The hidden cost of waiting to upsize

When we think about the overall concept of buying a bigger house, saving money is not the first thing that jumps to mind. For a lot of us the first thought is the word expensive, in flashing red lights. Very costly, kind of scary, but certainly not money saving.

I guess if you’re not making the move to upsize, ever, at all, then this doesn’t apply to you.

If you ever plan to upsize, we’re talking about why it might cost you, to wait and wait. It will likely save you money in the long run, if you take the plunge into buying your bigger house, sooner than later.

In the Bay Area, it’s kind of hard to believe, but housing prices do continue to rise. It’s possible that that upgrade could become higher priced than you could afford. The price might just climb out of reach. This is an obvious, but very legit to make the big move, to your bigger place.

Being a home owner has all those costs that pop up on you non stop, replacing a cracked window, fixing the fridge, putting the fence back together when things start to fall apart. This is basic, run if the mill home owner stuff. But the thing is, it really ads up!

Have you heard of the term Dead Money? It refers to expenses that do not build equity. So maintenance costs and such on your smaller home, can continually cost you a pretty penny, while not building any value. While you are waiting on your upsize, you may lose a lot of money just keeping things going at your original spot.

Buying a new home, a bigger home, is a whole process. It’s not as simple as pulling the trigger on your transaction. There are costs involved.

So on top of the purchase price, you might even consider that transaction costs are forecast to increase in the coming years. Things like closing costs and even realtor commission might become more expensive by the time you make the move to upsize.

But wait, there’s more!

One of the continuous issues buyers face in the Bay Area is the sheer lack of inventory. This becomes especially apparent in the luxury housing market. Buying a bigger house, might not exactly put you into the luxury housing market, but if you’ve got a specific size of house in mind, chances are there’s not a plethora to choose from. You have to strike while the irons hot around these parts. You snooze you lose, especially on a nice big house for a decent price.

So the bottom line is this, if you wanna do it, you gotta make the action happen!

It’s understandable that people feel nervous about making a huge purchase, it’s a very important decision and one of the most hefty price tags most of pay in our lives.

But be wary ya’ll, of thinking time passing might make it less scary or more affordable. It’s a sooner the better vibe, so get excited! You have permission to start thinking about making that upgrade, oh my gosh, it will be so awesome to have a bigger house!