There will come a time when your house no longer meets your needs as well as it should. For families, this often aligns with needing more space. While temporary fixes can help, sometimes you simply need a bigger house.
In this blog, we’ll help you make sense of your needs as a homeowner to decide whether you may need to upsize. We’ll also share a few tips on how to make your move successful.
How Do I Know When to Upsize?
You probably won’t wake up one day with the realization that it’s time to move. Deciding that you need a bigger home is exactly that: a decision. As a homeowner, it’s up to you to think about how your house is (and isn’t) meeting your needs.
Here are a few signs that could tell you that you need a new home.
1. Change is on the Way
Changes to family dynamics are one of the most common reasons why people upsize. Let’s say you’re newly married and hoping to have children in the next few years; you’ll probably want to upsize your home before then. On the other hand, maybe you’re preparing for a multi-generational living situation and will be welcoming your parents or in-laws into your home on a part time or full time basis.
About to sell your home? Explore these related pages on our site.
- Why Choose Naccarato Group to Sell Your Home
- Checklist for Selling a House in York Region
- How to Prepare Your House For Sale
2. Your Current Home is Bursting at the Seams
Another telltale sign of needing to upsize: running out of space. As a homeowner, you know that there’s no such thing as too much space or storage. But if your house starts to feel like it’s bursting at the seams with stuff, you probably need a more permanent solution – i.e. a new house.
3. You Want More From Your Home
Sometimes needing a larger home is all about functionality. Upsizing allows you to get more from your home by gaining new spaces that can be tailored to your specific needs. For example, a home office, workout room, or guest bedroom.
When You’re Ready to Upsize
Simply deciding that you’re ready for a larger home is a big step forward. However, there are a few other things you’ll want to consider before you formally initiate your upsizing journey. We’ll explore some of these essential variables next.
Think About Timing
One of the things that makes upsizing unique is that you’re navigating two separate real estate transactions. You’re not just buying a new house; you’ll also be selling the one that you currently live in.
Because you’ll be both buying and selling, it’s a good idea to think carefully about the timing of your upsizing journey. As an example, many families buying or selling a home in York Region try to time their move around summer break since the kids are out of school and there are fewer extracurricular obligations.
Find Out What You Can Afford
As an upsizer, you’ll likely be working with a larger budget compared to when you bought your first home. However, it’s just as important to determine what you can afford before house hunting this time around.
A simple method of estimating your home buying budget is to apply for a mortgage pre-approval. When you do this, your bank will look closely at your personal finances, including your income, credit, existing debt, and the equity built into your current home. They’ll then tell you how much money they’re willing to lend you towards your next home.
Searching for a great family home? Explore these related blog posts.
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Maximize Your Equity
While you may already be dreaming about your next house, it’s important to approach your upcoming home sale with care and strategy. Remember, the sale of your current home will be essential in maximizing what type of home you can afford next.
So, what’s the best way to maximize your return as a home seller? Choose a Realtor with hands-on selling strategies geared toward your success. More on that next.
Partner With Naccarato Group
If you’re thinking about moving to a larger home, no detail is more important than the real estate team you choose to partner with. That’s where we come in, Naccarato Real Estate Group.
From maximizing the results of your home sale to finding the perfect home for your next chapter, our team can guide you through a seamless and successful transition. Plus, we’ll still be around to offer ongoing support after your move, whether you have questions about your new home or community, or you need help with a transaction in the future, you can count on Naccarato Real Estate Group.
Upsizing? We can help you find a great home! Get in touch at christian@naccaratogroup.ca or call (647) 492-6508.
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