If your family has grown, your lifestyle has changed, or your income has increased, you could be looking at the option of upsizing your home. It seems like the right decision, doesn’t it? You get a bigger version of what you have right now. Everything you already benefit from with owning a home (having your own space, claiming tax benefits, enjoying property value increases…etc.) all just gets bigger with an upsized home, right?
Well, maybe not in all cases. Upsizing your home can be exciting and a crucial step in your home ownership journey. But it’s more than just buying a bigger home. There are some things that you should evaluate about upsizing your house. You should take some time to consider all the implications so you’re fully prepared to make the big move to upsize your home.
You might not have considered this, but owning a bigger home comes with the added cost of increased energy usage. Your energy bills will go up with the increased home volume. This is true if you’re upsizing because of new children or family members. You’ll have to think about heating and cooling more rooms to accommodate for the increased number of people in the home.
Larger spaces and more rooms just means added heating and cooling costs to your energy bills. If you imagine that it’s just a small increase, every room that just got increased in size requires that much more power to draw from the grid. Every room in your home could be the culprit to costing you hundreds more dollars a year in energy costs. Redding Electric Utility does offer rebates for certain behaviors. See if you can partner your upsizing with a move to a greener form of energy to offset some of these costs.
A bigger house requires more time and maintenance to upkeep. If you had a small yard before, you probably never thought about how little time it took you to look after it. Now that you’ll have a much bigger yard, you’ll be amazed at how much time it takes to keep it clean and looking good. Of course, a larger yard does allow room for a growing family, and it’s a great spot to unwind outside in your own garden, on your own lawn.
The same goes for other rooms in your home. Vacuuming, dusting, painting, tidying, arranging, and washing all become much bigger chores than before. But if you’re upsizing because you just need more space, it’s probably a trade-off that you’re willing to accept.
We’re still surprised that when people move into bigger home, they didn’t think that all that extra space would need to be furnished with something. Having a spare room to offer guests sounds good in theory, but the practice involves purchasing a spare bed, keeping spare linens, decorating with spare decorations and installing spare furniture.
The best advice is to furnish slow. If you must move into a bigger house and upsize from where you’re currently at, take your time to furnish the home and buy furniture as you can afford it. Save yourself the hassle and cost of buying it all at once.
If you buy a larger home, you’re suddenly decreasing the potential number of people who would be interested in buying your home. Not everybody can buy straight into a larger home, so the market is smaller. Be prepared that larger homes are geared towards a specific, smaller set of buyers. That way, in the future, you can list your home and market it towards families and large households.
You might fantasize about having all that extra space in the home, but you could actually end up having too much space that you never use. You could be furnishing, heating, cooling, and powering spaces in your home that never suited your family and your purpose in the first place.
Plan out the rooms you need with the rooms you have. When you’re searching for a home, you can know exactly how large your new home needs to be. You might even have the chance now to add rooms you couldn’t have before like a study, a second living area for the kids, or a quiet nook for reading.
Upsizing your home looks great on paper, and it sounds good in theory, but in practice, you should take the time to consider all the implications. As long as you go into the decision to upsize your home with forethought and consideration, it will be a wonderful experience.
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