The Advantages of Buying Bigger
While more square footage may come at a higher cost, it can also pay off with more rewards. The expense of buying a home often leads buyers to avoid choosing more home than they need at the time. But the result can be outgrowing the house sooner rather than later.
Looking ahead and embracing all of your options could mean finding a home that impacts your future in more ways than you imagined. Explore all the benefits of a bigger house before choosing the right path for your purchase.
Staying on budget is obviously a big part of the home buying equation. But for buyers who can spend more on a larger home, deciding how much house is best can be difficult. In some cases, focusing on value rather than the sales price can shed helpful light on a complicated decision.
In most cases, a larger home will come with a lower price per square foot. This means that a house that is twice as big won’t usually cost twice as much. Combined with the expectation that home values will rise over time, opting for a larger home can lead to substantial savings when compared to buying a bigger house in the future. Also, while smaller homes tend to appreciate more as a percentage of their original price, higher cost larger homes often experience a more significant increase when compared dollar to dollar.
Fit and Flexibility
Money can be one reason to opt for a bigger house. The convenience that comes with additional space is another. A larger floor plan offers more privacy for a family with various needs to accommodate. And it can better adjust as those priorities change.
Bedrooms can become hobby spaces or office spaces initially but return to a bedroom as necessary. Guest rooms can make visits from friends and family simpler and more affordable. Multiple living areas can avoid disagreements on how to spend leisure time. If a larger home comes with a larger outdoor space, it can create new possibilities such as a pool or a sport court.
In a best-case scenario, a larger home can allow you to capitalize on its value and flexibility simultaneously. Depending on your preferences, unused space could become a significant source of income.
Creating a long-term rental unit may require renovations, but could quickly pay for itself. A plan for a short-term vacation rental may have more minor obstacles and be nearly as lucrative. Self-employed homeowners, or those who have the option of remote work, may find that a dedicated workspace leads to more productivity and increased opportunities.
Before you settle on your next home, speak with a lender that can explore all of the options and find the loan programs that maximize your budget. Browse our website for more information or call today to speak with a representative.