So you’re moving on up (something like George and Wheezy), but where do you start?
Upsizing a home is one of the best experiences you’ll have, because essentially you are getting a much better version of what you are already in and checking off a lot more boxes. If you need to upsize, it’s almost always for a good reason!
Often times, people are so excited that they can upsize their home that the size of the house is all they focus on, and that can lead to having a house which really doesn’t work for them in the long run.
Thinking that it’s time to upsize? We can help. This is how we do it:
There’s an underlying desire that you have to move; a purpose that your current home is unable to fulfill; and you need to find out what that purpose is. Usually, the main reason is more functionality, but also look into the bigger picture of what’s important to you, like the community, the school district, the commute to work, and what you want your home to say about you.
Do a Double Check With Your Lender.
If you’re upsizing, it’s likely that you’ll be using a lot of equity from your home to make the move. While your down payment will probably be very high, your purchase price will also be higher, and you may be getting a bigger mortgage than you currently have. Have a meeting with your lender to get a pre-approval or at the very least a green light on moving forward.
So Do You Buy First or Sell First?
Your interest in buying might be sparked by a house you saw online and fell in love with, and you might be inclined to purchase that home prior to selling yours. We always recommend selling your home prior to buying one but if you MUST then you should make sure that:
• You know what your home would sell for (aim low to be safe).
• You are able to list the day after conditions are waived on your offer.
• You get a 90 day closing to allow for adequate time to sell without feeling a time crunch.
Be Honest With What You Can Afford.
When your mortgage is next to nothing, you have a lot of money to spend freely. This is an issue I personally encountered and had to make some serious adjustments once I upsized. Make sure you can afford not only the ability to move up, but also that you can still maintain your lifestyle.
Can You Handle a Bigger Home?
If you have trouble maintaining and keeping up with your current home, you might want to think about what you don’t like doing and getting a house that eliminates that issue. For me, I love having a pool, but would only buy another house with a pool if it were salt water, because I suck at putting in the chemicals on time.
Is This Your “Dream Home”?
If this is your last stop before retirement, make sure you don’t settle on your absolute musts. The cost of selling a home, buying a home, paying the transfer taxes, and moving altogether cost a lot of money. Make sure you are making the move you know you will be happy with for years to come.