Upsizing your home in Toronto is all about weighing your options and determining the best course of action with experts you can trust. We know that upsizing is rarely just about buying a bigger home, it’s about buying a home that makes sense for your family, and for your future.
After all, a growing family has growing needs, and upsizing is a great way to satisfy them – you just have to know where to start. Here are a few tips that can help you today…
Assess Your Finances
First and foremost, you need to know how much you have before you can go ahead and spend it. Upsizing your home in Toronto will require getting in touch with a mortgage specialist and getting pre-approved. This will give you the knowledge you need to start your search, and to determine your optimal price.
Did You Know? Canada’s mortgage qualification rules are about to undergo a “stress test.” In January (of 2018), the rules for qualifying will become more stringent and based on five-year interest rate benchmarks. Is now the time to take advantage of the current system? Reach out and we’ll help you decide.
These new rules are set to hit upsizing/move-up buyers the hardest, with more focus being placed upon long-term financial stability (amid rising interest rates), rather than large down payments. So, not only do you need to know how much you can afford but how much the market will allow you to afford in the future.
A Long-Term Outlook
While it might have only been a few years since you purchased your starter home or condo, your next purchase should be made with decades in mind – not just years. Are you allowed to build an addition onto the home if necessary? Is there enough storage? Will that office space work as a nursery or bedroom in a few years? Upsizing your home in Toronto involves a long-term focus, making your “upsize purchase” relevant to your family’s needs years down the road.
Upgrades & Amenities
There are two different ways you can look at upsizing your home in Toronto: One is to get a bit more room in a more luxurious neighbourhood, or to get a lot more room somewhere that’s more up-and-coming.
Toronto is a city of neighbourhoods, and working with an expert can help you identify opportunities before they arise. Thinking about schools, parks, restaurants, and accessibility? These are all important considerations as they can determine how happy you are in your home and neighbourhood. Work with the experts who know the area, and know the opportunities, so that you can get the most out of both.
When it comes time to upsize, there’s more to consider than meets the eye. These are the basic considerations, which means that you should reach out to the experts to handle the rest.
Contact us today, and we’ll start by having a conversation about your needs and how you can get more from upsizing your home in Toronto today.