When you bought your first home, it was probably the perfect size for you and your partner. But over time your family has grown and you’ve realized that the space is too small.
Many unhappy homeowners will choose to expand by adding extra rooms to their small space. It’s actually a pretty popular decision. In fact, with a market share of around 10%, the United States is the second largest construction market worldwide and it just keeps growing. When you’re deciding what to do, you could expand or you can take the easier route and move out altogether.
But having more people in your home on a daily basis isn’t the only reasons you may choose to move. Even if you don’t have kids, you may have simply realized you would be happier with more space. You may even decide to move into a bigger home for entertainment purposes. People like to go to parties during the summer and during holidays. So if your home is typically the party location, you’re going to need a larger home.
Before moving into a larger home for any reason, Realtor.com suggests there are a few things you must keep in mind. Kim Trouten, a realtor and designer with Allen Tate Realtors in Charlotte, North Carolina, believes it’s crucial to consider the layout of the larger home.
“What people want and need isn’t necessarily what builders are producing,” Trouten says. “In this very hot market, they’re building the largest houses they can on the smallest possible lots in order to amortize the price, which doesn’t necessarily equal good rooms for families.”
To summarize what she said, you might go into the homebuying process looking at the square footage of a larger home. Even if you find a living room that is 800 square feet, pay attention to the layout. That square footage could be sitting in an area of the room that’s totally unusable or feels naturally cramped.
Look at the backyard area, too. See how much space it has, but also take a look at how much space is actually usable. Whether you’re purchasing a mansion or a garden shed, you need to pay close attention to the physical layout and usable area. You should always determine your space needs and add 25% for future storage needs. If the home doesn’t have what you need, move on to the next one.
Along with considering both the square footage and the layout, it’s important you only buy a space you plan to use. While a home with five bedrooms may seem like a good idea, what will you use those rooms for? If you can’t come up with a practical way to use all rooms in the home, think about looking at something slightly smaller.
When you’ve found a place you like, you need to make sure you can actually afford it. Since bigger houses usually mean more money, check out your funds and see if it’s a reasonable purchase. If you’ll have to give up buying groceries or gas for your car in order to afford the bigger house, take a look at something smaller.
If you decide to move out, start looking now. Approximately 63% of non-homeowners felt that 2017 was a good year to buy a home. That high percentage from 2017 means it’s likely that more people are looking this year as well. You don’t want to miss out on any potential larger homes, so the sooner you start looking, the better.