If you’re like many people, buying a bigger home in Ellicott City, Catonsville, or another city in Howard or Baltimore County has been on your mind for a while – and it may be a great idea. However, if you choose to upsize by buying a bigger home, you definitely need to avoid these three mistakes.
3 Mistakes to Avoid When You Buy a Bigger Home
These are the three most common mistakes people make when buying a bigger home:
- Failing to look at the long-term picture
- Miscalculating how much space they need
- Spending too much money on items for the new house
Here’s a closer look at each.
Upsizing Mistake #1: Failing to Look at the Long-Term Picture
When you buy a new home, you don’t necessarily buy it so that it meets your needs today (although if it does, that’s great). You buy it for five to ten years down the road. What will your household look like in that time? Will it have grown? Become smaller?
If you look at the longer-term picture, you may decide that you don’t need or want a bigger home – or even that you need something bigger than what you’re considering right now.
It’s essential that you think about the future when you buy. That way, you can avoid the urge to turn around and sell it in a few years. (Generally, the longer you hold on to a house, the larger profit you make when you sell it.)
Upsizing Mistake #2: Miscalculating How Much Space is Necessary
It’s incredibly important to be realistic about how much space you need in your next home. Sometimes it feels like you need a home with more square footage than you currently have, but maybe what you really need is a more open floor plan or a different type of home.
When you do look at new homes – bigger or not – make sure that they have a fully usable layout.
Pro Tip: When you move into a bigger home, don’t buy new furniture right away. Wait to figure out what pieces you really need.
Upsizing Mistake #3: Spending Too Much Money on Items for the New House
If you’re like many people, the furniture you have now is perfectly sized for your current home – and you probably know that it’s going to look small in your new house. However, don’t overspend by purchasing all-new stuff. Wait until your old items break or become unusable, just like you ordinarily would, before buying new ones.
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