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 for them to share a bedroom? Are your parents getting a little too 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 families.
Prices are generally affordable due to a strong supply of properties in many of Canada’s urban centres – and that means a wider choice and better buying value.
Before you strike out and begin hunting for a new home, you should analyse 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 rising 6.6% year-over-year, you may find the luxury of choice ebbing away over the next few months. So, if you’re planning to move, any delay may be costly in terms of time, money or both.
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 a key motivator.
Life-stage changes – It’s not just the children who influence a decision to upsize. Increasingly, Canadians are living in three-generation households. With rising costs and changing family dynamics, more families are accommodating aging parents or adult children.
Evolving lifestyles – The adoption of remote working is persuading an increasing number of Canadians 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.
Financial opportunity – Using equity in your current loan is a motivator for many families who believe in the value of 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. You’ll be able to adapt to evolving family needs, such as further family growth and even your own retirement.