Whether you’re in the market for a new home or are looking to upgrade from the home you currently own, you likely have a list of characteristics that you’d like your new home to measure up to. But is this list of characteristics tying you and your family into getting a more expensive home than you actually need? Here are some of the main reasons that homebuyers end up choosing more expensive homes than they actually need.
A Coveted Location
Location is typically one of the most important factors that people consider when shopping for a home. It definitely makes sense to consider a house’s location in terms of how it would affect daily work commute or accessibility to public schools, but sometimes prospective homebuyers bring other less important location factors into the picture. For example, while it is great to live near public transportation that leads directly into the city, if you and your family don’t often make trips into the city, then paying more to live near public transportation doesn’t make a whole lot of sense. Instead of paying thousands of dollars for the convenience of living near a train station, you and your family could save a great deal of money by living further away. Then for those few times when you do need to take a train into the city, opting for, say, a taxi, is a financially feasible option. So when considering where you would like your future home to be situated, keep in mind only the location factors that it makes sense to invest in.
Extra, Unneeded Space
Sometimes homebuyers envision themselves needing more space than they need for hosting guests and holding parties and events. When considering how much space your family needs and how much extra space could be needed for special occasions, it is a good idea to reflect on your family’s current lifestyle. If you do frequently hold large events at your home, then maybe more space is something to invest in. Otherwise, consider saving money by getting only the space that your family needs, and then using the money you saved to rent out a larger space on those infrequent special occasions.
Holding onto Nonessential Household Items
Many homeowners do not realize the additional costs associated with holding onto nonessential household items. An increased need for more storage space is something that drives many homeowners to consider larger homes, but oftentimes taking a thorough inventory of what truly needs to stay in the home will eliminate this need for added storage. If you feel that you and your family should invest in a larger home with more storage space, try putting your home through a good spring cleaning first, and then see if those feelings remain afterward.