Moving Up: Dream House or Money Pit?

Mr. Alex and his wife, Mrs. Adelina, lived happily in a modern design 2 BHK apartment, about 650 sqft consisting of two master bedrooms, a living room, kitchen area, dining area, attached toilets, and a balcony. But then they decided to move on to a bigger house, i.e., their dream house; as their family was growing, they got two kids; mainly during the corona pandemic, Alex needed more office space in the home, and Alex’s parents moved up and started living with them.

Alex decided to shift into a house with more additional space without being aware of the cons of moving into a dream house, and he ended up with buyer’s remorse.

Now, when you are required to move into a bigger house, keep some necessary factors in your mind, and be prepared for the expenses, or else you can easily fall into a sudden money pit!

  • Manage Larger Mortgage:

Let us be honest with you, be prepared to arrange big mortgages. A mortgage of several thousand bucks a month is viable when you move up. It will be a large number, but it won’t surprise you so that you might plan for it.

Likewise, a larger span will demand more additional money for supervision. Over again, you know these expenditures are coming and can be ready accordingly.

Besides the size of the mortgage and the cost, there are a lot of additional elements to consider: your own money & time.

Disclaimer: Mortgage lending discrimination is unlawful based on religion, race, marital status, sex, national origin, disability, or age; there are legal steps you can take.

  • The Time Commitment:

The burdens and the time commitments required to handle them rise directly to the size of your new residence. Buying a dream house may become a nightmare soon. The expansive yard may need to be pruned, and the big house needs to be renovated. Sooner you can find every surplus time filled with house maintenance tasks.

  • Seems Difficult? Hire Help

Your new luxurious house demands your most time and effort to look good. After all house cleaning and renovating, you might plan to engage extra helping hands after all this hard labour.

Hiring assistance will undoubtedly give you some precious time back in your schedule, but the helpers, keepers, and maintainers don’t work for gratis. Be prepared to clear their payouts as well.

  • Outdoor keeping cost

Before even entering the house, the expenses associated with larger homes tend to begin. Your high-end property should have beautiful front land and exquisite gardens and lawns. Annual upkeep of high-end property can cost you hundreds of bucks.

The bill can simply run into the hundreds of dollars by adding luxuries such as a swimming pool, hot tub, outdoor kitchen, and extra decorative works. And also, you have to keep them maintained as well.

Wait, how could you forget about the garage?

You need to figure out all the payments of the helpers and still can’t forget about owning a modern garage with specialized oil-resistant flooring and fancy storage units. Yeah, it would cost you handsome money.

Bottom Line

We have done our part and made you aware of the expense of the upgrade. When you have experimented with this idea and found that hiding cost is not too problematic for you, you are prepared to proceed. Everything needs proper planning. Once you plan correctly and consider all these factors, you do not need to worry about the costs; your tomorrow will be full of comfy days.

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