Contact Us

03.17.2022 | Buying

Are You Ready to Upsize? A Guide to Help You Find Your Forever Home

Share This Post:

Are you outgrowing your current home and looking to upsize? Did you move in just the two of you, and a couple of kids, a dog, and a cat later, it’s starting to feel a bit cramped? The time has come for you to stretch out and find more space for your growing family.

Finding your ‘forever home’ is an exciting time! Are you ready for that extra bedroom, the kitchen of your dreams, or a backyard pool? Maybe you need to get that desk out of your bedroom and into a spacious office? Whatever your priorities, moving up to a bigger home with room to breathe is an incredible step in life.

Questions to Ask Yourself Before Upsizing

How much will I make on my current home?

If you’ve been in your current house for a few years, paying down your mortgage, you should be in an excellent position to sell and use that money as a nice down payment. Look at any potential updates that would need to happen before you put your home on the market.

 A home evaluation done by a qualified real estate agent will give you an idea of your current market value to maximize your sale price and ensure a quick and easy sale.  If you’re ready to find your forever home, reach out to book your home evaluation…you may just be sitting on more than you think!

Are my finances in good order?

Depending on when you last purchased your home, getting a mortgage may be more complicated than it was the first time around as policies and regulations change. If you’re concerned about financing, chat with a mortgage broker to see if there are any steps you should be taking now before you start the application process.  We have excellent mortgage brokers that we work with and can put you in touch with someone we trust.

Can I afford it?

A bigger house means more money. There are obvious increases, like a larger mortgage and increased insurance, but other costs may go up when moving to a bigger home.  Expenses to be aware of include:

  • Property taxes
  • Furnishing additional rooms
  • Updates/renovations
  • Increased utilities
  • Maintenance and upkeep

Tips on Choosing Your Forever Home

1. List your priorities

When considering upsizing, make a list of your must-have items and those that would be nice to have. Rank them in order of what is most important to you. Are you looking for a large yard perfect for outdoor entertaining? Or at least four bedrooms with a main floor office space? Look at which items will most significantly impact your quality of life and which ones are less important to you now.

2. Consider your location

If you plan to be in this home forever (or at least a big chunk of time), you’ll want to carefully scope out the neighbourhoods to find one that has everything you need. Look into amenities, green spaces, shopping, transportation and the overall feel and style of the community. If you have children or plan to, research schools in the areas and how they perform. Check out our neighbourhood guides to learn more about great areas that we specialize in.

3. Choose your home type

This will come down to your priorities and what type of life you envision for the next few years. When upsizing, we generally picture moving to a larger, detached home. But maybe a downtown condo is where you’d like to be, or a multi-family dwelling with room for you and the in-laws.

4. Focus on structure over style

Smaller projects like paint, flooring and minor remodels are relatively simple to switch up, while significant updates like replanning the entire layout or adding an addition will require more time and money. Check your list of priorities and focus on the big-ticket items. What can you bring to life in the future, and what is more challenging to change?

5. Consider upgrades & renovations

How much work is needed to bring the house up to where you want it to be? How much time, money, and effort are required? If you love a good DIY project, maybe buying a home that can be adapted to exactly fit your needs is the way to go. But if you dread living through renovations, focus your energy on finding a turnkey property that already has your essentials in place.

6. Look to the future

What will your life look like in the next little bit? Do you have room to grow if you plan on having children, or are you hoping to move parents into an in-law suite? There are considerable costs involved when buying and selling, so you want to make sure you’ll be set for at least the next few years. Keep future needs in mind when choosing a forever home.

Moving up to a bigger home is an exciting venture! Gaining space, the amenities you’ve been dreaming of, and just a little bit of breathing room, is a beautiful thing. Before you jump in and start searching, spend time upfront and dig deep to figure out what it is you want for yourself and your family in the foreseeable future. Finding that forever home that can grow with you may take a bit more time and effort, but it’s worth it in the end.

If you’re ready to find your forever home, reach out to us today and we’ll help you get the ball rolling!