Are you thinking about purchasing a larger home? If so, you’re not alone. Most homeowners could use a bit of extra square footage, and finding a more spacious house or condo can be a lot of fun. That said, upsizing is a decision that shouldn’t be made lightly. Before you take the plunge and purchase more space, you should carefully consider the logistics involved—and how they’ll align with your lifestyle and goals.
If you’re thinking about starting the upsizing process, here are four things you should keep in mind…
1) Why you want to upsize
It’s easy to get excited about buying a larger home, but what are your specific reasons for wanting to do so? What needs do you or your family members have that aren’t being met by your current space? Often, it’s not more room that home hunters need but a different layout or set of features. Think about how your family uses your living space now. Do you tend to spend time together in certain areas, while others are rarely occupied? Understanding how you currently make use of your home will help you clarify your house-hunting needs.
2) Your finances
You probably expect a bigger home to cost you more money than you’re paying now—but are you aware of how much more? Before you commit to making a purchase, run the numbers to make sure you can comfortably afford the transition. Remember: it’s not just a home’s sticker price that you’ll be paying. More space often means higher utility bills and property taxes, as well as steeper maintenance and repair costs.
3) Your future location
For some home buyers, upsizing means compromising when it comes to location. Properties in and around the city’s core are often much pricier than those you’ll find in the suburbs. As a result, owning a sizeable home in a central location is out of reach for many buyers. Depending on your budget and ideal neighbourhood, upsizing could mean deciding to make a tradeoff. Before deciding, carefully consider the current and future needs of your family—and whether you’re ready to significantly change your environment.
4) Can you manage the timing?
Remember that upsizing also means selling the home you’re in now. Dealing with two major transactions in the same time period can be complicated at the best of times. One of the biggest decision you’ll have to make is whether you want to buy or sell first. When you’re upsizing, it’s important to be aware that a bigger living space may mean a heftier mortgage—as well as higher utility bills and other costs. Before you decide to buy first, be aware of the financial consequences that could result. If need be, would you be able to carry two mortgages along with the costs associated with a larger home?
Whether you’re looking to accommodate a growing family or simply enjoy the comfort that more square footage can bring, the upsizing process is bound to be exciting. That said, it pays to be fully informed before getting started. To make the smartest purchase possible, speak to an agent with a great track record of helping upsizers find their ideal homes.
Ready to upsize? We can help you navigate the process. Get in touch today—we’d love to discuss your needs!
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