buying a bigger house mortgage calculator

If you cannot afford these payments, you may have to cut back on your lifestyle. Mortgage payments could increase with a bigger home. This can be tricky if you are a first time home buyer, or if you’ve not been at your current property long enough to build a chunk of equity. You'll also need a big deposit to get a mortgage on a larger, more expensive home. Use our location finder to search for things like train stations, schools, restaurants and much more in the areas you're considering moving to. Sacrificing location could mean a longer commute with added transport costs. The price of your home insurance is also likely to rise, as you will have more space and assets that need protecting.īigger houses are more likely to be further out in the suburbs or the country.

You may also have to pay for a cleaner or gardener, if it’s too much to keep on top of yourself. Heating and electricity costs can jump considerably in a large home. There can be downsides to buying a bigger house, especially one that is bigger than you need.Ī bigger home can mean your household bills will increase. What to think about before moving to a big house With a bigger house, usually comes a larger garden, which you can enjoy when spring and summer arrive. Having a larger driveway or a garage can also mean your car is safer and more secure.Ī bigger garden to fill with elegant entertaining areas, places for the dogs to run around or a summer house to relax in can be a priority. Finding parking spaces on the street can be frustrating, so this could be a huge relief. Having space to work is essential if you’re working from home – a bigger house can offer this important extra room.īig houses may come with a driveway or garage for your car(s). Home offices are becoming increasingly common, and more people are trying to find homes that include enough bedrooms for the family, a guest room and a home office. On the flip side of this, if house prices in your area fall, you may see a larger decline in value on a bigger home than a smaller one. This is not guaranteed however, as house prices can rise due to lots of factors.

For example, if house prices in your area rise by 10%, the money this translates to with a bigger, more expensive property will be higher than a smaller, cheaper home.

A bigger home can provide this and may stop the squabbles between siblings and offer the peace you need to unwind.Ī larger house may rise in value more than a smaller home. Everyone needs space, and if you have a new addition to the family, making sure that everyone has their own space is vital.

Buying a bigger house mortgage calculator