It's common for a couple to buy a "starter home" together with plans to upgrade later.
But then, when later comes, it turns out there are a lot of reasons to stay put, making that "starter home" a forever home.
What do you do when you start to outgrow your home, but you can't necessarily afford to buy a bigger place? Fortunately, there are a lot of ways you can maximize the space you have without breaking your budget. Here are a few options for upgrading without overspending.
Reorganize and declutter. Sometimes a space feels too small because it just has too much stuff in it! Going through all the closets, drawers and cabinets and getting rid of unused things can help a ton. Tackle this just one drawer or closet at a time, and find "homes" for your stuff. A label maker (or a hired professional organizer) could be your best friend, helping everyone in your family understand where things go. A bonus: You can probably sell a lot of the things you're getting rid of, or at least donate them for a tax writeoff.
Build closet systems. There's a good reason that luxury homes have built-in shelving in the closets. Surprisingly, this doesn't have to cost a lot of money! There are a lot of shelving units that you can install by yourself, giving you extra space in closets with drawers, shelves and other helpful spaces. You may be able to add storage to your kitchen cabinets, too.
Reevaluate your furniture. Sometimes, replacing a footstool with a storage ottoman, upgrading your couch to one with storage in the arms or picking up an inexpensive chest of drawers can help a lot. Is the furniture you have working for you? Is it too big or too small? Instead of buying new furniture, look at local estate sales, tag sales, and even your local Buy Nothing group online.
Build up or out! Adding some extra space to the back of your home, or adding a second floor, might not be as expensive as you think. It may be worthwhile to get an estimate from a local contractor or building company on what it would cost to add a den, a bedroom or a bathroom to your current abode.
Then, come talk to CommonWealth One! We have a lot of options to help you pay for that loan, including a cash-out refinance or a home equity loan or line of credit. With interest rates dropping, now is a good time to take a look at this option!
We hope you have a great holiday break, even if it feels a little crowded at home this year. Many happy returns from your extended family at CommonWealth One!
