questionsis it a good time to buy a big new home?

vote-for10vote-against
vote-for3vote-against

Go for it... good luck selling your current one.

vote-for2vote-against

Yes. Also be sure to finance it with no money down and an adjustable rate mortgage with a big balloon payment due in a few years.

vote-for8vote-against

Buy what you need in terms of space and what you can afford.

Bigger houses cost more not just initially but also in upkeep. Utilities will be higher because there's more interior space. Maintenance will be higher because there's more space both inside and outside. You may have a larger lawn to care for with possibly more landscaping to deal with. It will take longer to clean. You'll need more furniture and possibily electronics to fill up the extra rooms. Assess whether you'll really use the extra space, whether you need the extra space and, most importantly, whether you can afford the extra costs.

Personally, I don't think it's worth it. But it really comes down to your personal needs and finances.

vote-for8vote-against

Buy what you can afford. If you can afford something big, that's great. Now is definitely the time to scoop up a bargain. Just don't forget that a bigger home has bigger expenses like higher electric bills, taxes, more maintenance (potentially), higher insurance costs, etc.

vote-for5vote-against

My wife and I just bought a larger home at the end of last year. We are currently trying to sell our old house without much luck. What I've learned so far is that 3x the space costs 2x as much to heat/cool and that the market is crappy for sellers right now for a reason. No one is buying homes, but at the same time, it makes it a great time to find an outstanding deal.

We paid less for this house than our old one is worth.

I say go for it, but make sure you can afford it before you jump.

vote-for3vote-against

Think about the housekeeping itself with a big house. Can you afford help? It goes without saying that a bigger home usually means a bigger yard - do you have the time to do it all, or can you afford to have it done?

vote-for2vote-against

I'll agree with most of the above but mostly that it's a buyer's market right now. It took 10 months for our house to sell at a reduced price compared to similar sales in the area. It can also never hurt to mention the three most important things...location, location and location. This cliche is VERY true. Many times a house is cheap for a reason...like a football stadium nearby, or a busy intersection. Check everything thoroughly.

vote-for1vote-against

@jsoko: I rented my place in MD, its pretty easy to do so in the DC area! I decided to keep the place in DC if I ever thought about coming back since I have so much family in the area!

vote-for1vote-against

@capguncowboy: Hopefully you have good luck on selling that home!

vote-for1vote-against

@wnyx585am: Very funny, but I was able to use my VA loan and get a 3.70 % mortgage!