Unfortunately, our homes don’t always grow with us. What may have initially worked fine for a single person, a young couple’s starter home, or a family with a newborn can quickly become too small as families expand and multiple generations live under one roof.
Remodeling and adding to your home is one option for creating more space, but it can be costly, and the size of your property may be prohibitive. That’s when moving to a bigger home becomes the best solution.
WHERE DO YOU NEED MORE SPACE?
The first thought when upsizing your home is to simply consider square footage, bedrooms, and bathrooms. But it’s important to take a more critical approach to how your space will actually be used. If you have younger children (or possibly more on the way), then focusing on bedrooms and bathrooms makes sense. But if your children are closer to heading off to college or starting their own families, it may be better to prioritize group spaces like the kitchen, dining room, living room, and outdoor space—it’ll pay off during the holidays or summer vacations, when everyone is coming to visit for big gatherings.
If you need more space, but don’t necessarily want a more expensive home, you can probably get a lot more house for your money if you move a little further from a city center. While the walk-ability and short commutes of a dense neighborhood or condo are hard to leave beyond, your lifestyle—and preferences for hosting Thanksgiving, barbecues, and birthdays—might mean that a spacious home in the suburbs makes the most sense. It’s your best option for upsizing while avoiding a heftier price tag.
Surprisingly, data suggests that Millennials are a generation moving outward. Did you know that nearly 50% of millennial homeowners are in the suburbs, and that an estimated 80% of residential growth will occur in suburban markets this year? Contrary to popular belief, millennials want to be in the suburbs. According to a report released by the National Association of Realtors, almost half of millennial buyers in 2017 had at least one child. Millennial parents want the space and good schooling provided in the suburbs. According to one survey, 48% of millennials wanted a home with at least four bedrooms or more. The millennial home buyer is looking for a home that’s on average 2,375 square feet – that’s larger than any other generation.