It can be easy to gradually adapt your life to suit your small home without even realizing it. Your current home could also be a gold mine, offering ample opportunities to grow your wealth. Here we offer five signs it’s time to move to a bigger home and improve your lifestyle.
1. You’ve Made a Major Life Transition
Are you experiencing any of the following life transitions?
- Marriage/partner
- Pregnancy or adoption
- Babies are reaching school age
- Kids are becoming teens
- In-laws moving in
- You need a live-in nanny or nurse
All of these life changes probably have you asking “do I need a big house?.” A larger home is a must especially when your kids get older, or you are caring for aging parents. In these cases, privacy becomes more important. If you hire a live-in caregiver such as a nanny or a nurse, they also require their own space.
2. You are Earning More Money
A new, higher-paying position is the perfect opportunity to upgrade to a larger home. You might still be living in your first apartment and can now invest in your first condo, or you’re in your first condo and can now upgrade to a townhouse or house. Either way, a change for the better to your income means you can now afford to improve your living situation.
3. Running Out of Space
Today, more than ever, many homeowners are finding they are running out of space. The pandemic found many of us working from home, and having to set up makeshift classrooms for our kids. As a result, if you found how cramped your home is you might be thinking of upsizing. However, there are other benefits of a big house. You might be wanting to entertain more and have a formal dining room.
You might be expanding your home business. You could have been sharing a room with your baby who is now moving to a bed and needs their own room. You might find you want a guest room to accommodate your parents who recently moved to Florida. The reasons vary from household to household, but they all point to needing more space to keep your home comfortable.
Considering buying a bigger home? At DeSozio Homes, we can help you build your dream home! Contact us today.
4. You Want to Supplement Your Income with Rent
Subsidizing your mortgage with a rental apartment in your home is an excellent way to build more equity. You can turn one of your new larger home’s floors into a rental income and have the tenants help cover your reno costs and take on part of your mortgage burden.
5. Dollars and Cents
One of the biggest advantages of buying a bigger house is you can use the equity built up in your current home as a fair-sized down payment. This is simple dollars and cents reasoning that finds you in the sweet spot where you can sell your current home and gain profits and use them towards a larger more valuable home. You can watch your home equity build more quickly while benefiting from the additional space. The more value your home has, the faster your equity grows and the more ROI you’ll see.
Primary properties make an excellent investment as the equity you gain is 100% tax-free. When you sell, that money is all yours. As well, you can use your equity to access funds for things such as home improvements if you prefer to age in the same place. Last but not least, your mortgage acts like forced savings, where you always know you’ll see that money grow and become an asset.
Ready to Move to a Bigger Home? Check Out Our Available Lots Today
Is it time to move into a bigger home? Look no further. At DeSozio Homes, we can help you and your family build your dream house. Contact us today for more information.
