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5 things to think about before upgrading to a larger home

5 things to think about before upgrading to a larger home

5 things to think about before upgrading to a larger home - Darren Robinson

There’s a lot to think about when buying a new home. Whether you’re still living in the first home you bought or you’re an investment property pro, each house you buy is a major investment that needs to be thought through very carefully. Particularly when you’re about to purchase a larger property, there are going to be new challenges you will face compared to your previous home.

To help prepare you for this bigger, better, more dreamy home, ask yourself these 5 questions…

1. Can you afford it?

Obviously, big question number one should be if you can actually afford a larger home. Perhaps you’ve been saving and investing your money for a while to put towards a new house. Or maybe you’ve started a new job that’s paying you a much nicer salary compared to your previous job, however, it’s always in your best interest to work with a mortgage broker like myself to see what your options are and to crunch the numbers before putting in an offer. Be prepared that with a bigger property, there’s usually a bigger price tag and larger monthly mortgage payments to consider.

2. You have savings but, what do your debts look like?

Again, working with a mortgage broker like myself, I can show you what your options are and how much of a mortgage you can get approved for. Remember, your financial standing may not be in the same shape it was the last time you were approved for a mortgage. So maybe you’ve been saving money for a good-sized down payment, but if your credit standing has gone down you may not be approved for the amount you think you will get approved for. So, be sure you are in a financially good place with low debts and great credit.

3. Should you sell your current home or keep it as a rental property?

This answer may be obvious to some, but it all depends on what your ambitions are. If you are looking for a new investment opportunity, you may want to also keep your current property to rent it out for another source of income. Evaluate this carefully though because owning a rental property does come with a lot of responsibility and may be time-consuming. If you do have the resources and time, there is a lot to financially gain from property investing but, if not carefully thought through, there can be a lot to lose as well.

4. Where should you buy?

Location is everything. Once you’ve established that you are financially prepared to upsize, start looking in neighbourhoods that are desirable to you and check off your list of must-haves. Do you want to be closer to specific schools? Do you want to shorten your commute to work? Are you looking to move out of a subdivision and move somewhere more remote? Once you’ve established what you’re looking for location-wise, then you’ll know where to look for your new home.

5. What’s important now that you didn’t think about as a first-time homebuyer?

Just like when you’re thinking about location, think about what it is about your current home that is no longer working for you. Think about what it is that is pushing you to house hunt and make a list. What are you hoping for in upsizing to a larger property? Are you a growing family and need to upsize for more space? Are you now working permanently from home and need to upgrade to a space with a home office? Think about your needs and whether they are justifiable enough to need to upsize. It’s ok if this answer is simply, because I can, and want to, too. It’s just smart to make sure that if there is anything you wish you had in your current home, you’re on the lookout for it in your new home.

Questions aside, before you decide to upsize to a larger property, your first step should be seeing me, Darren Robinson. With my years of experience as a mortgage broker, I can not only help you get approved for the mortgage you’ll need but, I can also give you the right financial advice as to whether or not upsizing is the right option for you right now. Plus, I have mortgage options the banks don’t, so you know by giving me a call at (705) 315-0516 you’ll be shown all the options, rates, and the benefits of each when it comes to your mortgage solution.

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