Are the walls closing in on you? Does the feeling of a growing family feel almost suffocating? Are the kids getting to an age when it’s not just impractical but emotionally impossible to share a bedroom? Are your parents getting a little old to maintain their own home?
If the answer to any of these questions is “yes”, then it’s probably time to start thinking about upsizing.
It’s a big financial commitment, but it’s also a common challenge for most families.
Prices are generally affordable due to a strong supply of properties in the neighborhood right now – and that means a wider choice and better buying value.
Before you strike out and begin hunting for a new home, you should analyze what your family really needs.
It’s a good idea to ask everyone for their “must-have” and “nice-to-have” lists to work out the priorities.
With the number of homes being sold down 2.7% in June, you may find yourself with an excellent choice of properties.
An added bonus will be that fewer buyers than normal are in the market currently, so there’ll be less pressure to make a rushed decision.
Here are some of the most common reasons to upsize:
It’s all about the kids – Most folks decide to move up the property ladder because they need more space for their children. The need for privacy for teenagers is another key motivator.
Life-stage changes – It’s not just the children who influence a decision to upsize. Increasingly, Americans are living in three-generational households. With rising costs and changing family dynamics, more families are accommodating aging parents or adult children.
Evolving lifestyles – The embrace of remote working is persuading an increasing number of Americans to buy bigger homes in less expensive areas. Also, there’s often a desire for more functional space to improve mental well-being and create a more harmonious household. This can often include finding a property with more outdoor space, and even a swimming pool.
Financial opportunity – Using the existing equity in your current loan is a motivator for many families who believe in the value of a property investment. By unlocking the equity in their home – thanks to home value appreciation – they can live in a bigger, more luxurious property.
Future goals: Buying a larger home now can be a strategic move for the future, adapting to evolving family needs, such as further family growth and even your own retirement.