After buying a home, your needs and desires may change years later. The home you purchased ten years ago may no longer be big enough or in an ideal location for you and your family. So, what are some common factors that may help you determine if you should buy a bigger house?
Your family is growing
One of the most common reasons people choose to upgrade to a larger home is their growing family! If you have a baby on the way or your parents are moving into your home, you may need more bedrooms or bathrooms to fit your needs.
Your lifestyle has changed
Typically, suburban homes are more spacious than apartments in the city. Maybe you no longer want to live in a smaller apartment in the heart of town and would like to move to a quieter area that offers extra space. Try to think about your lifestyle needs for the next few years and create a wants vs. needs list!
You’re making or saving more money
You may love your space but have the means to upgrade to a larger home because of a recent promotion or raise! Earning more money or having more assets may allow you to qualify for a larger loan. Or, you may be able to use extra savings for a down payment on an investment property.
You are working from home
Over the last year, more and more people have transitioned to remote working. Some companies will allow their employees to continue working from home, which may increase demand for home office spaces. If you continue working from home, you may want to see if you can qualify for a larger mortgage to get some extra space for a home office.
The decision as to whether to upgrade to a larger home depends solely on your personal and financial needs. As always, it is best to speak with a mortgage specialist to determine how much house you can afford and the best next steps for getting started.