One plan that has been popular with those just beginning their homeownership journey is to purchase a “starter home” with the expectation of selling it down the road in favor of a larger home as the family grows. It doesn’t typically make financial sense to buy a larger home than you need even though you expect that you’ll need one later.
On the flip side, with the expenses and process to go through to purchase a home, you might want to try to avoid doing it a second time. There is a solution to this that doesn’t involve buying more than you need now. It involves buying a smaller home on a property that has room for home additions when more space is required.
To determine if this makes sense for your situation, have your real estate agent show you properties that fit both plans. Consider what the difference in price is and how much more you’ll pay in interest. You can also calculate what your monthly mortgage payment difference would be and then transfer that to a savings account so you can use it for home additions down the road.
You can also factor in that it costs less to maintain a smaller home, so that is additional savings you could put aside. The savings you are enjoying could easily cover one or more home additions, and you’d continue to enjoy the lower mortgage payment.
You can also go with home additions if you need more space for your current home. It is often more affordable to do that then it is to pay closing and moving costs to relocate. If you have a home in the Tampa, Florida area that needs to be a bit more spacious, reach out to us at K & E Repair Solutions to learn about home additions that we can build for you. We’ll be happy to assess your property and advise you about the best way to expand your home. Contact us today to schedule an appointment.