You’ve probably been told the longer you stay in your home, the more financially beneficial homeownership is. But, after you’ve been living in your 2-bedroom, 1 bathroom home for six years and added three kids and a dog into your home, how long is too long. After all, starter homes are called starter homes for a reason. While bigger homes come with tradeoffs, including bigger bills, more time spent cleaning, and more upkeep, they also come with plenty of perks that smaller houses can’t match. If you’re considering upsizing your living space and buying a bigger house here are a few ways to tell when it’s time to upgrade your home.
Your family is growing
Your home is the perfect size for a single couple, but as soon as you throw a little bundle of joy into the mix, the small house becomes even smaller. When you’re looking to upsize, don’t just consider your current needs but also what will suit you in the future. If you’re planning on having more kids, buy a home big enough to accommodate everyone.
The market is good
If you have been paying attention to the housing market and it’s become noticeably stronger, this could be a good time to start the process. Don’t let it drag on too long, as rate and house prices can change very quickly, and you may find it stops being a good economic decision.
Your income has increased
Perhaps you purchased your first home when you were just beginning your career. If you’ve since advanced or have gotten married, adding a second salary to the family income may put you in a position to take advantage of a good interest rate and upgrade.
You have to outsource
From your kid’s birthday parties to hosting family, you simply don’t have the same space you used to. Instead of enjoying the amenities of your home, you are consistently using them to entertain.
You’re using rooms in shifts
While your 1 bathroom home was never a problem before, your family has grown and space has dwindled which has created a need to schedule out bathroom time-slots.
Your home needs have changed
Your home was the perfect fit five years ago, but homeowners’ needs change. Whether you’re now commuting a longer distance for work or you’re a newfound fitness enthusiast who sees a need for a home gym, carving out a sport for your own pleasures can be challenging in a home that’s already feeling cramped.
You frequently entertain guests
Some homes are built for entertaining and some are not. Those that are perfect for dinner parties and get-togethers are often larger and have plenty of room for guests to spread out and mingle without stepping on each other. If you find yourself having frequent social events at your home and feel like things are getting a bit too crowded, a bigger space may be just what you and your guests need.
You don’t have a relaxation spot
Even the most outgoing person needs some time to themselves, which may prove to be impossible when there’s only one living area in the home.
Your extended family is living with you
There are many circumstances that can lead to a relative needing a place to stay for an extended period of time. Whether its retirement, illness or the birth of a new baby, adding more members to the household can cause stress if there is not enough room for them. In these cases, having a house with an additional bedroom or bathroom can make all the difference in the world everyone’s happiness.
Your rooms have lost their definition
Your dining room has now been transformed into not only a place to eat but fold laundry and do homework. Your garage has evolved from a place to store the family car and lawn necessities into a makeshift storage space and your living room is now an office space.
Home functionality is what keeps you sane, but when each part of your home starts to take on additional purposes, it might be time to up-size.
You need additional storage
When you first moved into your home the amount of square footage seemed huge compared to your old apartment. A few years later, especially if you add kids and pets to the mix, your home is bursting at the seams even with just your basic necessities. While there are ways to add more storage, you will find a bigger house with ample storage is the best solution.
You want a bigger lawn
In most cases, bigger homes come on bigger lots. This is important if your kids are into sports like soccer or football and need room to practice and play. Bigger lawns also mean more privacy and distance from your nosy neighbors, as well as an option to create outdoor spaces like a porch or patio. If you live in a warmer climate, you may want to take advantage of the extra room to install a swimming pool, something you cannot do on a smaller lot of land.
The cost of renovation is higher than a new home
The decision to relocate or renovate is common, but if the cost of a home addition is going to be deeper into your bank account than a down payment on a new home with same square footage, bedrooms and bathrooms, relocating might be the better choice.
You want your home to be a bigger investment
Homes are large investments, and can grow more in value quicker than in others. If your starter home seems to have maxed out in current value and you’re not planning on doing any extensive renovations, it may be worthwhile to look into upsizing. Larger homes offer more potential for financial growth and renovation opportunities, both of which can lead to a bigger investment down the road.
Moving is always a stressful ordeal, and there never seems to be a convenient time, but if any of the above apply to your situation, it might be time to take moving into serious consideration.