigger house means more room to grow. Moving can be a pain, especially if you’ve outgrown your house because of your career, lifestyle, or growing family. Finding a home where you can root and not be expected to move for a long time can be attractive, and if you’re upsizing your home from a tiny home, condo, or your parent’s house, then skipping right to a bigger home can help avoid future growing pains.
Live near excitement
When upsizing your home, you might consider moving to an entirely new area, as far away as out-of-state to as close as across town. The goal for this sort of move might be to be closer to family or friends—say you’re a parent who doesn’t want to be too far from his or her adventuring kid, or you’ve decided it’s about time you live where all of your family resides. However, you might just want to be closer to exciting places, like good nightlife, amusement parks, national or state parks and forests, or simply cities that are of more interest to you than your previous home. Changing areas entirely, especially if moving to a place with more amenities in the neighborhood or city, can mean in increase in the cost of a house compared to your previous home even if the two houses are the same square footage.
Accommodation for the present or future
The reasons for upsizing your home may also be because of retirement or getting to a point in life where stairs, basements, and narrow hallways simply aren’t practical if you need a wheelchair or walker. If you plan on having live-in assistance, whether it’s professional or a family member, having wider spaces and more rooms will make that assistance easier. You also may not be worrying about yourself. You might want to upsize your home because of family members, like your parents, needing the assistance that you plan on providing.
Treating oneself
Some people have worked all their lives and finally want a fancy home to call their own. They may upsize for all the above reasons on top of this one or for the simple fact they feel they deserve luxury. If you can afford it, than upsizing your home for this reason certainly isn’t bad, and treating yourself is good for morale.
No matter the reason for upsizing your home, the financial decision is up to you. If you’re on the fence, you may also want to check out tips for downsizing your home to help weigh your options.
Looking for more advice about homebuying? Continue following the Ryan Roberts Realtor blog! For your real estate needs in the Auburn, Opelika and Lake Martin areas, contact Realtor Ryan Roberts today at 334-750-9872, or email [email protected]!
