Are you thinking of upsizing your home? Your chic and cozy condo may have been perfect for you when you bought it, but things change. Life happens—and before you know it, you’re dreaming of more square footage. Of course, wanting a larger living space and being well-positioned to buy one are two different things. That’s why it’s so important to assess your situation before you take the plunge.
If you’re thinking of moving up in the market, here are five signs you’re ready to do so…
You’re outgrowing your home
Is your family getting bigger? Are you accumulating more prized possessions, or spending more time within your four walls than you used to? For many homeowners, there comes a time when the space they have seems insufficient. If this sounds familiar, upsizing may be on your horizon. While there are many factors involved—not the least of which is your finances—that extra space may be worth considering if it could improve your quality of life.
You know what you want
Do you know what your dream home looks like? If you’re torn between a downtown penthouse and a suburban home, you may want to give it more thought. Likewise, if you’re feeling unsettled (because your work may ask you to relocate, for example), purchasing and moving into a new home may not be worthwhile just yet. In contrast, knowing what you want in a living space—and having stability in your life—may mean that now is the right time to buy. As a rule of thumb, it’s best to commit to staying put for at least three to five years before diving into the purchase process.
You can afford it
It goes without saying that when you’re thinking of upsizing, money matters. Perhaps your household income has risen. Maybe you’ve built up equity in your home, and now you’re ready to tap into it. Either way, having the necessary funds will allow you to move up in the market without financial consequences. Of course, understanding your current situation is key. Start by looking closely at your expenses and determining the monthly mortgage payments you can cover. Then, get a feel for local homes prices and compare them against what you can afford.
You have the time to invest
Before you decide to dive back into the market, think about how much free time you have—and how you want to spend it. A bigger living space means more maintenance and cleaning. If you’re moving from a condo to a house, it also means adjusting to mowing your lawn, changing your furnace filters, and tackling every repair that pops up. If the idea of spending more time taking care of your property doesn’t faze you, you may be ready to upsize!
The timing is right
Some homeowners decide to buy more square footage simply because they can. Unfortunately, rushing the process can lead to a whole lot of stress. The good news is, timing it right can mean a more relaxing home hunt, purchase, and move. Do you have the time to attend viewings, obtain financing, negotiate, and see the buying process through? Can you handle packing and moving right now—without too much anxiety? If so, you may be well-positioned to take your next step.
Moving up in the market can be overwhelming, but it doesn’t have to feel that way. By timing your purchase right and enlisting the help of a qualified local agent, you can ensure that your transition is both smooth and successful!
Ready to start your Toronto home hunt? Get in touch to learn how we can help you every step of the way!