Upsizing means more space, doesn’t it? You’re buying a house because you just don’t have enough bedrooms in your apartment or townhome, right?
You need the extra bedrooms for an additional baby on the way or for possibly a larger family in the future. EXACTLY! Having a larger home means you can have others live with you. Indian families do that all the time. They live in a large home and have 2 or 3 families live there together.
Ok? So what, you say. Well, having 3 families live in the same place will mean higher utility bills than if there was only 1 family living there. But, 3 families sharing the mortgage payments and utility bills is WAY CHEAPER than the utility bills, rent and mortgage for 3 separate homes, right?
Therefore, families who do this are able to save a whole tonne of money while able to enjoy the benefits of a tight community, where families can help cook for one another, babysit, etc…
I’m not saying this works for everyone, but you could just have your parents live with you and that would save you a bunch of money too, not to mention they could share in the mortgage payments.