Things to Consider Before Buying a Bigger Home

My wife and I have just bought the home of our dreams, a home where we will be looking at raising our family and the home in which we expect to spend a very long period of our lives. We did everything that was expected of us through the years, started at the bottom in our careers, rented for a while, bought our first house falling apart a little.

As life progressed, we both moved up the career ladder, saw an improvement in our income, and then saved up to buy this beautiful big house. I’d always look at websites with fancy houses and read the australian online gambling sites reviews to see how people enjoyed living in these fantastic houses. This inspired me to keep saving until I got the home. In all honesty, we jumped in a bit of a bit too soon; there were some things that I didn’t consider which I wanted to share with you so that you may think about them before upgrading your house.

Can You Afford It?

When I’m talking about affordability here, I am not just talking about the bricks and mortar of the house; I’m talking about everything that goes with it. When we bought this house, we had enough for the down-payment on the mortgage, and we had set a little bit more aside for furnishings. However, what ended up happening was a mountain of additional fees that had to be paid, and then we massively underestimated just how much stuff we would need to buy to furnish the house fully. We still have two empty rooms and a bedroom with nothing more than a bed as it stands right now. It is not the end of the World, but I wish we’d held on for another year before making the purchase.

How Soon Do You Need It?

We are planning on having a big family, but not yet, and first, my wife wants to push on for at least a year or two with her career. This means that there are just the two of us in this huge house for at least 2 years until we can expect some company. Once again, we could’ve held on in our old place, put some more money together, and bought the big house once she was expecting, or we were at least trying for a baby.

Is There Value In It?

One thing that I did consider, and one that you should too, is whether there is value in the new house you will buy. I had watched the home which we are now in for some years and as the market moved we managed to get a great price. From the first day that I saw this house to the day that I bought it, the price went down by $63,000, a considerable depreciation and one which I was able to take advantage of. Should we ever sell the home, I am comfortable that we can turn a profit, and this was a motivating factor behind our decision to buy; make sure you are paying attention to the market and the value in a house.

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