Whether you are in a better financial position since you purchased your starter home or your home no longer fits your lifestyle, upsizing your home may be an option. Although not everyone needs a bigger home there are many families who may benefit from a larger home to grow in the upcoming years.
1: Your Family Is Growing
Having children is a blessing but as they begin to get older, we come to realize that they need room to develop. As they transition through adolescence, your kids will desire personal space and privacy. Growing children need space to express themselves. On the other hand, new parents cannot imagine leaving their children’s side. But as they reach those teenage years, you too will want your own space.
Upsizing your home can be one of the best decisions to make when your family begins to grow. Whether you have young children now or plan to have children, buying a big enough house will make a difference. Prepare in advance for your growing family to ensure that you have the space you will need. Buying what you will need now will cost you less today.
2: You Can Still Afford to Buy A Big House in San Antonio
One of the main reasons why people stay in a cramped home is because they think that they cannot afford to upsize. But, due to historically low rates and flexible buying programs, as a local San Antonio homebuyer, you still have purchasing power. San Antonio is considered one of the most affordable housing markets. Yet, you may have noticed increasing prices in recent years. Buying a home today means you buy at the lowest price you will ever pay.
Interest rates are another reason the San Antonio market remains so hot. Take advantage of the low rates. Buying at these rates means that you can purchase more for less. The lower your interest rate, the lower your monthly payment. The best part of low rates is that you can get a 30-year fixed-rate mortgage.
Most people only understand traditional financing. Today there are many flexible buying programs. This allows for creative financing, to get you into your dream home.
3. Are You Starting to Feel Like A Hoarder?
As time goes by, we all tend to accumulate many personal belongings, from furniture, cookware to even tools in the garage. You’re starting to feel cramped or the living room is looking more like a gym and you lack counter space. It is time for a bigger house with storage. An organized home where each room is used the way it is supposed to be can decrease anxiety and instead create positive vibes.
A bigger house will allow you to keep and display all these items without having to get rid of them. You like your holiday decor, the collection of shoes, and your kitchen gadgets. Buying a home with plenty of storage space can be rewarding and satisfying.
4. Safer Schools and Neighborhoods
Unfortunately, as our neighborhoods get older, the crime rate increases, and our schools can become antiquated. As you consider a new home also consider the area. Purchasing a bigger home in a developed community can keep your family safe while benefitting your children’s education.
Choose a neighborhood that fits your family’s needs. Many neighborhoods have great amenities such as pools, parks, and walking trails. But a safe neighborhood and high-rated schools should be at the top of your list when selecting a new community. With low-interest rates and flexible financing options, you may be able to afford a bigger house in the desired community.
5. You Can Transfer the Equity in Your Current Home
As property values have increased in recent years, it’s most likely that you have accumulated some significant equity in your home. You can transfer the equity to your next home or use the money toward something else. The equity in your home may allow you to purchase a bigger home while maintaining an affordable monthly payment. Using your equity as a down payment on your new home is a way to lower the amount financed and therefore a lower monthly payment.
If you can afford to buy the new home without using your equity as a down payment, then you may use your equity for something else. You may want to set up a college account, a savings account, or purchase new furniture. The equity in your home can be useful when considering a bigger home.
6. Because Your Family Deserves It.
You work hard for your money and you want to secure the future of your family. Give yourself and your family a gift of joy by owning a home that makes you proud. Delight your guest by entertaining in your new ample home. Get your home office, large yard, or game room you have been dreaming of.
Purchasing a more prominent home while you’re still young will give you ample time to pay the note. Plus, it will provide a blanket of security for you and your family. This new home is an investment in your family. San Antonio Real estate will gain equity in time and you can watch your investment grow.
Deciding to buy a bigger house is a major decision. Whether you buy because you feel cramped, or you are planning for the future, make sure to purchase only what you need. Maintaining a bigger house may mean more maintenance but it may also be a great investment. An investment in your family is the best investment you can make.