Signs you can afford a bigger house in Florida

afford a bigger house in Florida

Living in Florida is great as Florida is a great state to live in. No matter what city you are currently living in, you must have a great house. But sometimes, the house you live in just doesn’t have as much space as you need it to have. It’s not a lack of storage issue we’re talking about. It’s a lack of space in your home. You might want to have a slightly bigger bedroom or your living room is just not big enough for your whole family to watch a movie comfortably together. When that happens, you ask yourself “Can I afford a bigger house in Florida?“. We’re here to talk about the signs that can show you that you are able to afford a bigger house in Florida.

Low debt-to-income ratio

A lot of homeowners in the US are in debt because homes in the US can cost a lot of money. This is because, in order to buy a house, you need to get a mortgage. And in order to get a mortgage, the borrower checks your debt-to-income ratio. If your debt-to-income ratio is 43% or below, you will be able to get a mortgage easily. This means that buying a bigger house can be possible if you are willing to take out a mortgage.

You can calculate your debt-to-income ratio by yourself too. You need to add up all your monthly debts and divide them by your gross monthly income. We will give you an example for easier understanding of this. If your debts add up to $3,000 per month and your gross income is $7,000, your debt-to-income ratio is 42%. You can work on improving this ratio by paying off your debts. After a few months, you should do these calculations again and see if you are now eligible for a mortgage.


You can easily track the numbers yourself.

Good or excellent credit score

Another very important thing when you want to take out a mortgage in order to afford a bigger house in Florida is to check your credit score. A credit score is based on a level analysis of a person’s credit files. It is used to represent the creditworthiness of an individual. In order to get a mortgage with the best interest, your credit score needs to be over 740. Anything over 800 is considered to be an excellent credit score. If your credit score is good or excellent, that is definitely a sign that you can afford a bigger house. And once you purchase your bigger house, we suggest hiring City Movers for your upcoming relocation.

Plenty of emergency funds

It’s always good to have any amount of emergency funds, but when you have plenty of them, you can start thinking about buying a bigger house. If you find a house that you want and you have at least 20% of the full price to pay immediately, this is a good sign. You will be able to get the best mortgage terms and interest rates if you can pay 20% of the price upfront.

But of course, it’s not enough to just have money for the home. You also need to have some money saved for emergency situations as you never know when they can occur. To have more money in your emergency fund, you need to start saving more. So maybe say goodbye to a new phone this year or that trip you have been thinking about planning. Investing in a bigger house is a much smarter move.


You need to have a lot of money saved on the side in order to easily afford a bigger house.

You have your monthly budget under control

Keeping track of how much money you are earning, saving and spending monthly is very important if you are thinking about buying a bigger home. In fact, investing in any sort of real estate requires this type of financial organization if you want to avoid having any issues later on. Knowing this allows you to spend your money much better and smarter. By doing this you will be able to calculate how much money you will be able to spend monthly after the big purchase. If you add a new mortgage payment to the mix of every other monthly expense you have without having control over your current finances, you could end up with a lot of financial problems.

You have good insurance

As you never know what could happen, it is always recommended to have insurance. Without good insurance, your family will be stuck in debt after you pass away. This is not something you want to set your family up with as they are going to have other expenses that they are going to have to cover. Life term insurance is cheap and easy to find so make sure you buy enough life insurance to protect your family before you buy a larger house. Having insurance will also reduce stress while moving.


Having life insurance is a great sign for those thinking about purchasing a bigger house.

After buying your new bigger house…

Once you buy your bigger house, it is time to start preparing for the move. The first thing you need to do is find experts you can rely on for your relocation. Try to do this months in advance so you can still save up some money on the side for emergencies. For saving a bit more on your move, move out of the season. Summer is when the moving season is at its peak so avoid moving this time of the year.

Even after moving to your new house, try to keep track of your earning, saving and spending. This way you will fix your debt-to-income score faster, gain a better credit score and have more money on the side.