At what point do you decide to upgrade your house size? Is it because of family reason with the coming of a new baby or work reason with more companies encouraging work from home policy or you simply need bigger space? In this article, we are going to focus on when to consider upgrading your house size.
When to consider upgrading your house size
1. You Need More Space
The cost of a house in the city center is huge and most people prefer living in a smaller apartment filled with their belongings with no free space. You can consider moving to a new house with bigger space especially in the suburb.
In upgrading your house size, you should consider your financial strength which will determine if you can upgrade or not. Most people are making financial decisions that they are not ripe for ignoring their financial strength. Consider the monthly payment cost, the insurance, the taxes, your expenditures, and most important cost of getting to your place of work.
Use a mortgage calculator to know what to expect as regards your monthly mortgage payment.
3. Working From Home
According to Bloomberg, the work from home boom will lift productivity by 5% in the US. With more companies focusing on work from home policy, your boss might finally decide that you should work from home and you will need a dedicated home office to improve your productivity. It can be part of the reason why you will consider upgrading your house size if your present house is too small for home office.
4. Increase in financial strength or social status
A sudden increment in financial strength can motivate you to upgrade your house size. Since there is an unexpected money in the account and lifestyle changes this is a great reason to upgrade your home size. Unexpected money such as increment in salary, lottery, or proceeds from divorce or lawsuits can tempt an upgrade in home size. Moving to a new house when finance increases is inevitable among most people.
Investing in housing seems lucrative. Smart people always like to invest in housing especially in urban centers or places not far from the central business district. Homeowners at times rent out part of their holdings for mortgage reasons, in situations where they can not afford to live in certain neighborhoods they rent out part of their homes. This simply means turning your home into an income-producing investment.
6. Upgrade homes for marriage.
Marriage needs understanding and tolerance. In a scenario where a second bathroom is necessary to save one’s marriage, upgrading could be a solution. What about the time when the spouse needs to give each other breathing space bigger house means less argument, fewer conflicts, and more places to be alone when the head is hot.
Multiple living rooms can be what your marriage really needs.
7. Current neighborhood.
Before upgrading your home size you need to consider how your present neighborhood makes you feel, if upgrading to a new neighborhood really worth it, or staying is a better option. Do you like green environments, or places where you can easily get to a restaurant or a coffee shop, these questions to ask when upgrading to a bigger home size?
8. Consider your existing space.
When thinking about upgrading your house size, take a good look at your current space and be truthful to your needs. Are you fully utilizing your current space? Take a time to look at how much of your property you are truly using for living as opposed to when this is carried out, you might discover that upgrading to a larger property isn’t your only option and your current size is adequate for your family.