When you bought your home years ago, it was the perfect fit. However, your needs have changed, and you’re now ready to consider buying a bigger home. Before you make a decision, it’s a good idea to consider the move from different angles to make sure that you’re truly ready for the additional expense and upkeep that come with larger homes. We’ve included in this check list signs that you’re ready to sell your current property and move up to a larger home:
- You just got married and are having trouble fitting your spouse’s stuff into your existing home. I see lots of newlywed home buyers needing their own separate closets (or at least a full scale walk in), dual vanities in the master bath, or a nice backyard for the dog that is inevitably in their future.
- Recent pregnancy news has gotten you scrambling to create a nursery for your baby. It’s best to go ahead and make this move before the baby comes because you’ll have your hands full for those initial years with your little one.
- You’re maxing out your retirement savings and other investments each year and still have additional money you’d like to invest. Real estate has given you good return over the years, so why not use some of the appreciation you’ve accumulated to buy a bigger home?
- When guests come into town, they have to sleep on the twin beds in your son’s dinosaur themed bedroom. No further explanation needed here.
- Your parents are getting to the age where they need additional help, but they’re not yet ready to move into a full scale nursing home. This is a surprising trend we’ve seen in the real estate market in the past 5 years. New construction builders are even creating floor plans now with multi-generational families in mind. These homes usually have 1 to 2 bedrooms on the ground floor (reducing stairs for aging parents), and one of these master suites can have a kitchenette type living space attached in order to give parents more independence.
- Your cars can’t fit into your garage because of the ping pong table, kids’ toys, or grandmother’s inherited furniture taking up the entire space. Many of our clients are looking for larger homes with flex spaces that can be used for a variety of purposes such as a rec room, teen hangout, home office, man cave, or second den. Not only do these rooms provide air conditioned/heated space to live, but they also allow homeowners to park their cars in the garage where they belong.
What about signs that indicate you should hold off on that bigger home purchase? Finances are the most common reason why homeowners stay put in a home that they’ve outgrown. If your reserve funds get low some months, you should probably stay put in your current place. It’s not worth feeling cash poor just to get that fourth bedroom. You should also check out our blog 8 Signs You’re Not Ready to Buy a Home because these signs can also apply toward your possible move up.