Look at Your Needs
How much house do you need? One of the top reasons move-up buyers decide to upsize is lack of space. But, how much space do you need and where? Do you need more bedrooms for your growing family, or an extra bathroom to save your marriage? Are you looking for a home office or workshop? Or are you dreaming of more closet space and a large kitchen to entertain guests? Consider what you are looking for in your next home and what you love or will miss in your current home.
Consider the Cost
Selling and buying real estate is expensive. When it comes to buying your next home, the same costs apply as when you bought your first home. There are land transfer taxes, legal fees, real estate commissions, moving costs, utility setup fees, and more. How much equity are you currently working with from your home to make the move? If you are planning for a larger mortgage, how much can you afford? Now is the time to book an appointment with your mortgage lender or broker or your financial planner to review your goals and see how upsizing fits into the picture.
Should You Buy or Sell First?
This is the million-dollar question – and the answer is based on many factors, including the current state of the real estate market, the type of property, and the location of your current home. Financial resources are another large part of this decision; can you afford to carry both homes if your current home doesn’t sell? What if buyers won’t pay what you would like for your current home – can you afford to sell for less? These questions should be discussed with your real estate agent and your lender before a decision to buy or sell first is made.
Is Your Current Home Ready to Sell?
If you begin to prepare your home for sale now, you will be ready when the time arises and that perfect home pops up. You will want to get the best return when you sell your home. This means you will want the interior and exterior to look its very best. Start decluttering and repair any obvious items. Speak with our team to learn about more helpful steps you can take to help maximize the price for your home.
We help move-up buyers often, let our team discuss your options with you!
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