4 Questions to Ask Before Upsizing Your Home

From a young age, many people dream about what type of home they’ll end up in. For some, that means a large home fit for a growing family, with a big yard to run around in. If you’re one of those dreamers, it is important to determine whether or not upsizing your home is the best decision. Consider these four questions before you take the home buying plunge.

1. Is it a want or a need?

Determining whether or not upsizing your home is more of a need because, for example, your family is growing and you need more space or if it’s more of a want because you’ve banked enough money and always dreamed of living in a larger home. As simple as this is, knowing what your motivation is can help you determine if it’s a wise investment or if perhaps an upgrade of the property and home features is a better decision than getting a bigger home altogether.

2. Do your finances match your desire/need to upsize your home?

The key ingredient here is finances. You need to be financially sound and prepared to take on a larger home. Not only do you need to take into consideration the actual purchase price of the home, but are you secure enough in your job to be confident that you can make the necessary monthly payments?

3. Have you considered all the costs of the home?

A bigger home means more house to heat, furnish and maintain and potentially more lawn to care for. Typically, you can expect to pay anywhere between 1-4% of your home’s value on just maintenance costs. And don’t forget that the insurance and property taxes associated with a larger home can make a huge difference in the balance of your bank account.

4. Do you plan to stay in that new home for a while?

Depending on the location and the current market, typically, bigger, more expensive homes are more challenging to sell. Not everyone is looking for a 3,000 plus square foot home. So selling a home like that can take a lot of time, energy and resources.

On the other side of things, moving to and from a home of this size is, quite frankly, a lot of work. The last thing you want to do is go through packing, moving and unpacking items for a house of this size anytime soon.

Are you considering upsizing but not sure if it’s the right decision? Our experienced team can help you iron out the details to determine if you’re ready for a larger home as well as look at what’s on the market that might fit what you’re looking for. Get in touch »