Property Valuers, Most homebuyers say they want more space than they have, but the extra square footage isn’t always worth the trade-offs like higher expenses and more upkeep.
The pandemic has caused most of us to spend more time at home than ever before, and for some – especially those with young adult children who have returned home – space has become an issue.
Who doesn’t want more space? But is it still practical to buy a bigger house? It depends. Here are six cases in which buying a bigger house might be a bad idea.
You are not ready to face higher bills
Buy a big house or go home? If you insist on buying a big house, you can expect your bills to rise as well. “A bigger house is linked to higher bills for heating, cooling and even hot water”, . Heating and cooling account for nearly 50% of your home’s energy costs. If you double your square footage, you’ll probably pay more for electricity each month.
You are wasting space
Just because a house is bigger doesn’t mean it has more functional space. the larger the square footage, the more unusable the space and the longer and emptier the hallways. there’s nothing worse than having a junk room in your house or a completely empty room because you don’t know what to do with it. Should it become a workspace? Another guest bedroom? When viewing a home, she recommends being aware of the flow of the floor plan and whether it fits your lifestyle, and visualizing how you would use each area.
You are not prepared for routine maintenance and repairs
If you’re buying a bigger home, you should not only expect higher bills, you should also be prepared for increased routine home maintenance. On average, larger homes cost more to maintain, and many come with extra amenities, such as outdoor kitchens, multi-zone air conditioning, and smart control panels.
It’s not ideal for your family
Sometimes a bigger house just doesn’t fit your family’s lifestyle. One of the main reasons a family may decide to remodel their home is to give each member their own living space, but it can actually lead to too much separation. With more space, you risk missing out on valuable family bonding experiences.
You buy it just in case
Several years ago, a single, childless friend of mine bought a large three-bedroom, three-bathroom house. She wanted to have plenty of room to accommodate her family and friends when they came to visit. But she ended up with one guest on average for four or five days a year. She got tired of paying for such a big, empty house, and ended up selling it.
It’s the biggest house in the neighborhood
You never want to buy the biggest or best house in the neighborhood. This is because home values are based on comparisons. If you have four bedrooms and three bathrooms, but live in a neighborhood where there are two bedrooms and two bathrooms, you won’t get the full value of your home when you sell it.