There’s nothing we love more than helping buyers trade in their starter homes for their dream houses. For many families, that means planning to buy a bigger home. Sound familiar? If so, congratulations! Being able to afford more square footage is a major accomplishment—one that’s bound to have a positive impact on your quality of life. Of course, that doesn’t mean you shouldn’t plan for the transition.
While it’s natural to be excited about buying a larger home (frankly, it would be a little weird if you weren’t), there are a few challenges you can expect—and overcoming them is the key to a successful purchase. If your family is ready to upsize, here are a few tips for doing it smoothly…
Consider your upsizing goals
Anytime you’re making a purchase as big as a home, it makes sense to think carefully about your goals. Do you need more space for a growing family? Are you hoping to accommodate more guests in the future? Perhaps you’re finally ready to upgrade your lifestyle with that spacious spa bathroom or wine cellar you’ve always wanted. Answering these questions will help you create a list of “must-haves” that will guide you and your agent during your search!
Determine how much space you really need
We know how easy it is to get caught up in the excitement of upsizing. But it’s important to remember, the home you buy has to do a lot more than look pretty! It also needs to align with the needs of your family. That’s why we always tell buyers to think long and hard about how much space they actually require. Do you need a lot more square footage and an additional bed and bathroom—or just a bit of extra breathing room and a kitchen with an open concept?
If your income has recently received a boost, it may be tempting to start your home search without a detailed budget. Unfortunately, doing so could lead to wasted time on your part. That’s because it’s not just more space—or a bigger mortgage—you’ll have to think about paying for when you upsize. There are other potential costs involved, such as higher utility bills and property taxes. That’s why it’s so important to create a realistic price range before you get started!
Big, beautiful homes near the city’s core tend to come with hefty price tags. That’s worth considering if you’re a devoted downtowner who’s looking to buy more space! If upsizing means a move to the suburbs, are you ready for the lifestyle change that will come with it? The good news is, there are so many wonderful neighbourhoods in and around Ottawa that you’re bound to find one that’s just right for your family. To find your perfect location, consider working with a local team that has an established home-buying process.
Think about the future
When you upsize, try to think (at least a little bit) about the day when you might need to sell again. It could happen! If you’re buying a home with tons of universal appeal in an in-demand neighbourhood, you won’t have to worry too much about future resale value. But if you fall in love with a house that has an unusual layout—or one that’s slightly out of the way—it could make selling tricky later on. And upsizers, take note: if the home you buy is much larger than most others in the area, it could be a tougher sell.
There’s no doubt that buying a bigger home can be exciting, but it also comes with some challenges. To overcome them and make a successful purchase, work with a team that knows the process inside and out. And if you’re gearing up to sell your current home before you upsize, why not start with a free home evaluation?
Ready to upsize? We can help ensure that the transition is a smooth one. Get in touch to learn how we can help!