After 2 long years stuck in your small apartment, condo or home, are you thinking it’s time to move to a bigger house with room for you kids to have their own bedrooms and a quiet space of your own to unwind at the end of the day?
If so, I’m going to give you 5 things to help you decide if it’s time to upsize into a larger home so that you can get back to enjoying your quiet time and give your kids the space they need to grow.
TIP # 1 - What is your underlying desire?
Is it a want or a need?
Tip number one to ask yourself is, what is your desire to move? Do your kids share bedrooms and the conflict makes you want to pull your hair out each day? Or are you just feeling as if your friends are transitioning to a larger home and you want to jump on the train too?
- Additional Bedrooms & Bathrooms
- Granny Suite
- Schools
- Commute to Work
- Neighbourhood
- Family
- Outdoor Space
Whatever your reasons, be sure to physically write out your list of needs versus wants. If your needs list will considerably give you back some peace, happiness and a better situation for your whole family. You may be ready to move onto step 2. But If you’re just trying to keep up with the Joneses and you still have rooms in your house you hardly utilize, you may want to consider redecorating, or changing the flow of your home to save you some large costs associated with the buying and selling process.
If you have the budget, even consider hiring an interior designer or contractor to give you some renovation options to rework the flow and functionality of your home.
Tip #2 - Home Equity Check & Finances
Get your finances in order.
Have your local realtor provide you with a home evaluation to give you an idea of what your home may sell for in the current market. I can help you with this Here. Then reach out to your lender and have them discuss your current mortgage terms, any prepayment penalties, timelines for switching or moving over your mortgage and a pre-approval budget for the next home. You will also need to compile a list of costs you need to account for in the buying and selling process.
Small list of possible fees associated with the selling and buying process:
- Land Transfer Tax
- Moving Costs
- Property Taxes
- Utility Bill Hookups
- Larger Utilities Bills (more square footage)
- Home Insurance
- Realtor Commissions (seller’s)
- Lawyer Fees
- Furnishings for more space
- Outdoor Lawn/Property Maintenance Tools (if coming from a condo/apartment)
Tip #3 - Lifestyle
Are you being realistic with what you can afford and accommodate into your ideal lifestyle?
When my spouse and I purchased our first home, it was one of our top priorities to still be able to go out to dinner with our friends, golf or participate in events going on in the community. We knew we were okay compromising on the house in order to not be house broke.
If you’re moving from a condo or apartment your condo fees budget will most likely be transferred into your equipment, tools or landscaping requirements needed to maintain your home.
With a larger home comes more square footage to heat, cool and maintain. These are all increased ongoing costs of living you unfortunately can’t neglect.
Make sure you can afford not only the ability to move up, but also that you can still maintain your lifestyle.
Tip #4 - Is This Your Dream Home?
How long do you plan on staying at this new property?
Is this next purchase your dream home? If you only plan to stay a few years, this is a deeper conversation you will want to have with your lender and your realtor. It usually takes about 5 years to make up the costs associated with the moving process and to gain the equity needed to buy your next home and the most average mortgage term.
One thing I constantly do with my clients when searching for their forever home especially in this current crazy sellers market is to remind them not to compromise with their needs and goals for this home. If you plan to stay forever, it’s important to clearly outline your must haves and gameplan with your realtor and lender.
Tip #5 - Game Plan
What’s your gameplan?
Take your list of needs and wants you have already created and now add in your ideal location, style of home, does it need to be turn key, where will your kids go to school or how long will your commute to work be?
I also want you to add in your timeline discussion from your lender while also adding in any personal lifestyle time commitments such as letting your kids finish their school year.
Once you have all this information sit down with your realtor and create a game plan to get started.
Now that you know why you want to move, if you can afford it, how it will change your lifestyle, if this is your final move and what your game plan is, you may also be interested in learning about whether you should build an addition or move on?
If you’re looking to upsize and are ready to get a free home evaluation from me to help you start the process of giving your family the space they need, reach out to me now through my contact page.
I’m looking forward to helping you with this move!
