Have you been thinking about upsizing your home? There are many reasons why homeowners make the decision to upsize, whether it’s because they need more room for storage, entertaining space, or a bigger yard for little ones to run around in – upsizing is a perfectly normal move. There’s no doubt that you loved and adored your current home when you first moved in; spending all that time and energy sprucing it up, painting it and making it your own. It has probably served you well through many milestone occasions such as getting married, brought in pets, had kids or experienced other changes that life threw your way. No matter how much that property has meant to you, there comes a time in everyone’s life when they’re ready to move on—to bigger, better, brighter things. Upsizing is a great way to give your family more room to grow, play and prosper. Let’s take a closer look and see if upsizing is the right move for you at this point in your life, and if it is, we’ll find the kind of property you should be looking for.
WHAT SPACE DO YOU NEED NOW?
LOTS! Am I right? You’re probably reading this because you’ve been considering upsizing for a while now and feel like there’s not enough room in the world for all of the ‘stuff’ you’ve accumulated over the years. Some questions for you to answer are: How many kids do you have? Do they each need their own room? Do you have pets or little ones who need a large yard? These are factors that should be considered when upsizing your home. Decide what your current home is lacking and put those on the list of needs/wants.
PREPARING FOR THE FUTURE
The best way to answer this question is to take a look at your current position and then think carefully about the future and what you’ll need when the kids get older, if you even plan on having more children, or whether or not your in-laws are going to be moving in within a few years. These are all things to consider. Ask yourself the age-old question: where do you see yourself in 5-10 years?
WHAT CAN YOU AFFORD?
It’s important to have a very clear picture of your financial situation before you start looking at potential homes because the last thing you want is to find something you love and realize soon after that it’s way out of your price range. Obtain a realtor and talk openly about your current situation, wants/needs. It also helps to use a mortgage calculator to determine just what kind of mortgage you can afford, given your equity from your current home, expenses and debts, and then use that number to determine what size property you can get for your money.
How much time, money and resources do you have available to maintain and care for the property? Keep in mind a larger home also means more upkeep. There’s a larger lawn to mow, more floors to mop, and more repairs to be made (and more often.) How much can you afford to devote to this maintenance? Will you have a housekeeper or hire a landscaping company to help out with the chores? Do you plan to handle these new duties yourself? Be sure to consider these factors when choosing potential properties and be realistic when deciding if you’re ready to take on the newly added responsibilities.
If you have little ones running around right now, think hard when you answer the question: where do you want your kids to grow up? How will the transportation to their school affect your schedule? Determine which neighborhood will suit your family’s long-term needs and focus on larger properties in that area first and foremost. After all, it is still an investment and you want to be sure that you’ve covered all the bases. Is this your forever home? Determining this will help you find the most ideal property for you now and in the future.
This is a big one. Take time to understand what it is exactly that you don’t like about your current home. Take stock of where you’re living now and really think about why you’re moving and why you want to upsize. Are the bedrooms too cramped? Is the family room just too small? Are there not enough bathrooms or places to play? What may have worked for you at the time you purchased the home, may simply not work for you now but, make a list of what doesn’t work and what you really could live without. Use these dislikes to fuel your new home search, and make sure it exactly fits your family’s wants—and needs.
Be sure that you’re able to make the step to a larger home – it’s going to be expensive. There are many differences between wants and needs and you’ll need to have both desires in order to justify your decision to upsize. So, if you think you can do it and if you want to, upsizing can be a great way to change your lifestyle to be more open and less-claustrophobic. You’ll want to discuss your thoughts and feelings with your trusted realtor every step of the way. Your realtor will be able to help you find the best option for you and your lifestyle change.