Many people will not live out the rest of their lives in the first house they buy. The reasons behind this are quite simple. In the beginning, your financial resources will probably be less, which means you probably won't be going for your dream house. Secondly, your family may grow significantly over the years, and you may find that your first house is too small to meet your needs, and you may be considering looking at real estate again.
Getting a bigger house almost always seems to be the solution, but there is a lot that goes into having a bigger home. Are you sure you're ready for a bigger home?
Bigger House Means Bigger Mortgage
The first thing you have to consider when you're thinking about a bigger house is the current state of your finances. If everything else is kept constant, a bigger house will cost you significantly more. This means the down payment will be higher, and the monthly payments may also be a lot higher. This can stretch your budget to the limit. Before you decide that you need a bigger house, find out whether you can actually afford one.
How Big is Your Family?
While you may start life living on your own or with just your partner, you could find yourself with a much larger family in just a few years. This could be a couple of children or an aging relative who can't live on their own. Either way, you may find your one-bedroom apartment is no longer the right size for your large family. In such situations, it's advisable to start planning for a bigger house as early as you can. A small house may start to feel even smaller as the kids grow up.
Bigger Houses Equal More Maintenance
Buying real estate is one thing and maintaining it is another. A large house will have much higher maintenance requirements than a smaller house, and the difference between the two can be very significant in some cases. For example, moving from an apartment to a single-family building will mean you won't be sharing the cost of maintenance with others. Be sure that your finances are ready for all this.
You Need the Extra Comfort
Having a bigger house comes with many advantages. Not only will you have enough space for your whole family, but you'll also have space for game rooms, garages, tool sheds, and other useful spaces. This extra bit of comfort can greatly improve the quality of your life, so if you can afford it, you should go for it.