Ready to Upsize Your Home? Here’s How
Posted by Garman Group on
If you’re still living in the first home you ever bought, you probably feel a special attachment to it. But if your family's growing, it might be time to admit that it’s time for you to buy a bigger home. Or to move to a neighbourhood you’ve always admired.
You may think that because you’ve already been through the home buying process before that it'll be reasonably easy to do it again. But most people actually find it more complicated since you have the task of selling your current home as well as buying a new one.
But don’t worry, we’ve helped many people navigate through the Victoria real estate market, and we can help you, too! Here are some tips on how to upsize your home.
Look At Your Budget
You’re likely in a better financial position now than you were when you bought your first home. But it’s possible you may still have some difficulties when trying to upsize.
Consider how much your current home is worth, as well as how much you've already paid off on your mortgage. Although the Victoria real estate market has gotten stronger over the past few years, there are some areas which have jumped more than others. You may have a more significant financial gap to fill if you're currently in an area which hasn’t seen much growth and want to move to a bigger home in an area which has.
Even if you’re not worried about the purchase price, you’ll still want to talk to your financial advisor or mortgage broker before you do anything. Larger homes not only come with a bigger mortgage but higher maintenance costs. Your financial advisor can advise you on the exact financial position you’re in.
Think About Why You Want to Upgrade Your Home
If you’re starting a family, the one-bedroom condo you originally bought downtown isn’t going to cut it. You could be thinking your family would be better off in a different neighbourhood. Or it could be as simple as just wanting a bigger home.
No matter what your reasons are, it’s time to figure out what you want from your new home. How many bedrooms, the size of your yard, the neighbourhood, proximity to amenities — you should think about all of these things before you start looking through the Victoria MLS listings.
Think About Your Future
Consider how the next 10–20 years will look. Are you planning to stay in this new home long term? Will it suit you that far in the future, or will you need more space as time goes by? It’s best to buy based on what your long-term plan looks like. Moving is hard work, and you don’t want to do it more often than you have to.
It’s also worth considering the resale value on the home you’re buying. If you're purchasing a home at the top of the Victoria real estate market, there may not be much return on your investment. You need to look for potential growth in the area you're moving to. This should help you to decide if your home is going to have good resale value in the future.
Think About Your Current Home
You’re likely very excited to upsize to a new home, but don’t forget you need to move out of your current home.
You might be fortunate enough to afford both and rent out your current home. However, it requires a lot of time and energy to find tenants and maintain both properties.
If you are going to sell, you’ll need to consider staging your current home for sale if you're moving out before it sells. Otherwise, you’ll also need to navigate your way through two home transactions and coordinate the sell and possession dates so they match up.
Work With the Garman Group
The Garman Group has lots of experience helping people upsize their homes. We'll help you find and buy your ideal new home, and help you through the selling process of your current home. Contact us today.