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Although buying your home was likely the biggest financial and personal decision you have ever made, there will likely come a time when you are no longer comfortable living there. Maybe this was your “starter home” or some significant milestones in your life are encouraging you to move. If you can’t decide if this is the time for you to “move on up,” check out five signs that your current home no longer suits you.
The most common reason to outgrow a home is simple: your family has grown or is growing. A home you purchased as a newlywed ready for one child can get crowded very quickly once more children come along. If the bedrooms are full and toys have taken over every room, you are probably in need of an upgrade.
Outgrowing your home can also be the result of needing less space. As you age and kids leave the nest, your once-perfect house can become a burden to maintain. To stretch the most out of your retirement years, consider a more modest home in a location that you have always dreamt of living.
Many people do not consider the importance of holidays and entertaining when buying a home. When families grow and events continue popping up, you may want the space to host large events and seat all guests comfortably. If you find yourself squeezing everyone in and being embarrassed about your lack of space at parties, consider letting someone else be the host or upgrading to a home with plenty of room for entertaining.
A recent job promotion or inheritance can allow you to move to a bigger home or maybe a more desirable neighborhood. Improving finances give you the chance to live comfortably and enjoy the space that you have worked so hard to earn.
When your furniture doesn’t fit and you find all your property is hiding in storage instead of being enjoyed in your home, you may realize you just do not have enough space. Furniture and possessions add up over time and instead of being cramped or hiding your items elsewhere, you may need to consider a home that can comfortably accommodate your belongings.
Before you decide you must upgrade your home and begin your search, first consider how much home you can afford (here’s a home affordability calculator to help) — it’s never a good idea to overextend yourself financially, even if you need the space. That home affordability number depends on a lot of factors, one of which is your credit score. The better your credit, the more home you can buy. You can check your credit scores for free on Credit.com to see where you stand.
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December 13, 2023
Mortgages