Bigger is always better, right? People seem to think so especially when it comes to homes. How many of us were raised by our parents in homes that we’d now consider much too small? What people today consider starter homes, many lived their lives in.
There can be many costs involved with a bigger home. The most obvious one is that they cost more. A bigger home comes with a bigger price tag. That makes sense.
Some people say this is worth it. They look at the 500 extra square feet. They see that it costs them $40,000 more. Then, if they can afford the payments, away they go!
But, there are a bunch of other costs that come in that many don’t think of. If you think that the only cost of a bigger house is the price, think again. Here are a few things to consider.
If you pay property taxes, then you’ll pay more in taxes. These costs will add up over the years. For most, you’ll be getting the exact same services as those with lower payments.
Upkeep and Repairs
Eventually things wear out in homes. A bigger house probably has a bigger roof. There are probably more windows. There is much more carpet. More walls and ceilings to paint. All of these things will cost you more over time to replace versus in a smaller home.
With a bigger house comes more space. With more space comes more furniture. All the extra furniture costs more. And as your styles change, your replacement costs will be more down the line as well.
A bigger house means more space to heat and cool. This will mean higher bills to pay every month.
Every dollar you spend on your home is a dollar you don’t have to spend somewhere else. Keep this in mind. You might be sacrificing an investment opportunity. Or an annual vacation. Whatever the case may be, realize that you’ll likely be sacrificing something for your bigger home.
More Space To Fill
Have you ever noticed that when you have more space you fill it? I remember my first apartment. My roommate and I each had a bedroom closet and split one storage closet. That was it. And we made it work. Now, I often wander through our house, with stuff in every room. In the basement. In the garage. And I wonder how did I ever make it work in that little apartment? The fact is that a bigger house will create more space and that leads to more stuff.
All of the things above will cost you money, and they all come from a bigger house. Now, a bigger house might be just fine for you. If it is, great. Just make sure that you plan not only for the purchase, but for the extra costs you’re sure to face.
Readers, have you ever added up the costs of a bigger house? Did these ever keep you away from buying a bigger house? What costs did I miss? Let me know your thoughts and opinions in the comments below.