Things No One Tells You About Buying A Big House
Everyone dreams of living in a nice and comfortable big house forever. And some of these dreamers are even able to achieve their aspirations. There are some people who borrow more than they should as mortgages to purchase a big, mansion-like home. Is it all worth it?
Size Isn’t Everything
Buying a big house doesn’t mean your quality of life would instantly improve. For example, for people who make a lot of money will find it affordable and convenient to buy a big house. However, if you are a middle or low incomer, then maintaining a big house could be more difficult. Also, if you are moving to a big house thinking there will be more space, think again. Perhaps, it’s best for you to make your current living space for space efficient, rather than calling professional movers to haul things out.
A bigger house also means bigger utility bills. You will have to pay more in terms of electricity, water, snow removal and so on. Obviously, with more land, you will have to spend a lot more than usual to maintain all of it in tip top shape. So, you will have to absolutely sure that you can afford the monthly maintenance before you hire professional movers to transport your goods into a bigger house.
Also, the bigger your new house is, the more valuable it will be in terms of real estate. Now, if you own the big house, this means you will have to pay more in property taxes. The laws may vary from country to country, and state to state, but bigger houses usually mean hefty tax bills. You should consider this aspect of owning a big house and factor it into your financial calculations before you make a final decision.
The age of the house you are moving to matters a lot. For example, it’s relatively easy for realtors to refurbish old mansions and sell them to prospective buyers looking for a big home to live in. Now, some of these refurbishments are done quite well, others, not so much. Realtors may even call houses that are only a couple of decades old, historical homes. However, you should be able to do this research on your home. Make sure the foundation of a refurbished house you are buying is still intact, and do your research to avoid being spammed.
As you can see, relocating to a big house is not at all as good as the hype indicates. So, don’t fall for just anything a realtor says.