Buying a Bigger Home? Consider Carefully

Buying a bigger home is a life-changing decision that requires some careful consideration. It’s not something that you should rush into, no matter how ready you might think you might be. In this post we’re going to list a few points and considerations that you should think about before signing anything or making any final decisions. This should enable you to take informed action when the time is right. Let’s start with the obvious question:

Why are you planning on buying a bigger home?

buying a bigger home

It might seem like a bit of a daft question, but when finding the right property for you, fully understanding your motives is paramount. Take your time and consider your current home; what is it lacking and what features do you want your new property to have? Think about square footage and layout. Before rushing into a new home you must be certain that the new features and additional space will indeed be utilised.

The hidden costs of buying a bigger home

As many people approach the twilight years of their life, moving into a smaller property tends to be on the cards. However, if you’re in the process of starting a new family of your own, then you’re going to need as much room as you can afford!

Of course, it’s important to be aware of all of the financial implications involved before making your final decision. From a larger mortgage to additional maintenance costs, there are a variety of additional factors that must be taken into consideration. You see, not only do bigger homes come with larger price tags, but there will be other inflated costs as well.

We appreciate that these aren’t necessarily “hidden costs”, though you’d be surprised by how often they are overlooked.

Property Maintenance

With a larger property, grounds & garden area, you’ll be responsible for maintaining it. This invariably results in having to spend more money on maintenance. However, if you invest in a new-build with Martins Developments, then you’ll have the advantage of buying a home which has been built to an exceptional standard. Thus, you won’t have to worry about maintenance costs for a while.

Higher Utility Bills

When it comes to keeping a home warm and well-lit, larger properties are generally more expensive, especially in older models. Again, this gives you all the more reason to invest in a new-build property, as they tend to be built using eco-friendly LED’s, with effective insulation and heating systems.

The cost of moving

Another factor that is often overlooked when buying a bigger home, or a new home in general, is the cost of moving. In addition to the cost to hire a moving van, you’ll have to factor in time off work; any additional furniture or appliances that you might need; and any relevant legal & estate agency fees.

We appreciate that we are likely teaching many of you to suck eggs, as buying a new home is a big decision that requires a lot of thought. It’s just important to highlight certain financial implications that are often overlooked.

budgeting

Buying a bigger home on a budget

When buying a bigger home, you’ve got to know your budget. It can be really tempting to push the boundaries when you spot something that you love, but you have to try and exercise a little restraint. Look beyond the asking price and consider the true costs involved when paying for a certain property. If you’re interested in one of our current developments, then please feel free to contact us for further information or advice.

Is it the right time for you to buy a bigger property?

How can you tell if now is the right time for you to purchase a new property?

Your family would like more privacy

If you’ve got children who are approaching secondary school age, you’ll notice that they will become incredibly keen on having their own space. Sharing bedrooms is fair enough for the early years, but before long the arguments and petty squabbles will become too much to handle. Thus, buying a bigger home will become a priority of yours so that you can comfortably accommodate everyone in your family.

New or returning members of the family

If you have a baby on the way, or perhaps an elderly family member that you would like to care for, then a larger household will be on the cards. Rather than struggling to fit everyone in a smaller home, living on top of one another, buying a bigger home will be the most appropriate solution.

Because you’re ready for an upgrade

You don’t need a “good excuse” to want to move into a larger home. The fact is, if you can afford to and you’re ready for an upgrade, then there’s never a better time to do so. Just remember to do your research, consider all financial implications involved, and approach with care. Provided you do that, you shouldn’t run into any major issues.

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