Making the Move to a Bigger Home: What Millennial Homebuyers Need to Know
Are you considering purchasing a bigger home? If so, you’re not alone. According to Redfin, the sale of larger homes increased by 21% during the summer of 2020. This gain in square footage comes with plenty of considerations to make before purchasing. Here, Segal & Morel, a trusted builder in the Lehigh Valley area with 50 years of experience in custom building and home additions, provides home-buying tips for Millennials thinking about buying larger homes.
Do You Need A Bigger Home?
When transitioning from a starter home, it’s common to think your next residence should be larger. While some scenarios warrant a bigger space, it’s not always necessary. If you’re considering buying a bigger home, think about whether it’s needed or preferred. Of course, it’s okay to simply want a bigger home, but it may just be that you need a more friendly layout.
One of the most common reasons why individuals believe they need a bigger home is that their current living situation can no longer accommodate their family, or because they wish to grow their family. If this scenario describes yours, a key question to ask yourself is how many bedrooms and bathrooms will you need.
Is This the Right Time To Buy A Bigger Home?
Living in close quarters can be challenging and may result in individuals purchasing a bigger home before they are financially ready. Before making your purchase, it is important to check with a mortgage company on what type of loan you can qualify for.
Mortgage companies will check the following:
- Your debt-to-income ratio
- Your credit score
- Your money saved for an appropriate down payment
- Your overall financial well being
Can You Manage the Responsibility of A Bigger Home?
Not only is it important to consider the financial responsibility of a bigger home, but the personal responsibility, as well. Generally, larger homes require more upkeep. More rooms mean more time spent cleaning and maintaining. If your new home has a bigger yard than your previous one, you may be required to dedicate more to mowing the lawn and other landscaping chores.
Purchase a Home with More Space with Segal & Morel
Owning a home is an investment. A well-cared-for home will rise in value over time. What’s more, the equity gained when buying a home can be used to help property owners build wealth and establish good credit.
Those who feel they could benefit from a new living situation or a bigger home can find what they’re looking for with assistance from the team at Segal & Morel. Located in Easton, Pennsylvania, and serving the Lehigh Valley area, including New Jersey, we specialize in developing new homes that meet the needs of our clients. All the homes we build are energy-efficient, green homes that meet Energy Star standards. If there’s a short window of time for you to move, you’ll also find quick delivery homes through Segal & Morel.
In addition to our exceptional homes, our Rearview Estates West community offers residents several terrific advantages, making it an ideal place to live. Residents can enjoy the stunning array of beautiful views and recreational amenities in the clubhouse, pool, playground, and walking paths. Our team is happy to answer any questions you might have. Current homeowners and first-time homebuyers who wish to learn more about our offerings should contact us today at Segal & Morel.