Changing Spaces
customize so you can add more furniture and decorate each one any way you choose. Cons of upsizing: Of course, there are also some downsides to upsizing. You may end up with a lot of wasted space, which can increase your utility bills and mortgage. There could also be a negative impact on family cohesion since everyone will have their separate room instead of spending time together in common areas. You might also have to sacri - fice location if you can’t find the right size home in the area you want to
IS IT TIME TO UPSIZE YOUR LIVING SPACE
by Teresa Siqueira
I f you’re starting to feel cramped at home, it might be a good time to upsize. The term upsizing refers to getting more room to spread out and expand, whether you decide to buy a new, larger home or work on a few home projects to enlarge the space you already have. Moving to a larger home is one option, as is getting a home addition to make your current home bigger. There are a lot of things to consider before you decide to upsize your living space. From real estate mortgage rates to family rela - tions, upsizing involves many important decisions that must be made. Read on to discover how you can upsize your living space and whether or not it’s right for you. When to upsize your house Is upsizing your house right for you? Here are some signs that it’s time and things to consider. Factors to consider: If you want to remodel to make your house larger, you’ll need to consider things like building codes and cost. You can also consider buying a bigger home if you need a lot more room. Alternatively, you may choose to pay off your mortgage, then use your new source of
live in. Reasons to expand your living space: If you’re still unsure whether you should upsize, think about your personal goals and lifestyle. Perhaps you need a private office to work from home, or you want a man cave with games and a place to entertain your friends. Many people with a growing family also need to upsize to provide more room for new children or elderly parents living with them. Expenses that come with expanding Expanding your home also means that you’ll need to expand your budget and wallet. Here are some expenses to keep in mind. Higher utility costs: A larger home means extra square footage to heat and cool and more water usage, so prepare to pay higher monthly utility bills. Think about how to save energy by switch - ing to solar or by installing a more energy-effi - cient HVAC system. More repair and maintenance costs: You’ll also likely pay more to maintain and repair your home if it’s larger in size. More demand on drains and
extra money to pay for a major home remodel. You’ll need to think about things like how long you plan to live in the house and whether moving to a new one could be a better option. Signs you could afford a bigger house: If you recently got a promotion or you’ve paid off some debt, you could have the financial wiggle room to buy a bigger house. Think about your financial stability before you decide to upgrade. The housing market also plays a role since prices constantly fluctuate. Sit down and look closely at your current budget and determine whether you currently have the level of income you need to purchase a larger home. Benefits of upsizing your living space: There are many perks to upsizing, including more storage space. You’ll likely also have more bedrooms which can be especially helpful for growing families. There are also many more rooms to
plumbing, appliances, and just general upkeep means it’ll cost you more to keep these things adequately maintained. Home insurance costs: Most homeowner insur - ance companies charge more to cover larger homes. Talk to your insurance company about possible discounts like installing a security system or bundling your home and auto coverage. Furnishings: The bigger the home, the more fur - niture you’ll need. Make sure you include new fur - niture in your budget if you plan to renovate or move into a larger house. Property taxes: Depending on where you live, your property taxes will probably increase when you move into a bigger home. Check with your local jurisdiction to confirm the current property tax rates and how home value is determined.
95
94
NOVEMBER/DECEMBER 2021 • SPOTLIGHT ON BUSINESS MAGAZINE
SPOTLIGHT ON BUSINESS MAGAZINE • NOVEMBER/DECEMBER 2021
Made with FlippingBook - Online magazine maker