In the U.S., homeowners own their home for an average of 8.05 years before selling. With this said, the average American moves once every five years. (Of course, many homeowners that decide to move may still own a home and rent it for some time.).
Many homeowners spend considerable time thinking about whether to move to a larger home or not. Is this a wise investment? Will it be too much of a financial stretch? Will they utilize the additional space? These are all common questions that may come up. Below we discuss several signs that may indicate it is time to move to a larger home.
Signs pointing to moving to a larger home
- Your family is growing: This may be the most common sign telling you to move to a larger home. This is quite commonly seen with first-time home buyers that start a family and quickly realize that they are running out of space. If possible, it is always best to plan ahead and potentially move prior to your new addition arriving.
- You are financially ready to move: This is certainly a critical factor when considering a move to a larger home. In addition to larger homes having higher acquisition costs, they also have higher operational costs. If you are financially prepared to buy a larger home, then this is a good time to look for a larger home in a more desirable neighborhood, preferably with good school zones. From an investment perspective, this can be a smart move as well. As an example, 4 or more bedrooms in a home can really set it apart when it comes time for resale.
- The remote working and/or schooling environment: As we have written about in prior articles, the remote working environment is here to stay for many Americans. A larger home with additional rooms will offer you the opportunity to have a home-based office. In addition, many small business owners may be able to get by with a home-based office which will save them money on the rental of an office space.
Summary
Moving to a larger home can be an intimidating experience. With this said, it is important that you analyze your finances thoroughly prior to making this decision. Oftentimes, home buyers fail to acknowledge the additional costs involved in owning a larger home. In addition to the initial higher acquisition cost, larger homes typically cost more for electricity, lawn care, and overall general maintenance. As always, you will also want to factor in HOA fees, private equity membership dues (if applicable), increased property taxes, and increased insurance costs.
Are you thinking about upgrading to a larger home in South Florida? We can help. Let our experienced and knowledgeable agents assist with your home purchase today. Contact Live South Florida Realty, Inc. for a free consultation. You will be quite glad that you did!
