Is It Time for You to Consider Upsizing?

If you still live in the first home you’ve ever bought – or if there have been some recent changes to your lifestyle or family size – you may be considering purchasing a larger home with more space to accommodate your changing needs. You have options to consider if this is the case. If you want to stay where you are, but can’t live within the confines of your home, you could consider putting on a home addition or converting existing unused space (such as a basement or attic) into added living space. But if you’re ready for a change of pace or would like to move to a new area, upsizing to a larger home might be the right choice for you.

What factors should you consider when you determine whether you should upsize? Here are just a few:

Family Growth

While it used to be that a growing family meant a new baby on the way, these days, small children aren’t the only direction a family can grow. More and more, families are bringing members of an older generation into the home. Caring for aging parents or grandparents can mean an increased need for sleeping quarters, living area, storage, and even a second kitchen or in-law apartment. With multiple generations living together under one roof, it may make sense to move into a home with extra bedrooms and closets and more square footage. Even if  extended family doesn’t actually live in your home, you may wish to consider increased guest room space for out-of-town children and grandchildren who visit frequently.

Changing Work Needs

With more and more companies electing to reduce employee commutes and take advantage of advancements in technology to allow their employees to telecommute, there is a growing sector of workers who work at home. This means a need for in-home office with the electrical capacity to accommodate laptops, printers, and other devices. For the work-from-home employee, dedicated home office space may necessitate a move to a larger home.

Increased Income

Perhaps you purchased your first starter home on a starter salary. Over the years, raises, promotions, and job changes may have meant more income and the ability to move on to bigger and better things. Perhaps this includes a house with more elbow room for the various members of your family. Homes have gotten larger throughout the years, and there are plenty of larger houses available for different budgets, from basic homes with increased square footage to high-end residences with all the bells and whistles.

Lifestyle

Your space needs may have changed over the years as your lifestyle has evolved. When you were younger, perhaps you spent more time out on the town, but now that you’re settling in, you prefer to entertain at home. More families, too, are opting to invest in home theaters and media rooms as the quality and availability of online programming has improved. Bringing your leisure time back to your house could mean a need for more space.

Every family is unique and there is no “one-size-fits-all” solution to space needs. If you think you might need more space but aren’t sure what sort of inventory is on the market in your price range, talk to your real estate agent to find out your options. Happy house hunting!