There are many reasons you may want to upsize your home; it could be the family visits over the holidays or just that your own family is growing, and you need more space for it. You’re not alone. Irrespective of your reasons for considering a property of size, there are many factors that you need to consider before you do so.

What to Keep and What to Change

You need to take a qualitative inventory of existing items in your current home. You pick your current home for a good reason, so you need to ask yourself what you specifically like about it? Is it the location? Perhaps it is the neighborhood? Or perhaps it is that it has a lot of bathrooms? There are certain aspects of your property that you like that you perhaps can’t live without. So to figure out whether you need to upsize or not, you need to write all the features down.

The second thing you need to do is figure out what you like to change and list it. Do you want more bathrooms or more bedrooms? Perhaps you want the community to be slightly more upscale?  You need to take what you like from your current home and add what you would like to have in your new home and make a checklist of what to search for. 

Is the Timing Right?

Some factors significantly influence the overall real estate prices, such as; interest rates, demographic trends, the strength of the economy, and any government incentives that are constantly in flux. When you’re considering upsizing your property, oh, you must consider all of these factors. To begin, look up the neighborhood you’d like to live in and see the property values over there or the rent every month.  It doesn’t matter where you are planning to move, as long as you know the trending prices.

How Much of an Upsize Can You Afford?

If you decide to upsize from a rental, you need to decide just how much of an upsize you can afford as a family in a location that you prefer. What you can do if you have the desired number of bedrooms and bathrooms and the square footage of property in mind, you can calculate what your mortgage will be to see if it fits within your budget.

However, suppose you seek to upsize a property that you own as a family. You need to see the current value of your property based on the market and then try to factor in sales preparation, repair costs, and closing costs. Your move is entirely dependant on the current market conditions.

Still have questions? Contact Christine Smith, your Collingwood Realtor at Homes at Blue Mountain, for more information now.