3 QUESTIONS TO ASK YOURSELF BEFORE BUYING A LARGER HOME
Purchasing a larger home is a significant financial commitment. In addition to moving costs, you'll face higher mortgage payments, increased property taxes, greater repair and maintenance expenses, and elevated utility bills.
Before deciding if upsizing is right for you, consider these three questions to ensure a larger home truly aligns with your needs, values, and financial goals:
It may seem obvious, but many homeowners overlook the importance of reflecting on their motivations for buying a bigger home. Are you upgrading because your family’s size or needs have changed, such as the arrival of a new child necessitating more bedrooms? If so, an upgrade might make sense. However, if you're considering a new home to manage clutter or impress others, it might be worth reconsidering.
Every choice involves trade-offs, and opportunity cost refers to the benefits you might forgo by choosing one option over another. A larger home could enhance your family’s lifestyle or accommodate your preference for home entertaining. Conversely, a higher mortgage could limit your discretionary income, affecting other aspects of your lifestyle.
Explore alternatives that could meet your needs without the financial strain of moving. For example, if you need a home office but lack space, consider finishing a basement, building a garden suite, or converting an existing room that’s underutilised into the workspace you need.
Still unsure whether upsizing is the way to go? Reach out for a personalised consultation!
Claire has a keen interest in investment properties and looks forward to continuing to help her clients build their real estate investment portfolios.