WHY BUYING A BIGGER HOUSE IS NOT ALWAYS WORTH IT!!
There’s something enticing about a sprawling big house! It looks luxurious and more prestigious to own!
Right?
Ofcourse, it does! But have you considered the number of hidden costs that come along with it? No?
Well, if you are planning to purchase a big house then it is worth putting some deliberations before taking the plunge, because no matter how attractive it might seem, it is likely to bring along some additional expenses which you would have never thought about!
Even if a bigger house provides you with more space for all the stuff you own, considering the below mentioned reasons might allow you to think twice before making your move.
1. Bigger houses bring bigger mortgages and other expenses: Bigger houses not only mean bigger rooms and more space, but also mean the extra cost of maintenance that they bring along. Bigger houses come with higher price tags, so you should expect a huge monthly premium for the large mortgage. In addition to this what you should also expect is:
- Greater property taxes, closing costs and utility costs.
- Higher insurance costs, repair and maintenance costs, renovation costs.
These costs add up fast and might look like a financial burden in the future, unless you are sure to have a very secure future financial planning.
2. Bigger houses are not always better investments: Like any other investment you should expect your house to provide you with some fruitful return for your investment.
