A new addition to the family, kids growing up, or merely the desire for more space in the home. These are the main reasons why people upsize. However, despite a good reason to want to move into a bigger house, it’s not always feasible.
Moving into a bigger home results in a higher home loan payment, as well as increased taxes, maintenance costs, and utility bills. And if you don’t have the additional income to support these expenses, it’s a sign that now is not the right time to upsize.
But this doesn’t mean you can’t create more space in your home today. While you can’t upsize yet, here are some of the best alternatives that you can try:
1. Downsize your belongings
The easiest and most inexpensive way to make more space in your home is to downsize your belongings. And this doesn’t just mean getting rid of a few boxes of miscellaneous items. It means doing a significant haul in your house for everything that you no longer want or need, including appliances, furniture, electronics, and personal items.
Not only does downsizing help clear your home of unnecessary items, but it will also make the moving process easier (and cheaper) for when you eventually move into a bigger house.
2. Convert a spare room
If you don’t have an extra bedroom for your growing family and upsizing is not an option yet, converting a spare room is your next best choice. If you have a home office or den that you can sacrifice, turn it into a bedroom with a simple renovation.
3. Finish your garage, basement, or attic
Finishing your garage, basement, or attic is one of the best ways to extend your living space without moving into a bigger house. However, it does require quite a bit of investment. For instance, finishing a basement can range from $6,500 to $18,000, depending on the design, materials, and the state of the basement before construction.
Nevertheless, it is an effective way to increase your living space, and it can also increase the value of your home. By the time you can upsize, this type of upgrade can help increase your selling price.
4. Extend your home
A single-story home extension can set you back about $20,000 to $70,000, depending on the size of the room and its design. This is the most expensive option that you can consider, but it can still be cheaper than buying a bigger home. Moreover, an extension can serve many purposes–it can be used as a bedroom, a home office, a kitchen, a living room, and more.
However, if you think you need even more space in the future, building a home extension might not be advisable. Instead of putting the investment down on an extension, save it for your new house until the right time comes.
Buying a bigger house seems like the only option to get the additional space that you need for your family. However, it might just not be the right time yet.
If this is the case for you and you desperately need more space in your house, consider these options instead.