You may hear the term “downsizing” more often than you hear “upsizing” but that doesn’t mean it’s not happening. Every day, growing families and successful business people opt to upsize for their expanding needs. Buying a larger home may seem easier than putting all of your things in a smaller house, but there are still tips that can help you do it with little to no problems.
MAKE A LIST OF WANTS AND NEEDS
Sure you want more space but why do you want more space? Does your dog need a bigger yard along with your more spacious home? Do you need a room for each child? Would you like an office space that’s more practical for your job? Think about each thing you need and write them down. It’s also a good idea to make a list of wants — even if they’re not all feasible. It helps to physically see what’s important before you go house shopping.
CONSIDER YOUR MORTGAGE
Thinking about your financial plan is a key part of upsizing. A larger home means a bigger mortgage payment and you don’t want to bite off more than you can chew financially. Dave Ramsey adds, “As you review your budget, don’t forget to bump up the amount you set aside for home maintenance.” He suggests estimating maintenance at 1% - 3% of the house’s value.
DON’T BUY TOO MUCH SPACE
It may be tempting to go extra-large in your new home search, but don’t let that extra bonus room sway you. Only buy space that you’ll actually use. This will help your budget — and your sanity — in the long run.
DO THE MATH ON YOUR POSSIBLE PROFIT
Picking the perfect home today means a potential profit later. Do your research before picking your upsizing property and it’ll definitely be worth it in the end. Research the area’s housing market, learn about what buyers are looking for and pick a home in a great location.
SET YOUR BUDGET
Lastly, you’ll want to start home shopping with a strict budget. Do the math and figure out exactly how much you can afford to spend on a house. Once you do that, figure out how much you can budget for a monthly house payment. Your budget will come in handy when you speak with your Key Team Realtor®. We’ll be able to find a house in your price range that will make upsizing a breeze.