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.
“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.
Here some key topics to consider, including some of the expenses that come with the deal. The good news is that upsizing makes great sense now because we’ve yet to see a full rebound in market prices, which is predicted after a series of interest rate cuts.
Value Your Property – We need to be clear on the likely sale price for your home. One of our agents can appraise its value for you. Alternatively, you can hire an independent valuer, who’ll be a little more conservative. (Good agents know what they can sell a property for.)
Why Upsize? – To avoid buying the wrong house – and that’s happened – crystalise 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? – You could rent your current property and lease a larger one. It’s a definite possibility, but we’d caution you that rents are no longer cheap, and suppose you’re not able to renew the lease. That creates a lot of hassle and disappointment.
Can You Stay And Remodel? – This is another viable alternative, but it’s not without its drawbacks. The construction industry is going through a historic labour shortage. Worse, the cost of materials has gone through the roof. While price rises have tailed off, they’re not coming back down after the post-Covid inflation spike. So, upgrading is tougher than a few years ago.
What Can I afford? – Your target homes are going to start edging higher now interest rates have been cut 1.25% by the Bank of Canada in the last couple of months. So be clear on what you can afford and be consider making your move quickly before a full market rebound.