There comes a time in your homeowner’s journey when your current home doesn’t quite meet your family requirements anymore. Perhaps the family has grown out of its cozy and small rooms and needs more space. Or maybe you simply have grown bored with the limitation of your home. You’ve long realized that your choice of new furniture is defined by the size of each room. Sure, a king-size bed would be nice, but you need to stick to a small double because nothing else would fit your bedroom. Whatever the reason, upscaling your home is a common desire for homeowners.
Some even say that it is the natural progression of your property investment. However, buying a bigger house doesn’t only mean that you get more room. You also get more problems to deal with. While this shouldn’t discourage you from finding your dream home, it’s crucial that you know exactly what to expect.
3 Risks Of Upscaling Your Home
New home, a new mortgage to pay
One of the most obvious risk to face when you are upscaling your home is, of course, the effect it will have on your finances. Indeed, bigger house, says bigger price and a bigger mortgage.
Consequently, before you can explore the real estate market to find your next property, you need to get in touch with mortgage experts such as mortgageloans.co to better understand your loan options. Additionally, it can be helpful to discuss your loan application ahead of making an offer on the house.
Indeed, as applications can take a lot of time to be processed, you want to be certain of how much you’ll be able to secure to fund your next property. The matter of monthly payments needs to be considered and budgeted carefully, as there’s nothing worse than agreeing to a mortgage you can’t maintain.
Bigger to live in, harder to maintain
Talking about maintenance, a large home requires plenty of it. You need to ensure that your garden is kept clear. An overgrown garden can present risks for your property. Additionally, if you didn’t like vacuuming your small house, you’ll soon find out that there is a lot more work to do in a big home.
You will spend a lot more time cleaning and checking for potential repair works. Old pipes, rusted radiators, damaged insulation and windows that aren’t air-tight. These are only some of the issues that come with an old and big property. Leaving these unattended can facilitate the formation of mold and attract pest.
Is it a big step out of your comfort zone?
Finally, one of the most surprising findings of big homes is that they brew unhappiness. Indeed, while bigger can be a solution for your family, it doesn’t mean it is a better lifestyle. In fact, living small can be liberating. In big homes, you find that the maintenance and financial worries, associated with the increase of interior clutter, can clog up your mental space too. Small is neater, clearer and filled with mindfulness!
Is upscaling your home the right solution for you? Nobody can decide. But you need to know that big brings more financial risks, more work, and less mental space, if you can’t manage it accordingly. Are you ready for upscaling your home? Let me know in the comments below.