Did you know, on average, Americans move around 12 times during their lifetimes? There are several different reasons why people look for new homes, but a very common reason is to increase the square footage of their home.
Upsizing is a great way to gain more living space, upgraded amenities, and improved quality of life. Whether you’ve been saving up for years or this move is sudden, there are some things to consider when upsizing.
Do You Have to Compromise?
Ensure that you aren’t compromising on your finances, comfort, and lifestyle for the sake of extra square footage. Consider the following questions:
- Will you lengthen your commute time?
- How will your children’s education change, and is it a good school district?
- What are the crime rates in the area?
- Will your budget and savings goals be impacted?
What is the Cost of Upsizing?
Consider the cost of the larger home such as the mortgage payment, maintenance costs, and utility bills. For example, more rooms will require more electricity, air conditioning, and money to furnish them.
A larger home may come with a more extensive list of maintenance items like a bigger lawn, more square footage to clean, or other additions like a swimming pool that will need servicing. Be sure to include these costs when calculating your monthly payments for your new home.
What am I Gaining?
Purchasing a larger home is an excellent investment if you need more living space for a new home office or expanding family. A larger home may also be more cost-effective if your current home needs many repairs and upgrades. Knowing you have enough space for your family with safe and accommodating amenities will offer peace of mind and start an exciting new journey of homeownership.
A new larger home is exciting and if you’ve decided that a new home is the right choice for you and your family, Jovia offers affordable mortgage options to help make your dream house a reality.
Jovia's experienced mortgage specialists are here to guide you through every step of the mortgage process. So when you are ready, we’re ready with all you need to make it happen. Schedule an appointment or chat with one of our mortgage specialists by clicking the virtual branch bubble when it pops up on the webpage.