You’ve probably heard the phrase “bigger isn’t always better.” While that may be true for a lot of things, that isn’t always the case in real estate.
While there are lots of options for smart storage solutions and creating usable space, sometimes a house can be too small for your needs — whether you’ve recently had a new baby, invited an older parent to live with you, or started a work-from-home job that requires dedicated office space.
Making the move to a bigger home can be intimidating, but I’m here to help you understand the benefits of upgrading your space.
Why Bigger is Better
Let’s talk all about the benefits of owning a larger home, as well as the possible objections you may have to purchase one (and why they’re actually possible selling points).
Selling Point: Bigger Homes Include Bonus Spaces
Most starter homes include just the standard rooms almost every home has: bedrooms, bathrooms, kitchen, dining room, living room.
When you upsize your home, not only do the room sizes grow, but you often get additional spaces and features you didn’t have in your smaller home.
Some of those features include:
● Finished basements
● Office spaces
● Playrooms
● Walk-in closets
● Master bathrooms
● Screened-in porches
● Mudrooms
● Extra garage space
If you’re currently doubling a living room as a playroom, you should be ecstatic at the idea of having two separate defined spaces.
Selling Point: More space Means Kids Don’t Have to Share Rooms
If a family of 5 is living in a 3-bedroom home, that means two of the siblings have to share a room. And while this might work fine for some families, it often means more sibling disputes and a lack of space for each of those children to keep clothes and personal items.
Depending on the size of their upgrade, some families may even get enough bedrooms to have a guest space.
Selling Point: Bigger Homes Have More Storage
One of the most irritating things about owning a small home is the lack of storage space. “Stuff” can accumulate pretty quickly over time, especially in homes with children.
Small homes often lack adequate cabinet and closet storage, which means you constantly have to clean out your home, or even rent a storage space to keep everything you don’t want to part with.
Objection: I Can’t Afford A Bigger Home
Sometimes, a bigger home just isn’t on the financial cards, no matter how badly you want one. But some people are surprised to find out they actually can afford a bigger home if they take certain factors into consideration.
1. Depending on how much you get for your current home, you may be able to afford the bigger home you thought was out of reach.
If you bought your starter home 10 years ago, chances are, you don’t know exactly how much it’s worth today. Talk to a licensed real estate agent, like me, for a Comparative Market Analysis of your home, and you may just discover that an out-of-reach home is actually fairly affordable.
A good real estate agent can also sell your home at a higher price point. High-quality marketing, staging, and minor upgrades can all have a huge impact on the selling price of a home.
2. Break down the price of the new home into mortgage payments
Presuming current rates of 4.5% on a 30-year mortgage, a monthly payment per $10,000 is about $50. So a $20,000 difference in the purchase price is going to drive a difference of about $100 a month in mortgage payments. Sometimes, when buyers see a big sticker price, they automatically think they can’t afford it. But if someone selling a $250,000 house wants to purchase a $300,000 home, their mortgage payment will only increase by about $250 per month. An increase of $250 a month is a lot less daunting than $50,000 upfront.
3. Larger homes come in a variety of price points.
You may not be able to afford a move-in ready mansion with a theater room and heated pool, but you may be able to afford a larger 4-bedroom house that needs just a little TLC.
Consider a larger home’s potential as you search. You can make upgrades over time and build equity in the home.
Objection: More Space Means More Work
Many people assume that owning a larger home means more time spent cleaning and maintaining it. But this isn’t necessarily true. Smaller homes have less room to store all of the items that people accumulate over the years. So where does that stuff inevitably end up?
It ends up in junk drawers, in piles on countertops, in random storage containers, or in closets that can no longer be opened without everything falling out.
Bigger homes might come with more space overall, but they also come with more space for smart storage, keeping the clutter hidden and out of the way.
How Can I Help?
You’ve probably heard the phrase “bigger isn’t always better.” While that may be true for a lot of things, that isn’t always the case in real estate.
While there are lots of options for smart storage solutions and creating usable space, sometimes a house can be too small for your needs — whether you’ve recently had a new baby, invited an older parent to live with you, or started a work-from-home job that requires dedicated office space.
Making the move to a bigger home can be intimidating, but I’m here to help you understand the benefits of upgrading your space.
Email: natalia@firststaybc.com
Contact: +1 778 317-6393
Natalia Garbuzova – Lease-Up Rental Agent
