When to Consider Upgrading House Size

The lyrics of "No More", one of the official songs of the biographical musical drama film - Tick, Tick...Boom!, encapsulates what often prompts people to transfer houses and upgrade. Desire for convenience, better facilities, more space, or neighborhood upgrade, are common reasons for such decisions. It is safe to say that comfortable living space plays a big part in the enjoyment of quality life.

A life that involves "no more faulty wiring, no more painted floors, no more spitting out [anybody's] Ultra Brite."

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When change is needed to accomplish this, there are two options available. It is either you upgrade your existing home or relocate to a new home that will fit current needs. Both would result to expense which is still highly advantageous long-term if played right.

Upgrade Existing Home

Homeowners who prefer to stay in their current location and have options to make the necessary upgrade without transferring are a perfect fit. A clear idea of the possible cost involved is critical especially if a loan is needed to make it happen. Mortgage Calculator has the Repayment Calculator with Amortization to help in calculating expected monthly payments.

Using the existing property as collateral for the loan allows owners to make their property work for them as a way to obtain the loan. Monthly payments will of course be coming from regular income. It is important therefore to obtain a loan based on actual capacity to avoid possible financial issues.

Buy Dream House

On the other hand, those who opt to have a change of environment or whose current location cannot accommodate desired changes to size and style may be better off hunting for properties elsewhere. Leading property websites such as Rightmove reports that homes are selling faster than ever. This is very encouraging considering that the world is not yet fully safe from the threats and effects of the COVID-19 pandemic.

Photo by Jacques Bopp on Unsplash

As life happens, plans will change. Whether it be additional household members, career shift such as that made by the character Michael in the film from the performing arts to the corporate world, or simply to enjoy a beautiful home, the question of upgrading or not is a decision that will have to be made.