Dear Olivia,
We have pretty much outgrown our current home, but we are afraid to buy a bigger one for fear of making a mistake and ending up with a larger house that we don’t like. Help!
Sincerely,
Need More Space
At one point or another, most homeowners dream of more space. Maybe you get married and need to move out of your bachelor pad. Perhaps you have another child and need four bedrooms instead of three. You might want more storage space, a bigger garage, or some acreage, too.
There is no doubt that a larger home usually comes with a larger price tag, so it’s understandable to be a little afraid of messing up your decision to buy a bigger home. Here’s a few of the most common mistakes I see that you should avoid at all costs!
Mistake #1: Thinking TOO Big
The biggest mistake I see is that people think they need way too much space for their needs.
So, instead of looking for a home with 4 bedrooms and 2 baths, they insist upon finding a 5 bed, 3 bath home. Alternatively, you might want some acreage, but instead of looking for something with 1-2 acres, you might zero in on properties with 4-5 acres.
Before you even start your search for a new home, sit down and assess the specific areas of your home that you feel are too small. Do you need more closet space? Are the bedrooms too small? Is the garage a one-car when you need a two-car?
Doing this evaluation and writing down the specific areas that aren’t working for you in terms of space will allow you to articulate to your Realtor exactly what the problem is with your current house. This, in turn, will allow them to find properties that address those specific problems, that way your new home has the right amount of additional space in the right areas.
Mistake #2: Not Knowing How Much You Can Afford
Photo by Tierra Mallorca on Unsplash
Another common mistake people make when buying a larger home is simply going into it blind.
Without an idea of the budget you can afford, you’ll just waste your time looking at homes that are out of your price range.
To avoid this, do your due diligence beforehand so you know what amount you qualify for, what kind of monthly payment you’re comfortable with, and which lender offers you the best rates and terms.
And remember that the larger the home, the higher the property taxes and the more expensive insurance will be, so factor those things in when you’re exploring how much house you can afford.
Mistake #3: Rushing Into It
In our current seller’s market, it’s hard not to rush into things because if you wait too long, you’ll likely find the home that you like is under contract with another buyer.
However, this doesn’t mean that you should make offers on houses willy-nilly, either.
Part of not rushing into it is simply having a plan from the outset. Like we discussed in the previous two tips, know what kind of space you need and where, and understand what kind of a budget you’re working with. Those two things alone will help you immensely as you seek to move into a larger property.
Additionally, it’s important to compare mortgage lenders and Realtors so you have representation that you can trust and with whom you are comfortable working.
Buying a new home is so exciting, and sometimes it’s hard to keep ourselves in check. But if you want to avoid making serious mistakes in the buying process, it’s important to slow down, take a deep breath, and go about the process in a thoughtful, well-informed manner.
If you have additional questions about buying a home, don’t hesitate to contact me at 307-856-3999!
~Olivia