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05.26.2022 | Buying

What to look for when buying a bigger home

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Are you ready to move up to a bigger home? Whether you’re looking for more space, a luxury condo, or a better neighbourhood, upsizing your home can significantly impact your quality of life! So how do you know when it’s time, and what do you look for when buying a bigger house? Let’s break it down.

Signs it might be time to upsize:

  • You’ve simply outgrown your house. Being stuck inside during the pandemic made many people realize they could use more space! If your family is growing and you’re running out of room, it might be time to look for a bigger home.
  • Your financial situation has improved. Maybe you’ve gotten a raise, a promotion, or inherited a large sum. Enhancing your living space is always an excellent investment. Not only will it improve your day-to-day, but investing in real estate can be financially rewarding.
  • You’re unhappy in your neighbourhood. As growth happens and more people move into an area, it can drastically change the dynamics and personality of a community. If you don’t like how your neighbourhood is growing, maybe it’s time to move up to a bigger space in a nicer area.
  • Your current home doesn’t meet your needs. Has everyone started working from home and need more office space? Are you in an apartment or condo and have always wanted a backyard garden? If you bought a starter house and now feel the lack of amenities, maybe it’s time to seek out the features you’ve always dreamed of!
  • There’s a lack of storage space. Starter homes are often missing storage areas. If you don’t have a garage, a cold cellar, or enough closet space, you can start to feel claustrophobic in your own home.

Upsizing – What to consider when buying a bigger home

1. Look at your finances

How much home can you afford? This is a major factor to consider when upsizing your house. Not only will your mortgage increase, but a more prominent home also means more money for repairs, maintenance, furnishings, and utilities. It’s always a good idea to get a financial snapshot before moving up.

2. Consider functionality over size

Consider where you need the space. It’s not just about square footage. If you need a garage or a fourth bedroom, an extra-large kitchen and stunning yard won’t help you. Look at what will make the most significant impact on your day-to-day life.  

Creating a home-buyers checklist that defines your needs and wants will help you decide exactly where you need the extra space.

3. Choose the location and neighbourhood

Location plays a huge role in real estate! Are you happy with the area you’re in now, or are you ready for a change?

A few questions to help you determine the right neighbourhood for you:

  • What amenities do you want close by? (Do you want to be near walking trails and green space, or is it more important to be close to work or the kid’s school?)
  • Are you looking for a more urban area or a suburban home with a white picket fence?
  • What type of feel are you looking for? Do you want a close community of neighbours, or do you prefer your space?

4. Look to the future

Every home sale and purchase comes with costs – so you want your move to be worth it! Look to the future to determine how long you see yourself in this home. Think about what you need now and how your situation may change in the next few years. What does the future hold for you? How will your needs change?

5. Prioritize amenities

It’s time to get your extras! If you’re moving from a starter house to your forever home, you will hopefully be able to focus more on wants, not just needs. We often compromise our first homes but can afford more perks as we upsize. What is it that you’ve always wanted? Are you looking for a backyard pool, a spacious office, or an entertainment room? Now is the time to think big!

6. Look at the big picture

It can be easy to get swept up in the excitement of buying a bigger home. But you want to make sure you get what you need. Pinpoint what it is about your current living situation that isn’t working for you. Rather than just saying “we need more space,” define precisely where you need that space. Or, if the neighbourhood isn’t working for you, what is it about the area you don’t like?

7. Consider your lifestyle

If you’ve dreamed of living near the beach or in a spacious rural area, maybe now is the time to make the change. What do you enjoy doing, and what is missing from your current home? What amenities, space, or location will improve your lifestyle?  

8. Look at maintenance needs

Larger properties come with more extensive maintenance and a bigger time commitment. (You can always hire this out but keep it in your mind when searching for a bigger home). If you dislike maintenance, maybe a condo or a new construction home would be right for you.

9. Choose the type of home

What type of home are you looking for (Townhouse, detached, luxury)? Are you looking for resale or new construction? If you want to customize your next home and not worry about upgrades or major repairs for a few years, maybe pre-construction is the right choice.

10. Define your priorities

Do you want a bigger house or a better neighbourhood? Are you looking for a waterfront property or luxury home? Clearly define your wants and needs, then prioritize what is most important to you. Knowing which features mean the most to you will help you narrow down your choices.

When upsizing, particularly if you are seeking a forever home, you want to be sure you get the most important features for you and your family. Be sure to look at the big picture, envisioning how your life will change in the next few years, to get the home that fits you perfectly!

If you’re ready to upsize, reach out – we’d love to help you find your perfect home!