A Guide To Upsizing Your Home

A guide to upsizing your home

We've all seen the clips of cute dogs sleeping in beds that they had outgrown many years back. Even when a bigger option is available, they opt for the smaller alternative. A vet would probably be able to point to several reasons why they do this. Human nature differs, though. It is not to say that we are devoid of sentiment, but utility usually takes precedence in these cases. So we may still have our childhood blankets stored up as treasured keepsakes, but we will not be using them during a cold winter's night. The same holds true for our homes. What was once functional may not be anymore, and the need for something bigger may arise. Below is a
guide to upsizing your home that may answer any uncertainties you have. Enjoy!

First Things First

A good starting point is to consider why you want to upsize. Is there a need to do so, or is this a want? There is nothing wrong with wanting to buy a bigger home; the benefits are apparent; it is just important to remember that these advantages come with new obligations, primarily the financial kind. There is also one more point to consider before going any further. Is your current home being fully utilized? If you remember having a spare bedroom once, which mysteriously turned into a storage closet overnight, could decluttering it solve your problems? Maybe you don't need a new kitchen, just a few new kitchen remodeling ideas and designs to help you get the most out of your existing one. If you are using your living space efficiently and you are ready to start the process, we can move on to the next point.

Long wooden desk and chairs in the middle of an empty room

No Guide to Upsizing Your Home, or Guide to Anything Really, Is Complete Without Mentioning Planning

Yes, good old planning never gets the credit it deserves. So crucial in many ways. You must know why you are looking for a new home, what it must have, what needs it needs to fulfill. Once you've got this down, it's time for a bit of financial honesty. Try to get a realistic estimate for what price you could sell your current property. Think about whether or not you have a stable source of income, do you expect any changes in the future, do you have any savings in the bank? All of these factors are important. No, you cannot safeguard against all possible changes that could occur, but make sure you can decide on a relatively reasonable budget. When you find that sweet spot between what you need and what you can afford, you are ready to start researching properties, contacting agents, and making offers.

Should I Sell or Should I Buy

Most probably, both. Except in very rare circumstances, most people will be looking to sell their old homes so that they can afford to buy the new one they have set their sights on. The question is, what should be done first? If you want a one-word answer, it is "sell." It's not hard to see why. It allows you to make a bigger down payment (not to be dismissed as unimportant, this could mean lower costs down the line). You avoid paying two mortgages, and it provides peace of mind, knowing these funds are available and not tied to the property.

A couple of phone calls could also be in order here. The first call to your lender to check if you can port your mortgage from your current property to the one you are planning on buying. It would also be wise to check if there is a mortgage prepayment penalty. These are lesser-known clauses that we do not pay much attention to when buying a house. Most mortgages are flexible, penalties tend to be low, but it pays to be prepared.

The second call should be made if you are not in a situation to sell before buying. Check with your real estate agent to see what you will be able to sell your old home for. Always go for the less optimistic variant. If you sell for more, it's a bonus; if you sell for less, you won't be caught off guard. You can also try to attain a 90-day closing, so there is less pressure time-wise to make the sale. While you've got them on the line, ask how a real estate agent can help you sell your home, they may have an answer pre-prepared for that very question. You'd think it's their job or something! A little extra assistance can go a long way.

A messy room with various objects thrown around

The Usual Suspects

Whether you are a first-time buyer or a veteran, there are some questions you should always set. Below is a friendly reminder:

  • Location- Admit it; you probably said the word 'location' two more times in your head after having read the title. There is a reason this word is so important. A guide to upsizing your home could not get away without mentioning it at least once. Houses are great, but neighborhoods are also vital. It's the same kind of complicated relationship smells and tastes have. Food won't taste as delicious if it's missing either one.
  • Long-term plans- Upsizing is a serious financial undertaking. There are many costs involved, and it can be time-consuming. You need to sell the old place, buy your new home and think about timing and logistics. Companies such as movage-moving.com can help in this regard, but it is a complicated process and one you do not want to repeat too often. Upsizing only makes sense if you are not planning on moving any time soon. People looking to buy new homes are often advised not to make the purchase if they are planning to move in the next three years. No reason the same should not be applied here.
  • Costs and time- A bigger home usually means more repairs, more furniture, higher property taxes, utility bills, and similar. Make sure you have factored all of this into your decision-making process.

A couple holding baby shoes in their hands

The Move Itself

You've thought it over, weighed your options, read and reread the guide to upsizing your home, and have decided to do just that. If you managed to circumvent all the obstacles and have acquired your dream house, there is one more hurdle left. Just look at the heading to find out what it is! The fact that you are moving from a smaller property into a bigger one can play psychological tricks on you. Although your apartment is not big, you still have many possessions to pack and move, and again, planning is crucial and time is of the essence. Professional movers are your best friends in this situation, as they can turn the relocation into a seamless transition. So be sure to complete the packing process in a quick and orderly manner, so you can start reaping the benefits of your dream house as soon as possible!

Closing the Deal

There are a lot of things that need to be accounted for when planning to move into a bigger home. The excitement of the prospect alone can be almost blinding, but you need to keep your wits about you. It can be a fantastic adventure, but only if you are aware of the added obligations that it entails. If you plan everything thoroughly and thoughtfully, there is no reason you cannot get the most out of your brand-new home. Our guide to upsizing your home is there to simply remind you of what points you need to consider. There are also specific initial steps you should take when you move in to nip any potential problems in the bud. We know you'll be fine; just don't forget to take that old childhood blanket with you when you move. Sometimes sentimentality does trump utility. Human nature is complicated.

Post a Comment