We think that bigger is better, but when it comes to buying a house, does this rule still apply? When you look at the numbers, many think that it does not, since you may pay an average of $120,000 more per 500 SQ-FT when you opt to buy a larger home. And that is only one of the hiccups of buying bigger.
- With a bigger home comes more responsibility and bigger costs, some of which may not be obvious right out of the gate.
- The cost of buying a bigger house can add to a grand total of $120,574 per 500 square feet.
- Costs increase when moving because you’re also moving into a home with unknown maintenance needs.
“You probably know where you stand with your current home on big-ticket items like the furnace, roof, and water heater — a new home could present new (surprise!) maintenance issues like a leak in the foundation or appliance replacements. Keep this in mind.”