The trend for upsizing is slowing down in the United States. More and more families are looking at moving into smaller properties, even when they have children. As the American dream of the huge house is changing, it appears essential to understand the many challenges related to upsizing. Indeed, most of us assume that a bigger house is more convenient, comfortable, and welcoming.
Yet, the popularity of small and tiny homes is forcing homeowners to reconsider their options carefully. Are you unsure whether you should upsize or downsize? Here are some thoughts to help you find out the best solution for your family.
Can you get the best mortgage deal?
When you are considering upsizing your home, the first and most crucial fact to clarify is how much the current mortgage rates are. Indeed, mortgage deals evolve and respond to financial fluctuations. Therefore, if the real estate market is slowing down, you may find deals with low rates to encourage buyers. When the real estate market is saturated with demand, rates can be high to reflect the shortage of properties. So, it can be helpful to keep an eye on both the financial and the real estate markets, as the mortgage deals reflect the demand and offer principles.
Additionally, you are more likely to get a better deal if you can make a large deposit on your new home. A lot of potential buyers consider strategies to boost their income before approaching realtors. Increasing your bank balance puts you in a better position for a large deposit.
Do you have to compromise?
Finding a bigger home is only one of your challenges. When you are looking for a new property for your family, you want to make sure that you are not forced to compromise on comfort or commodities for the sake of extra square footage. A bigger home in a remote location, for instance, may affect work commute, school runs, and grocery shopping. Alternatively, you don’t want to give up your modern appliances and cozy interior for an old property that will require extensive renovation. Upsizing without losing all the things you loved with your former home is not easy.
Will upsizing resolve the problem?
When the family grows, it can feel claustrophobic to live in a property that isn’t suited to meet your needs. However, it can be useful to consider how much difference having one extra room could make to your day-to-day life. Indeed, a home extension could transform your interior and make your family needs manageable. Extending your kitchen or living room, for example, can simplify dinner times and make cooking fast and enjoyable. Or you could add a second bathroom and avoid many rows about bathroom time!
Can you manage the cost of a bigger home?
Cost is a big worry when you choose to upsize your home. Affording your mortgage repayments is only one small aspect of your financial responsibilities. Your utilities and maintenance bills are also likely to increase as a result. You could also find yourself investing in additional furniture units to populate the extra space.
In conclusion, it’s becoming more and more apparent that upsizing isn’t always the best solution. It doesn’t mean that downsizing is the way forward, as every situation is unique. However, you may want to weigh the pros and cons before looking for a bigger home.