Finance Globe

U.S. financial and economic topics from several finance writers.
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Is your Home too Small? Three Ideas to Consider

When you first purchased your home, you may have been comfortable with its size. However, things change over time and now you are beginning to think that you need more space.

If you find yourself faced with this dilemma, there are a few ideas to consider. Each one has financial implications, so you need to be careful as to how you move forward.

Here are three of the best ideas to take into consideration:

1. Sell your home and move into a bigger property. This is the first thing most people consider, because it is often times the easiest solution to the problem.

If you decide to make a move, you know your finances are going to be turned upside down for the time being. How much of a mortgage do you qualify for? Will you be able to find an affordable home that is big enough to meet your needs? Are you okay with paying a higher monthly mortgage?

There are many questions to answer before selling your home. To ensure that you are making the right decision, from a financial and personal perspective, discuss your situation with a lender as well as a local real estate agent.

2. Pay for an addition. Do you love your home so much that you are hoping to stay, despite the fact that you have run out of space? In this case, consider the benefits of paying for an addition.

You could add everything from a game room to a family room to a bedroom. This is sure to give you more living space, but it is also going to cost a lot of money. On top of this, the project itself can be quite extensive depending on the current layout of your home as well as what you are hoping to accomplish. Remember, living in a “construction zone” is never easy.

3. Make it work because you are comfortable with your current financial situation. If you are happy with your mortgage payment, utility costs, and other home related expenses, you may not want to make a move or pay for an addition.

Is there any way to gain space without spending money? One idea is to go through your clutter, throwing out things you don’t need as a means of freeing up space.

If your home is too small, many people look at this as nothing more than a personal problem. However, there are financial implications to be aware of. When dealing with this issue, consider the pros and cons of the three ideas detailed above.
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Monday, 14 October 2019

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