family moving into bigger house

Whether you’re in a transition phase of life or just thinking about ways you could use more space, sometimes a bigger house can be exactly what you need. We’ve gathered some of the most common reasons why you may want to size up to a bigger house. Once you read them, you’ll see that you’re not alone in considering the change.

Why Buy a Larger Home?

1. Your family is growing

The first thing that may come to mind when you think about sizing up in a home may be making space for a growing family. Whether you’re just thinking about having kids or your babies are becoming toddlers, it can be a good idea to anticipate the way your family will grow.

2. You want to rent out part of your home

One way to afford a bigger house may be to rent out part of your home. Many bigger houses have two entrances to make it easy to rent out part of your property without having roommates. Basement apartments can also be suitable to rent out, especially if they have their own entrances.

The income from renting out part of your property can help pay for a significant portion of your mortgage. And now, with online platforms like Airbnb, you can welcome people in your home when you want them and keep them out when you don’t.

3. You’re in an improved financial position

If you’ve come into some money recently – whether from an inheritance, work bonus, or promotion, an excellent place to invest your windfall can be in a bigger house. While it would cause you to have less cash today, you would likely recoup all or most of your investment in your home when you sell it in the future.

4. You need space for your hobbies or lifestyle

If you’ve found that your closets are full of your hobbies and you have to convert your dining room table back and forth from an art space every night, maybe it’s time to consider buying a bigger house. Having a space to work out, play music, or do your favorite hobbies can ease the frustration and stress of having your hobby stuff all over the place.

5. You’re working from home

Especially in today’s day and age when working remotely is more common than not. Having a space to dedicate to your home office – a comfortable desk and computer set up – is more critical than ever.

6. You have friends or family coming to visit

It can be awkward and difficult to have friends and family who come to visit without having a dedicated place for them to stay. Relegating your elderly relatives to the couch is usually not an option. It’s also not ideal to suggest your friends stay in a hotel. Having a dedicated guest room can help your friends and family feel at home.

7. Your parents or in-laws are moving in

While no one likes to think about the day that their parents won’t be able to live on their own, it's likely to happen. Some homes have in-law suites which serve as a perfect place to have your parents close by when they need it. But they can also be rented out when your family isn’t using the space.

Weighing the Pros and Cons of Buying a Bigger House

While there can be many good reasons to purchase a larger house, there are some additional factors to consider. You’ll need to be sure you can afford the increased mortgage that comes with the increased size.

And it’s not just the monthly mortgage payment you’ll need to think about. Bigger houses usually mean higher insurance, property taxes, and utility costs.

Sometimes, having a bigger house also means that you are pushed out of certain neighborhoods or relegated to the suburbs. Be sure that aiming for a bigger house doesn’t mean sacrificing other important things.

If you’re ready to size up, you may be interested in learning more about how to smooth the transition to your new home. Check out our tips on how to buy a home while selling your own.

How to Buy a House While Selling Yours