If your family has been growing, you may find that you need more room in your home. Have you considered the possibility of upgrading your home as an option?
Although the thought of upgrading your home to a larger one can seem daunting, it is sometimes the best thing that can be done for your family. Here is a list of factors you should consider when you’re preparing to upgrade your home:
1. The Right Amount of Space
Before moving forward with upsizing your home, it is important to consider exactly what you need from your bigger home. Is it more bedrooms? More living space? More space for storage?
Regardless of the reasons, you want to ensure that the additional space will be used and there is room for your family to grow into the house.
2. A Layout You Love
The floor plan of a home can truly be the deciding factor for many home buyers. Although the layout can often be altered with renovations, you want to find a new home with a layout that is ideal for your family and their needs.
3. Money Matters
It is common for the majority of your money to be tied up in a particular property. Buying a home is probably the largest transaction that you will make in your entire life.
By selling your current home and upgrading to a new one, you have to consider the extra costs that come with it. Can you afford the new mortgage? Do you have enough for a downpayment on the new home? Make sure you consider these questions beforehand.
4. The Importance of Neighbourhood
If you are living in or near the city, it might be more difficult to find a home that will meet all of your needs in that particular neighbourhood. Or if you find one, it might come with a big price tag. You might have to move to a new neighbourhood with a more suburban feel. Do your research and figure out what neighbourhoods you want to live in and also where you can afford to live.
5. Supply and Demand
When you are deciding to upgrade, you have to figure out what your family needs in a home. Do you need a four bedroom home with the potential to add bedrooms in the basement? Or do you need a home with two living rooms, so that one can be your childrens’ playroom?
Regardless of why you need to upgrade, there is no wrong way to do it. Sometimes people look outside of their current neighbourhood, in order to get more bang for their buck. You have to do what is right for you. Most importantly, you don’t want to rush this process.
Make sure that you take your time and truly decide what is the best option for you and your family on a mental, emotional, and financial level. If you do this, then you will know when it is the right time for you to upgrade.
For more advice on deciding when to upgrade, contact the team of experts at the Paula Mitchell Group.