Home > 2014 > Mortgages

5 Signs You’ve Outgrown Your Home

Advertiser Disclosure Comments 0 Comments

Although buying your home was likely the biggest financial and personal decision you have ever made, there will likely come a time when you are no longer comfortable living there. Maybe this was your “starter home” or some significant milestones in your life are encouraging you to move. If you can’t decide if this is the time for you to “move on up,” check out five signs that your current home no longer suits you.

1. You Need More Space

The most common reason to outgrow a home is simple: your family has grown or is growing. A home you purchased as a newlywed ready for one child can get crowded very quickly once more children come along. If the bedrooms are full and toys have taken over every room, you are probably in need of an upgrade.

2. You Don’t Need As Much Room

Outgrowing your home can also be the result of needing less space. As you age and kids leave the nest, your once-perfect house can become a burden to maintain. To stretch the most out of your retirement years, consider a more modest home in a location that you have always dreamt of living.

3. You Can’t Entertain

Many people do not consider the importance of holidays and entertaining when buying a home. When families grow and events continue popping up, you may want the space to host large events and seat all guests comfortably. If you find yourself squeezing everyone in and being embarrassed about your lack of space at parties, consider letting someone else be the host or upgrading to a home with plenty of room for entertaining.

4. You’re in Better Financial Shape

A recent job promotion or inheritance can allow you to move to a bigger home or maybe a more desirable neighborhood. Improving finances give you the chance to live comfortably and enjoy the space that you have worked so hard to earn.

5. You’re Filled to the Brim

When your furniture doesn’t fit and you find all your property is hiding in storage instead of being enjoyed in your home, you may realize you just do not have enough space. Furniture and possessions add up over time and instead of being cramped or hiding your items elsewhere, you may need to consider a home that can comfortably accommodate your belongings.

Before you decide you must upgrade your home and begin your search, first consider how much home you can afford (here’s a home affordability calculator to help) — it’s never a good idea to overextend yourself financially, even if you need the space. That home affordability number depends on a lot of factors, one of which is your credit score. The better your credit, the more home you can buy. You can check your credit scores for free on Credit.com to see where you stand.

More on Mortgages & Homebuying:

Image: Stockbyte

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Certain credit cards and other financial products mentioned in this and other articles on Credit.com News & Advice may also be offered through Credit.com product pages, and Credit.com will be compensated if our users apply for and ultimately sign up for any of these cards or products. However, this relationship does not result in any preferential editorial treatment.

Hello, Reader!

Thanks for checking out Credit.com. We hope you find the site and the journalism we produce useful. We wanted to take some time to tell you a bit about ourselves.

Our People

The Credit.com editorial team is staffed by a team of editors and reporters, each with many years of financial reporting experience. We’ve worked for places like the New York Times, American Banker, Frontline, TheStreet.com, Business Insider, ABC News, NBC News, CNBC and many others. We also employ a few freelancers and more than 50 contributors (these are typically subject matter experts from the worlds of finance, academia, politics, business and elsewhere).

Our Reporting

We take great pains to ensure that the articles, video and graphics you see on Credit.com are thoroughly reported and fact-checked. Each story is read by two separate editors, and we adhere to the highest editorial standards. We’re not perfect, however, and if you see something that you think is wrong, please email us at editorial team [at] credit [dot] com,

The Credit.com editorial team is committed to providing our readers and viewers with sound, well-reported and understandable information designed to inform and empower. We won’t tell you what to do. We will, however, do our best to explain the consequences of various actions, thereby arming you with the information you need to make decisions that are in your best interests. We also write about things relating to money and finance we think are interesting and want to share.

In addition to appearing on Credit.com, our articles are syndicated to dozens of other news sites. We have more than 100 partners, including MSN, ABC News, CBS News, Yahoo, Marketwatch, Scripps, Money Magazine and many others. This network operates similarly to the Associated Press or Reuters, except we focus almost exclusively on issues relating to personal finance. These are not advertorial or paid placements, rather we provide these articles to our partners in most cases for free. These relationships create more awareness of Credit.com in general and they result in more traffic to us as well.

Our Business Model

Credit.com’s journalism is largely supported by an e-commerce business model. Rather than rely on revenue from display ad impressions, Credit.com maintains a financial marketplace separate from its editorial pages. When someone navigates to those pages, and applies for a credit card, for example, Credit.com will get paid what is essentially a finder’s fee if that person ends up getting the card. That doesn’t mean, however, that our editorial decisions are informed by the products available in our marketplace. The editorial team chooses what to write about and how to write about it independently of the decisions and priorities of the business side of the company. In fact, we maintain a strict and important firewall between the editorial and business departments. Our mission as journalists is to serve the reader, not the advertiser. In that sense, we are no different from any other news organization that is supported by ad revenue.

Visitors to Credit.com are also able to register for a free Credit.com account, which gives them access to a tool called The Credit Report Card. This tool provides users with two free credit scores and a breakdown of the information in their Experian credit report, updated twice monthly. Again, this tool is entirely free, and we mention that frequently in our articles, because we think that it’s a good thing for users to have access to data like this. Separate from its educational value, there is also a business angle to the Credit Report Card. Registered users can be matched with products and services for which they are most likely to qualify. In other words, if you register and you find that your credit is less than stellar, Credit.com won’t recommend a high-end platinum credit card that requires an excellent credit score You’d likely get rejected, and that’s no good for you or Credit.com. You’d be no closer to getting a product you need, there’d be a wasted inquiry on your credit report, and Credit.com wouldn’t get paid. These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. Despite all of this, however, even if you never apply for any product, the Credit Report Card will remain free, and none of this will impact how the editorial team reports on credit and credit scores.

Our Owners

Credit.com is owned by Progrexion Holdings Inc. which is the owner and administrator of a number of business related to credit and credit repair, including CreditRepair.com, and eFolks. In addition, Progrexion also provides services to Lexington Law Firm as a third party provider. Despite being owned by Progrexion, it is not the role of the Credit.com editorial team to advocate the use of the company’s other services. In articles, reporters may mention credit repair as an option, for example, but we’ll also be sure to note the various alternatives to that service. Furthermore, you may see ads for credit repair services on Credit.com, but the editorial team isn’t responsible for the creation or implementation of those ads, anymore than reporters for the New York Times or Washington Post are responsible for the ads on their sites.

Your Stories

Lastly, much of what we do is informed by our own experiences as well as the experiences of our readers. We want to tell your stories if you’re interested in sharing them. Please email us at story ideas [at] credit [dot] com with ideas or visit us on Facebook or Twitter.

Thanks for stopping by.

- The Credit.com Editorial Team