The Disadvantages Of Buying A Bigger Home

by Charene Clark 12/01/2019

Most Americans dream of owning their own home. The size of that pictured house is often spacious. As the housing market gets tighter, the prices of homes go up. The bigger the home you wish to buy, the larger the price tag. Keep in mind that the bigger the house you buy is, the more everything else will cost. That means you have to look deep into your budget and far beyond the list price of a home to understand what you have to work with financially. Some things that a more prominent home might bring are:


Higher utility bills due to more space that you have to heat and cool

Increased property tax

Higher insurance premiums

More expensive repairs

More expensive renovations

Bigger yard to landscape


These are all additional costs that you should consider before you take the plunge to buy a larger home. The longer you live in the house, the more these expenses can add up. Many things like flooring, carpet, concrete, and roofing materials are priced by the square foot. While living large can be a great decision, the additional expenses can really add up.  


If You Have Kids, Reconsider


Raising children is expensive. While you may want your child to have a large room and a lot of amenities right inside their home, there are so many other things that kids need. Consider your child’s hobbies. How much of your budget do you devote to those? Do your kids hope to attend college? How much extra money in your budget do you have for vacations and other activities that you may want to do as a family? Buying a bigger house could mean that you have less money in your budget for these things. Understand all the ways that you need to stretch your money before you have your eyes set on a larger home. 


Consider The Rest Of Your Needs


A more massive home means a more substantial monthly mortgage payment. That leaves less for you to save for things like retirement, rainy day funds, and other financial goals. Don’t let the fact that you have your eyes set on a big house shadow the rest of your life and your needs. A large part of buying a home is planning ahead. It will be a smart decision all around for you and your family to buy a home that’s affordable.            


Buying a larger home fulfills a dream for many homebuyers, but don’t let that idea become a singular goal.       


About the Author
Author

Charene Clark

A resident of Old Lyme since 1992, Charene has been specializing in residential real estate for over 24 years, serving Eastern Connecticut to the Rhode Island state line. A consistent top producer with extensive knowledge of residential sales including single and multi-family properties, condominium sales and new construction condo projects. Charene is dedicated to the profession with 5 years served on the Board of Directors for the Eastern CT Real Estate Information Service (MLS), including a year as president and involved in the community through local non-profit organizations, an animal advocate, and an avid runner. Charene's success is attributed to good communication and rapport with clients and peers, knowledge and experience in changing markets and providing professional service with a personal touch. Member: National Assoc. of Realtors; Connecticut Assoc. of Realtors; Eastern CT Assoc. of Realtors. Past President: Eastern CT Realtor Information Service. Founder: 4PAWS, Inc. A non-profit organization (1998-2004)