My family grew, do I need to buy a bigger house too?

IF YOU MARRIED, YOU HAD A CHILD AND ANOTHER IS COMING SAFE YOU THINK YOU SHOULD MOVE TO A LARGER HOUSE. THIS IS WHAT YOU NEED TO KNOW BEFORE MAKING THAT PURCHASE.

Buying a house is a decision that has a lot to do with the stage of life that each person experiences. It is very different to make that investment when you are single and do not have children, to buy when you have married and have plans to grow the family. As the number of members increases, space and comfort become a priority, so buying a larger property seems to be the obvious, but beware, these are 5 things you should analyze before taking the big step:

5 points to consider before buying a bigger home

survey by propertynews , eBay’s real estate portal in Mexico, revealed that 70% of Mexicans intend to buy a home in 2019 and that 15% of them would do so to have a larger space due to the growth of their family.

The allure of having a bigger home for loved ones can be irresistible, but there are a few points to keep in mind before making that important acquisition.

1. Higher costs

Unfortunately, that’s true: A larger house requires a greater financial investment, as you’ll get more square footage, perhaps a larger yard, and neither of those two things are cheap. Also, you will pay a little more in taxes and public services.

2. Sell before you buy

Clearly, it would be very difficult to pay two mortgages instead of just one. In that sense, the recommendation is to sell your current home first, collect the money and use it for the initial payment of your new home. The goal is to use that cash to give a hitch greater, or, to cover expenses not including your mortgage and thereby reduce the financial cost of buying the second house.

APARTMENTS FOR SALE IN MEXICO

APARTMENTS FOR SALE IN MEXICO CITY

3. Consider maintenance

A bigger house with a bigger garden implies more tasks or more time to dedicate to its maintenance. Before deciding what you want to make that purchase, reflect on the work it will involve and how willing you are to carry it out.

4. Think about the cost of the move

Although you can take some things in your car to the new house yourself, you will almost certainly have to hire a  move . Take into account the expense that this will imply, since the cost of a service like that depends on the distance between one and the other property, the amount of objects and furniture that will move, and even the floor where you will live in your new home. . Do not neglect those details because they will be unavoidable expenses.

READ ALSO

What happens if the holder of a mortgage dies? 

How to calculate what I can pay on a mortgage 

5. Think about the new decoration

Was your furniture in the other house small or already worn out? Surely you want the new house to have bigger and preferably new furniture. Think about how much you can spend on decorating your budget and how important that aspect is to you.

With all this information, it reflects very well if you really are ready for the implications of having more space or if, in any case, a remodel would be enough.

In the event that you are really sure that a bigger house in smartcityis what you want, just make sure that this project is aligned with your financial, personal and family objectives, since the risk and commitment are great, although they can be worth all the time. pain. We suggest you develop a comprehensive financial plan that takes into account your short, medium and long-term goals.