Over the last 2 years, the housing and real-estate sectors of the United States has suffered severely. Given that there were multiple and staggered lockdowns across the country and more people had to stay indoors, fewer houses were sold. This phenomenon has also afflicted the commercial real-estate market.
This is why many people are now thinking about moving to a bigger house! The low prices which are currently in place will not last forever, and every smart home buyer knows that.
Even if you are very comfortable in your current neighborhood and love the company of your local acquaintances, you might want to consider moving into a bigger house. With the greater space of a larger residence comes several advantages and you will be able to indulge in activities you were previously unable to.
That said, once you take off the rose-tinted glasses and take a good, hard look at your options, you will find there are several drawbacks of shifting to a larger abode.
This post will showcase both sides of the scenario.
The advantages of moving to a bigger house
Think of every blockbuster movie you have seen over the years, especially involving the rich and the famous, and the image of a palatial home instantly takes shape!
While you might not be moving into a palace, there are plenty of positive aspects of having a bigger home.
Some of them are the following:
A lot more space for creature comfort
This is obviously the first positive point which comes to mind. With more space, you can redesign your living rooms, bedrooms, and washrooms just the way you want. Perhaps you can hire an interior designer. If you are artistically inclined, you can finally bring out that piano owned by your grandparents and which was boxed up due to a lack of space.
Since this is the age of hybrid work, you can perhaps set up your own private study where you can work without interruption.
Besides, if you are expecting another child, you will certainly require more space. And this is exactly what moving into a bigger house will provide you with!
Store everything you want
While your former home might have been just big enough to store your giant-sized refrigerator, the new place will give you the liberty to have more than just a fridge! You can have full-scale walk-in freezers, adult-sized walk-in wardrobes, and so on. You can also try out that new high-end 7.1 surround sound speaker set you’ve been waiting to use.
Your imagination is your only snag!
More parking space and room for guests
Did you know that records reveal that most homes built in the 1920s had an average gross area of just more than 1000 square feet? While the total built-up area has increased over the last century, parking problems have spiraled out of control.
This is one effect of more Americans owning several vehicles. When you have a bigger home, you are more than likely to have more space to park your cars and all the accessories. Besides, you will also have the luxury of having more rooms to entertain your guests.
Another ignored advantage of moving to a bigger house is that you can rent out a part on rent, thereby generating a new avenue of income!
Note that you will have to start planning for the move months ago. It is best to hire professional Tampa residential movers who will pack everything and unpack it at your new residence.
What are the drawbacks of shifting to a bigger residence?
This is the flip side.
Some of the points to remember are the following.
The cost factor
Even if you have received the bigger house because it was willed to you by a close relative, the maintenance costs will be a lot. It will certainly be a lot more than your previous, smaller home used to cost you. Property tax will increase. In case you are buying a larger home, closing costs and insurance premiums will go through the roof.
It is a good decision to keep track of your credit score after you have taken a loan to buy a new home. Huge outstanding loans can drag that score down and it will be difficult for you to get more loans in the future.
All space is not usable space
One major con of moving into a bigger house is that you might not require all the extra space. Yet, you will have to pay for its upkeep. You will need more domestic help to tend to your daily chores. Furthermore, if you have 5 bedrooms and only 3 people in your family, what happens to all the unused space?
It is very important to think about and understand both the pros and the cons before you invest a huge sum of money.
There is also the element of the pretty heavy charges most residential moving services will ask of you.
Decide only after extensive consultations with property experts and your family members.