Common Problems and Pitfalls Associated with Buying a Bigger House
Over the past year, nearly every homeowner has begun taking inventory of their current situation. Work and school closures forced many to weigh whether they needed a bigger house with a home office or more outdoor space. While upsizing is often a good thing for families that have outgrown their current accommodations, there are common mistakes that homeowners can avoid.
At Team 805 Real Estate, we help people achieve their real estate goals in and around Southern California. We can help you find the perfect property to meet the newfound needs of you and your loved ones. Contact our office today at (805) 341-0398 to find out how much your current home is worth and whether you should consider an upgrade.
- Not Considering All the Increased Costs
One of the biggest mistakes that homeowners make when upsizing is forgetting all of the increased costs. Most people take into account the higher mortgage payment but fail to consider that nearly everything will go up in price.
Increased costs when upsizing:
- Mortgage payment
- Property taxes
- Homeowners insurance
- Property maintenance
- HOA fees
Monthly bills can expand quickly with a larger home. You may be considering moving from a property with little to no yard, to a suburban two-story that has a front and back lawn. You will need to factor in the expense of hiring a landscaping company or buying the equipment to do it yourself.
Another expense that most people neglect to calculate initially is how much it costs to furnish additional rooms. Furniture prices have skyrocketed, making it very pricey to fill additional square footage with new pieces. Sitting down with an experienced real estate agent can help you figure out your true budget and whether an upgrade fits within your finances.
- Rushing Into the Decision
Our best advice to people considering purchasing a bigger home is to avoid rushing into the decision. The right home will meet your objectives now and in the future.
Our real estate experts say you should consider the following before upsizing:
- Your lifestyle
- Your commute
- Your future
- The neighborhood
- The overall community
Think about where you will be in 5 years or even 10. Is retirement on the horizon, or are you just starting out in your career? Will you be an empty-nester in the foreseeable future, or is your family growing? All of these questions should be answered before you buy.
- Focusing Solely on Square Footage
While square footage is important, the layout of the house is critical. Think about why you are wanting to upsize. Will you be working from home permanently and need a home office? Is a family member moving in, or do you want a playroom for your children? The type of space that you need matters.
A home with more square footage does not automatically mean that it will meet your needs. Make a wish list such as a walk-in pantry, man cave, or other wants, and then make a list of your must-haves. If the home does not check off your must-haves, it is not worth a heftier price tag.
Interested in Upsizing? Contact Team 805 Today!
Are you considering upsizing in the Ventura area? Contact Team 805 today to discuss how we can get you into the home of your dreams.
We can help you sell your current property and find a new home that stays within your budget and meets your future needs. Call (805) 341-0398 or fill out our online contact form to get started.