If you find yourself asking the questions of should I buy a bigger house or not, then here are some things to consider. There are many reasons why you might be considering buying a bigger house, but let’s discuss the options, and ask the questions that will help guide you in making your decision. Ultimately though I would always advise that you seek out professional qualified financial advice when making financial decisions.
Should I Buy A Bigger House? Well, why do you want to?
Maybe your family is expanding. Lockdown babies – am I right? Maybe a grandparent is coming to live with you. Or maybe you’re working from home now and feel you need a dedicated office at home – thanks again Covid! Maybe you’re simply going from renting to owning and want more space. Whatever your reasons are for asking yourself, Do I need A Bigger House, I thought it would be useful to discuss the various options and considerations on this topic.
I guess the starting point is to have that discussion as to why you believe you need a bigger house. If your reasons are to accommodate an extra person or people who are coming to live in the house permanently, then as yourself, what would this mean for your family?
Whatever your reasons are, you should discuss all the options with your partner and family to make sure you are all in agreement that you either do or do not need a bigger house.
Alternative Options To Buying A Bigger House
If the reason to buy a bigger house is to accommodate a new hobby or perhaps working from home as so many of us now are in a post-covid19 world, then there are other options to consider rather than buying a new home.
There are so many reasons not to move: relocating is expensive for one, and if your kids are in a local school, would a move mean they need to move schools? This can be extremely difficult for some children, either that, or you and they could end up with a longer commute. Here are a few ideas of how to make extra space in your existing home:
- Building an extension – can you increase the floor space of your home to accommodate an extra room? Check out Pinterest for some awesome ideas!
- Convert the loft – can you convert your loft easily to make an office or extra bedroom?
- Install a summer shed – personally, I’d love to have a home office / she-shed in the garden.
If you’re not 100% sure about buying a bigger house, but you need more space, you could also consider renting as a family.
Financial Implications When You Consider Buying A Bigger House
As I said above, whichever way you look at it, expanding is going to cost money. You need to work out what you can afford. There are many handy tools out there to help you decide. Probably the first thing to consider is how much can you afford to increase your mortgage payments, so go and check using an online mortgage calculator first.
Alternatives to getting a new mortgage to buy a bigger house might be to remortgage your existing house to get a better deal, freeing up some funds. You could then consider using your savings to buy that shed to make your home office, or possibly taking out a short term loan to build that extension.
On the other hand, the reasons for buying a bigger house might be a long term investment. There are some pretty good deals out there at the moment to support first time home buyers. You might want to consider buying the biggest house you can afford, even if you don’t need all the space, simply as a long-term financial investment. That’s great, however, all the other factors still bear consideration.
Is It Time To Relocate?
Another option to give you more space in your family home could be relocating. If you were willing to relocate to areas where the house prices are lower than where you currently are, you might find you get more for your money. It doesn’t always have to be about a bigger house for more money. Consider getting more house for the same money.
Personally, I’m not a fan of debt at all, even mortgages terrify me. So the less you need to borrow the better. Moving away from where you currently are might be an adjustment for everyone, but you need to consider what the benefits of that might be.
Other Things To Consider About Buying A Bigger House
We all want more space, but take it from me, more is more, is more, is more. Whilst you might enjoy the extra space and need it, there are things to consider about actually living in a bigger house.
- Bigger houses need more heating – the cost of heating a bigger house is relative.
- Bigger houses take more time to clean! Trust me, if you don’t enjoy cleaning like me, then a bigger house might not be for you. More house = more space to mess (especially with kids) and more to clean.
- Council Tax – always check the council tax banding if you’re considering buying a bigger house.
- Building Insurance price increases.
- Actual moving costs can be quite high and generally something you will have to factor in when working out how much it’ll cost to move house.
- Bigger houses tend to mean you want to fill them with more stuff.
If you came here asking yourself, “Should I buy a bigger house?” I hope I’ve provided some useful considerations. Buying a house is such an exciting time in anyone life but it can also be extremely stressful. Before you embark on this important step, really consider what you can afford, what you need and what you want long term.
Whatever you decide my absolute best advice would be to do your homework and always always seek out expert financial advice from a qualified financial advisor or mortgage advisor. Oh, and if you do decide to go for it, here’s a tongue-in-cheek guide to house hunting with kids! Enjoy!