Your first home was cute and just right for the two of you. Now, with the addition of children and pets, it might be feeling a little small. Maybe it’s time to consider purchasing a bigger home. How do you know for sure? Just answer these questions.
Are Interest Rates Low?
Buying a bigger house when interest rates are low is also a good idea because lower rates mean smaller monthly payments and more purchasing power. This year, interest rates have been at an all-time low so it might be a great time to invest in a bigger home.
Does Your Current Home Meet Your Family’s Needs?
Sure, a growing family is the reason most people buy a bigger home but even if your family size stays the same, your current home might not meet your needs. If one or both of you begin working from home, having a study suddenly becomes very important. If your parents are downsizing, you might be hosting holiday dinners — not easy to do in a small home without a formal dining room. Media rooms, game rooms and large covered patios provide extra recreation space for teens and adults.
Will Your Parents Be Moving In?
Multi-generational homes are on the rise. Older relatives are increasingly likely to move in with their adult children. If this is the case for you, buying a home that gives your parents a sense of independence and you a quiet retreat may require more square footage. Many builders offer floor plans with multi-generational suites. These “homes within a home” include kitchenettes, living areas, a bedroom and a bath. Some even have a separate entrance.
Do You Want to Buy New?
Surprisingly, building a new home in a community like Lago Mar can provide a good opportunity for buyers to upsize and still remain cost-conscious. With new builds, more square footage can come at an ideal price and many offer great incentives so you can add options and upgrades.
If you answered yes to any of these questions, a larger home in Lago Mar might be the perfect solution for you.