Are you thinking of getting a bigger house? Maybe your family is getting bigger, or your needs are just bigger than before. Maybe you just started earning more money on your new job, and you think that it’s about time to treat yourself by buying a big dream house. High ceilings, big windows, classy salon, creating entertainment rooms for your family and friends. Maybe even a pool, why not? But is it a good decision? Is it really a good investment? We were looking online for other peoples’ opinions and market situations and made a list of things to consider when buying a big house.
Dreamhouse or a bottomless pit
Have in mind that with a big house, it’s not just the living area that gets larger. Your bills, living and maintenance costs, your mortgage rate. It all goes up. And with a bigger house, there’s always something to repair, add and renovate. So, even though you may have the exact amount of money now, it would be a good thing to talk to your financial advisor about your financial future.
Things to consider when buying a big house
First things first, you must take various things into consideration: location, size, market situation, your status, etc. We tried to break it down for you. So let’s begin.
Market situation
At any moment, the market is either ”seller’s market” or ”buyer’s market”. That means that you want to follow who favors at the moment you’re planning on buying. Since buying a home is probably the biggest decision you’ll ever make, you want to wait until it’s a ”buyer’s market”. Also, think twice before you buy a big house. Tests show that real estate market trends change rapidly. For example, a lot of young buyers nowadays are not interested in buying a big house, opposite to the ”older” generations.
Your incomes
Buying a big house means more expenses. A bigger mortgage rate, bigger property taxes, higher utility bills. Just think about the impact it would have on your income in the long run. Are you ready to give up on something in order to enjoy a bigger bedroom?
Priorities
Set up a list of priorities. What can and can’t you live without in a house? All buyers are different, but here are some things that should be more important than others when it comes to looking for a house:
- home condition
- location
- your lifestyle
- financial solvency
Maintenance costs
Costs are getting bigger with every foot. Both, the inside and on the outside. Big houses usually have that wonderful and great green lawns, flowers, even a pool. But maintaining those things can take you several thousands of dollars per year. So, unless you’re planning on keeping your pool clean yourself, you just might want to avoid any excessive costs.
Bigger house – more usable space?
When buying a house think about functionality, not footage. Do you really need that extra bedroom? Or another living room area? Though it may seem fancy and luxurious, you don’t want any space that you cannot use or repurpose. There’s no point in owning a big house if it’s going to be wasted.
Don’t pressure yourself into buying
Sometimes the bigger is not the better. The hidden costs of buying a bigger house aren’t always apparent right away. That’s why you have to think not only about your needs now, but also about your needs in the future. Maybe you can improve your existing place to look a little bigger. For now. But if you’re sticking to your idea, we hope that we helped you with our list of things to consider when buying a big house.
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