When you ask most homeowners what their dream home looks like in their head it usually is a large home located on a sprawling estate with more room than any one family could use. If you are trying to find your dream home, or just planned to upsize from your current home, consider these challenges that go along with owning a large home. From increased utilities, maintenance and budgeting concerns, look at these reasons why upsizing your home could be a bad idea.
Ever notice that the larger the area you have, the more you feel you have to fill it? This is also true with upsizing to a larger home. Assess the needs for wanting a larger home. If you only want a larger home to have to fill with more furniture and more “things” – you may realize that this leads to wasteful spending. Instead of using money for a larger home that money could be used on vacations, leisure, college education, and of course your savings!
Larger home requires more maintenance.
Larger homes require more upkeep of the outdoor grounds, seasonal upkeep of mechanical systems like heating and air, and cleaning of rooms on the interior. If you’re a homeowner that doesn't enjoy home maintenance, upsizing to a larger home will magnify the issue. This can be costly and time consuming. If you will hire someone to do this for you it could be helpful, but keep this in mind when considering upgrading to a larger home.
Increased Water Usage
Upgrading to a larger home could lead to higher water consumption in your kitchen, bathrooms, laundry room and outdoor home with irrigation systems for landscaping. If deciding to upgrade to a larger home research water rating labels that help you choose water efficient products, to help conserve Australia's water supply and reduce your bills. Use WELS certified tapware for your kitchen and bath, and using reclaimed water and other green efforts to water your landscaping.
A larger home uses more electricity to operate
Similar to water conservation, energy consumption is an initiative that the world is trying to make a conscious effort in conserving. Larger homes require more electricity to power – lighting, appliances, mechanical systems and general electronics throughout the home. Similarly to water saving fixtures, look to install energy efficient appliances, LED lighting and talk to your family about turning off lights and electronics when not in use.
A larger home could mean difficulty selling your home in the future.
While no one can foretell the future, upgrading to a larger home in areas where the housing market has been hit negatively could affect your ability to resell your home in the future. Especially in larger cities where space is at a premium – look to midsize homes that could be easier to appeal to a wider home buyer audience.
Renovating vs Upsizing
Many homeowners don’t like their current home and think upgrading to a larger home could make all the difference. Depending on your reasons for wanting to move, a renovation could be an option that adds value to your current home and saves you money and heartache in the long run. If you’d like a larger kitchen or an upgraded bathroom, consider talking to a contractor to see if renovation could be a better option.
Though we all ideally love a closet that fits everything with ease, surprisingly, more homeowners complain about wasted time finding clothes to wear each day and resulting in being late to work, getting the kids to school late, etc.. While larger closets may look appealing from the quantity of clothes they hold, they also can result in longer time searching for clothes, accessories, and less time getting out the door on time in the morning!
Upsizing your home for your kids?
While there is no arguing that more family members need a larger home it’s also true that a smaller or midsize home that uses creative space saving methods such as bunk beds, loft beds and shared wardrobe storage solutions may work just as well – and will teach your kids to share their space with others more effectively.
Larger outdoor entertaining spaces are more costly to upkeep
Before upsizing your home for entertaining purposes remember that a large sprawling lawn, patio and porches that stretch around palatial homes are beautiful to look at, but can be a monster to upkeep. Look to your current home for ideas for home improvements to your deck, patio, landscaping and other areas. Realise that the cost of a landscaping professional, routine yard/garden professional, pool professional and outdoor maintenance crew could be more costly than you imagined.
Good Quality of Life
While you may love the look of beautiful large homes in your favorite home design magazines, your wallet may think differently. If your home budget is just enough to pay the monthly mortgage bills, but not enough to enjoy a good quality of life other than your larger abode, then that's not living at all. Living month to month or “paycheck to paycheck” to pay your other bills can be stressful and upsizing to a larger home could create a home life that is less than enjoyable to live in. Instead, opt for a home that you can afford comfortably and without added financial stress.