Deciding if it is time for your family to upsize is not always a clear choice. There are factors to consider that might push you to take the leap to a larger home or stay put for a while longer.
Whether things are a bit cramped in your current living situation and it has you thinking about upsizing so your family can spread out or you’re thinking about ways to get a little breathing room in the home you’re in, here are some things to consider:
How Are You Using Your Current Space?
Do your family members feel like they don’t have adequate privacy or space to do their own thing? Are you tired of working at the dining table and really need an office or workshop? Is having the kids share bedrooms just not working out? Maybe an upsize is warranted.
Consider the Maintenance Costs.
If upsizing is on your mind, consider the added costs of maintaining a larger home and property, whether in money or time.Will you be able to keep up with cleaning, lawn care, and general maintenance issues that come with owning a home?
What Do You Need From Your Outdoor Space?
Do you have pets that need outdoor space? Do you need more outdoor space for your children to play or for your dog to run around in?
The size of the house is one thing, but the size of the lot is important also.
Have You Considered Your Future Needs?
What do you expect your needs to be in the next five, ten, or twenty years? Do you want a large home where your children and grandchildren will come for vacations and holidays, or will you be spending those times at their homes? Will you want to entertain groups of friends, or do you foresee going out for your entertainment?Considering how your life may change over the years is important when thinking about how your current situation fits those needs.
What is the Best Move for You to Make Financially?
Can you handle the higher costs involved with a larger home?
Consider where you stand on your current mortgage.
Are you alright with starting a new mortgage at this point in your life, or are you in a position to purchase in cash? What are the tax implications for your move?
Talking with a trusted lender can help you figure out what options you have and make a choice about the next steps you’ll be able to take with confidence.
Is the Market Right to Upsize Right Now?
Upsizing may be a little riskier in a big seller’s market, but if your family would be happier in a larger home, it might be worth the leap.
A great real estate agent will be able to recommend a reliable lender to figure out your financial options and will walk you through what you can expect from the sale of your home. They’ll also work with you to create a strategy to make the transition of buying a home while selling yours as smooth as possible.
Whatever questions you have about purchasing your next home, we’d be honored to assist you. So let’s work together to make sure your next move is the right one.
