If you are looking for a larger home? Check out this guide with the different steps for a smooth downsizing process!
It is important that you’re well informed as to what the process involves. Upsizing is more complex than just buying a home. You need to consider all the pros and cons of the process, and take a look at how it might affect your finances. Both in the short run as well as in the long run.
First it is important to understand if you NEED to upsize, or if it is something you WANT more that you really need it. Do you want more space or really need more space?
Maybe you feel that current home is way too cramped or not spacious enough. You might want to consider looking at the layout of your home and repositioning the furniture. Also, getting rid of appliances that might be taking up too much space can be useful.
Maybe the problem is not lack of space, but rather an inefficient usage of it.This can change your situation completely and save you a lot of time and money. If you legitimately need a bigger home because you are considering having a family or need more space, we can also help you with that.
Tips for an Easy Upsizing Process:
- Make a list of the features you are looking for.
How important is a garage, a yard, barbecue pit. Also, include the number of bedrooms and bathrooms and approximate square footage you want.
- Make a list of the locations you are interested in.
Look into the areas in your city you would see yourself living in. Is it important to you to be close to malls, schools, parks and other amenities?
- Share that info with your real estate agent.
This agent can really help you go into the process more confidently through the ups and downs you will inevitably encounter.
- Determine your budget and your discuss your personal finances with your partner and agent.
A good rule of thumb is the 28/36 rule, a rule often used by mortgage lenders and creditors to gauge their borrower’s debt repayment capacity. This rule states that a household should spend a maximum of 28% of its gross monthly income on total housing expenses, and no more than 36% on total debt repayments.
- Ask yourself this question: Would buying your first home be smarter than selling your old house first?
Depending on what you decide to do, these are some recommendations:
- Work with your real estate agent to look at a market analysis that best suits you.
- Get a 90 day closing to have time to sell your home.
- Prepare your home to sell.
- Look into temporary housing.
Upsizing can be an exciting process. But it also needs to be addressed with caution, and with knowledge about what to expect. Be sure to get a trusted real estate agent that can guide you through the process as smoothly as possible.
If you need any help and guidance, contact us!