9-Fascinating Reasons People Upgrade to a Bigger House
Should You Buy a Bigger Home?
People across the country are upgrading to bigger homes and it isn’t always for reasons that are common. In most cases we presume homeowners are looking to go BIG because of their family’s needs. While there is truth to that reasoning, we found 9-fascinating reasons people upgrade to a bigger house that will surprise you. Read on to learn more.
- Open Concept is More Compelling.
- Enchanting Affordability.
- Glamorous Workspaces.
- Taxes are gleaming with possibilities.
- Huge Backyard Living Spaces.
- Everyone They Know are Buying BIG.
- Furniture Frenzy Leads to Upgrading to a Bigger House.
- Debt-to-Income Ratio is Prime.
- The Moon-Stars-Sun aligns with Credit Scores and More.
Open Concept is More Compelling
Ah, the home building reality shows such as Fixer Upper provided open concepts that were more compelling than the antiquated construction. People were seeking solutions to bring family and friends into more enjoyable environments. Many buyer wishlists are adding a fresh design/build where living rooms, dining rooms and kitchen join forces and become one. This certainly is a HUGE and fascinating reason people like upgrading to a bigger house.
When you live in a state like Colorado, you almost accept that house prices are a mile high. However, people who were seeking a way to spread out their living spaces are finding financing alternatives, creating an enchanting and affordable way to expand. Rather than smaller terms, buyers are qualifying and accepting up to 50-month mortgages. The longer the term the smaller the payment, creating an attractive reason to jump into a bigger property.
For things like square footage, you ‘Betcha’ size counts. With so many employees and CEOs working from home they’re requiring larger offices, libraries and possibly a schoolroom for the kiddos. These are not just a small section of a kitchen (Although a workspace for the kids is nice) rather huge home offices with personality and character. If we learned anything from 2020, it is people demand a house includes this type of room in the home. In fact, 2/3 of the workforce were start-ups requiring a significant space where they could grow. People are upgrading to a bigger house for this reason alone.
” The mortgage interest deduction can be valuable during the early stages of your mortgage-payoff period, when more of your monthly payments go toward your loan’s interest than its principal.” ~ Maurie Backman from The Motley Fool
Taxes are Gleaming with Possibilities
A bigger home may not be worth the tax deductions for some because of the many other expenses. However, if that is the route you’re looking for then consider the many other possibilities such as:
- Deductions on Interest
- State and Local Tax Deductions
- Home Improvement Loans
Of course, we recommend you speak with your CPA or financial advisor, but you can certainly expect how buying a bigger estate gleams with potential.
Huge Backyard Living Spaces are a ‘Must Have’ for Colorado Homeowners
Just as home buyers are requesting the home-office, they are also seeking huge backyard living spaces. Coloradoans love to be outdoors therefore it only makes sense to extend their homes to the deck and patio where they can enjoy spectacular mountain views and fresh air. Not to mention, larger estates may include fascinating amenities such as these:
- salt-water heated swimming pool
- pizza oven
- island kitchen
- fire pits
- double-level decking
- playground for kids
- tennis & basketball courts
- equestrian stable and pasture
The possibilities are endless, but you can bet those with an enormous property are enjoying every minute of their investment having the acreage they’ve always dreamt about.
Everyone You Know are Buying Big
Last year the real estate market brought on many surprises. Interest rates were at a historically low. Offers were coming in thousands over asking prices and millennials are buying up posh properties over $750,000. Most of this generation works in impressive fields such as big tech, pharma and even video game designing heeding gigantic incomes. It only makes sense they want to keep up with the “Joneses” and buy a nice home right out the gate rather than moving a few times to get what they want. These are savvy home investors who know what they’re doing and show up to the affluent markets frequently. Famous YouTubers born in 1986 and sooner come to the mansion party buying up several homes in Colorado where agents are taking notice.
Furniture Frenzy Leads to Upgrading to a Bigger House
Jenny’s grandmother left her heirloom furniture from her plantation in Georgia. While she could sell it and make a ‘MINT,’ she kept it as she remembered spending summers romping on the davenport and hiding behind her Italian Baroque chairs. However, Jenny’s ranch-style home in Loveland would not get her the volume or square footage to include the entire Georgetown collection. Does this sound crazy to you? It is surprising how many buyers are flipping to larger homes to accommodate things like antiques and gifts from family members.
Debt-to-Income Ratio is Prime
Another reason homeowners are looking to upgrade to bigger dwellings is because their debt-to-income (DTI) ratio is prime at 43% or less allowing the buyer more flexibility. What the heck? If your income is higher and you’ve done an excellent job of paying down your debt than why shouldn’t live in a more lavish lifestyle? Or perhaps that equestrian estate has been calling you and your stable. Then go for it! Now that is fascinating!
The Moon, Stars, and Sun are Aligning
Speaking of fascinating, some property owners may go BIG just because they can. Credit isn’t an issue. There’s plenty of cash in the ‘Cookie jar’ or savings and everything else just seems right. Sometimes, a vacation property in the mountains was sometimes their most appealing asset. Investing in a bigger home may be a second home or a place to retire. Let’s face it. We only live once. Why not live the life you always wanted?
There you have it, a few fantastic reasons home buyers are jumping into bigger homes and estates. Of course, everyone’s situation is unique, and it’s always good to know your options. If any of these reasons stand out to you and you’re looking to do that upgrade or fulfill your life’s goal to live in the Big House, we are here to find just what you want.
For a list of up-coming properties and private listings, contact John Feeney at (970) 231-4172.
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