There are many reasons that homeowners decide to move into a larger home. Perhaps you have a little extra money in the bank and your starter home is beginning to feel a little cramped. Maybe your family is growing and you need more space to accommodate more kids. Or it could be that your home just doesn’t include all the features and amenities you’d like to have.
Making the decision to move into a larger home involves many factors and requires an appropriate amount of reflection and deliberation. Here are a few things to consider when deciding whether upsizing is the right move for you:
Means
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Even if your financial picture has improved or you have a little extra cash in the bank, in order to upsize, you’re going to need to secure financing. Before you get too deep into a home search, make sure that you speak to a lender and get pre-approved for a home loan. Mortgages take longer to obtain these days, and stellar credit is a must. Make sure that you’re in good shape – and approved – to take on the larger monthly payments that accompany a larger property.
Motivation
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Just because you can move into a larger home doesn’t necessarily mean that you should. Moving up should involve both a want and a need to do so. Ask yourself a few questions. Do you need more space – perhaps a bigger garage, a place to create a home office, or more bedrooms and bathrooms to accommodate a growing family? Is there a feature you’d like that you don’t have in your current home, such as a swimming pool, mud room, or in-law suite? Do you need more space for out-of-town guests to visit on a regular basis? If the answer to any of these questions is yes, then you have a good reason to make the move up. But if you’re spending the money to buy a larger home just because you’ve stockpiled some savings or come into some extra cash, examine whether that money might be better used for other purposes, like saving for your kids’ education or your retirement.
Suitability
If your motivation and financing are sound, there’s still the matter of finding the right property. Once you determine the features you’re looking for, you’ll need to find a home that fits your criteria. Make sure that the homes you look at meet your needs without going overboard. You don’t want to take on too much in terms of home size and features. There are drawbacks that can accompany buying too much house. Talk to a real estate agent to determine which properties will best fit your family size and lifestyle and start a targeted search to find just the right fit for you.
Taking a measured approach to moving into a new home is always your safest bet. If you’ve crunched the numbers, evaluated your circumstances, and made a list of the pros and cons associated with upsizing, you’re in good shape to make a decision about whether a larger new home is right for you. Finding the right-sized home for you can lead to a happier, more comfortable living experience. If you’re thinking of upsizing, contact your real estate agent today and get the ball rolling.