Should I buy a bigger house?

🕑 6 minute read

Why buy a bigger house?

Buying a bigger house might seem like an obvious decision. If your family is growing and your current place is getting cramped, a larger property might be the solution.

A bigger property can also mean bigger bills – so don’t take the decision lightly.

If you need a large mortgage to pay for a sizeable home, your monthly repayments might go up. A bigger property can also cost more to run, for example, heating costs could be expensive compared to a cosy terrace or flat.

Discover the benefits of a bigger home – and factors to think about when you’re making your decision.

When is buying a bigger house right?

More space

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

The value of your home could rise higher

A larger house may rise in value more than a smaller home. 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. This is not guaranteed however, as house prices can rise due to lots of factors. 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.

Home working and entertaining

Home offices are becoming increasingly more common, and more people are trying to find homes that include enough bedrooms for the family, a guest room and a home office. Having space to work is essential if you’re working from home – a bigger house can offer this important extra room.

Garage and parking

Big houses may come with a driveway or garage for your car(s). Finding parking spaces on the street can be frustrating, so this could be a huge relief. Having a larger driveway or a garage can also mean your car is safer and more secure.

More outdoor space

A 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. With a bigger house, usually comes a larger garden, which you can enjoy when spring and summer arrive.

What to think about before moving to a big house

There can be downsides to buying a bigger house, especially one that is bigger than you need.

Increased household bills

A bigger home can mean your household bills will increase. Heating and electricity costs can jump considerably in a large home. You may also have to pay for a cleaner or gardener, if it’s too much to keep on top of yourself.

The price of your home insurance is also likely to rise, as you will have more space and assets that need protecting.

Sacrifice location

Bigger houses are more likely to be further out in the suburbs or the country. Sacrificing location could mean a longer commute with added transport costs.

Use our location finder to search for things like train stations, schools, restaurants and much more in the areas you're considering moving to.

Bigger deposit

You'll also need a big deposit to get a mortgage on a larger, more expensive 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.

Increased monthly repayments

Mortgage payments could increase with a bigger home. If you cannot afford these payments, you may have to cut back on your lifestyle. If you fail to keep up to repayments, your house may be repossessed. This is when your lender takes ownership of your home and takes you to court because you have missed too many mortgage payments. You’ll then have to prove you can afford to keep your home in a court hearing.

If you are unable to agree to a new repayment plan with your lender, or fail to keep up with your payments, you could lose your home.

Use our mortgage calculator to understand how much your monthly repayments could be.

Increased maintenance costs

Your maintenance and building costs may rise when you buy a bigger home. Getting the roof fixed, or multiple doors and windows fitted –  even getting the gutters cleaned can cost you more due to the size of your home. Make sure that you bear this in mind when looking for a bigger home.

More furniture

The bigger your home, and the more bedrooms you have, the more furniture you will need to fill the space. This can mean significant costs in the early stages of buying a bigger home.

Questions to think about when making the decision

Here are some questions to consider if you’re thinking about buying a bigger home.

Can you afford it?

You need to set out your finances so you can clearly see your incomings and outgoings. If anything can be sacrificed, take it out. Balancing your personal finances to ensure you can afford the increased mortgage payments and increased bills is a good first step.

Could you extend your current home?

If the answer is yes, and you have the finances to do so, this could be a handy alternative. No need to sacrifice the location, your mortgage will stay the same and you’ll have the space you need.

Do you need the extra space?

Children, relatives or furry friends – sometimes you just need the extra space. If the house is over-crowded and everyone is constantly on top of each other, it might be time to look for a bigger house. Alternatively, you may realise that things are liveable as they are, especially if you have children heading to university soon or moving out.

Do you have savings?

By making sure that you have additional money set aside for a “rainy day”, you can move ahead with peace of mind. If you push yourself too much financially to afford a bigger home, a broken boiler or emergency repair work could create a difficult situation.

Would you be prepared to sacrifice location?

Location is important so make sure you’re ok with any extra travel time to work, and a new school if you’ve got children and you’re moving catchment areas.

Our location finder tool can help with this.

Calculators and tools

We have a range of mortgage calculators to help you:

  • Find out how much you could borrow from Halifax
  • See how much you could save if you make overpayments on your mortgage
  • Get an idea how a change to the Bank of England Base Rate could affect your monthly payments
Use our calculators and tools

Speak to someone

You can talk to us over the phone or use our mortgage video service from the comfort of your own home.

Contact us