Remember when you first bought your home? It was perfect for just the two of you. But now with a couple of kids, some ever-shedding pets, or maybe an in-law living down the hall, that is no longer the case. Whether you’re already bursting out of your house or about to expand your family, the time to move to a larger home might have arrived. There are some definite ways to know if you’re ready to upsize your home and they’ll be pretty obvious once they start to happen, but there are also some things you’ll want to consider and prepare for before you make the big decision as there’s plenty more to consider beyond just extra square footage.
- Make sure you really need more living space by carefully assessing your current situation. Compile a list of all the things you want in a bigger home and compare them to what you currently have in your house or apartment.
- Assess your financial situation wisely. Can you honestly afford a bigger home? Be prepared for the heavier financial burden. - Start the property search process while repeating to yourself, “Location, location, location…”. Make sure you visit all the neighborhoods on your wish list before you decide on a property.
- Consider the resale value. Sure, you might think that once you’ve found the right size home, you’ll stay forever. But you might find yourself downsizing a few years from now. As with any home purchase, look at your potential new place through the eyes of future buyers.
Upsizing will cost you, upfront and down the line but that doesn’t mean it’s a bad investment! It just means that you need to be smart about it.