Buying your first home is a huge milestone in your life. One that’s both exciting and daunting at the same time. It’s exciting because you become a homeowner and have your own place where you can grow a happy family and enjoy many wonderful moments together. And it’s unnerving because there’s also a very important financial commitment to consider.
But time passes, you move on, and one day you realize you’re already thinking about upsizing and moving your nest to another place. It’s only natural as your family grows and your needs change to think about purchasing a second home – a property that’s bigger and better for your current situation. And then you’ve got to start all over again. Only this time you’re a lot wiser since you already went through the process of buying a house before. At least that’s what most second-home buyers believe.
While upsizing might seem less challenging than the first home purchasing experience, it’s far from being a walk in the park. That’s why you must do your homework and be prepared for what’s to come. So, here are some aspects you might want to consider when getting ready to upsize.
Know Your Motivation
So, you’ve decided you want to move into a new house, and you’re already preparing to go house hunting. We’ve got one thing to say to you: not so fast! Before you start daydreaming about houses with amazing curb appeal, wonderful patios, and spacious rooms, take a moment and ponder why you want to take this step in the first place.
Is it because everyone around you seems to be riding the wave of upsizing? Or is it because it truly makes sense to move into a bigger house and now’s the right moment? You should always start with the why before taking the leap if you don’t want to suffer the consequences of rash decisions gone wrong. So, ask yourself all the right questions: why do you need more bedrooms? Why do you need a backyard? Will this house support your actual lifestyle? The answers will help you identify your house goals and ease the upsizing process.
Know What You Want
Or better said, know what you need, because you might be dreaming of a royal palace when you can do just fine with a three-bedroom house. Also, what you have in mind and what you can actually get can be two different things, so you’ve got to be realistic about the whole upsizing experience.
Yes, you know that you need more space and you want to buy a bigger house, but a bigger house can mean a lot of things. There are many aspects you need to consider, such as layout or outdoor space. A house with more rooms might sound wonderful, but if those rooms are small and cramped, you won’t get the space you need. Maybe what you really need is larger rooms and more storage space. Before you start searching the market, identify your needs, and set your priorities straight.
Don’t Go Overboard
The prospect of upsizing can get you all excited with the promise of finding your dream home. But when emotions take over, mistakes start to creep in. You’ve got to keep a cool head and make sure your plans don’t migrate from reality straight into fantasy land. Because a lot of home buyers can get carried away and fill their wish list with more things then they actually need.
Try to picture yourself living in the house you’re planning to purchase. Does it make sense to include all the features on the list into your upsizing plan? Will you actually use them or will they become a useless investment? Don’t spend your hard-earned money on things nobody will ever use. Stay grounded and use your budget wisely.
Plan Your Finances
Speaking of budget, we got to talk about the financial implications of buying a second home. The real question here is: can you afford to make such a big investment at the moment or will it be too much for your budget? Because if your finances don’t align with your plans, you can bid your upsizing dreams goodbye.
Take a deep breath, grab a pen and paper and start doing the math. Make sure you have a clear view of your financial situation, and you understand all the expenses of buying and owning a bigger house, because maintenance costs play an important role in the great scheme of things. You might want to look into second home loans to help you plan your budget realistically and analyze your options. Then you can draw the line and take it from there.
Maybe you’re thinking that your second home will become your forever home. But don’t forget that life is unpredictable and has a habit of surprising us all the time. Some surprises are nice, others are less pleasant, but one thing’s for sure: change is inevitable.
So maybe one day you’ll change your mind about your home and you’ll want to move again. It’s a good thing to consider all possibilities in the future and think about the resale value of your property. If at some point in the future you decide to downgrade, think about how your potential new property could fit into this scenario.
Think About Location
More often than not, moving into a new house also implies changing location. If you’re already living in a perfect neighborhood, that can be a tough decision to make. Moving to a different location might translate into longer commutes, being further away from family and friends, and all the places you usually go to. You’ve got to weigh up the pros and the cons and decide what’s more important to you. Finding the perfect house in an ideal location might be an impossible endeavor, so maybe you should lower your expectations and get ready to compromise.
If you are interested in even more lifestyle-related articles and information from us here at Bit Rebels, then we have a lot to choose from.