If your kids are screaming at each other in their bedroom and demanding you dispense punishment for whatever sin has been committed, maybe it’s time to upgrade your home.
Separate bedrooms will not only be good for the children but also help maintain your sanity.
As an experienced agent in your neighborhood, I’ve found that “family” is the most common reason for homeowners deciding that it’s time to upsize. And while the idea of a more peaceful home is hugely appealing, you mustn’t forget that it’s a big financial decision.
I work with many families to help them step through the challenges of upsizing, so they not only find a larger property but one that meets their every need. It’s amazing what a family wants from a new home once they start considering the possibility.
The good news is that upsizing makes great sense now the real estate market has started to cool. While you might sell for slightly less than 12 months ago, you’ll make a much larger saving on a bigger home.
There are some key topics to consider, including some of the expenses that come with the deal.
Value your property
We need to be clear on the likely sale price for your home. As an agent, I can appraise its value. Alternatively, you can hire an independent valuer, who’ll be a little more conservative. (Good agents know what they can sell a property for.)
Reasons for upsizing
To avoid buying the wrong house (and that’s happened) crystalize your thinking. Consider not just floor space but the number of bedrooms, location, size of garden and so on. Be clear on this, or you’ll risk buyer’s remorse.
Do you need to buy?
One option is to rent out your current property and lease a larger one. It’s a definite possibility, but I’d caution you that rents are on the rise, and there can be uncertainty around whether you will be able to renew the lease. That creates a lot of hassle and disappointment.
Stay and remodel?
This is another alternative, but it’s not without its drawbacks. The construction industry is going through a historic labor shortage. Worse, the cost of materials is going through the roof, and it’s a major contributor to our national inflation rate. So, upgrading is tougher than it was a few years ago.
What can I afford?
Your target homes are edging down in price as the market mood swings from boom to more usual behaviour (due to the Federal Reserve raising interest rates). However, mortgages are more expensive, so be clear on what you can afford and are prepared to pay.