Dreaming of upsizing to a bigger home? You’re not alone! Whether it’s for a growing family, a home office, or just more room to relax, many homeowners consider upsizing. But before you jump into the house-hunting process, it’s important to plan carefully. Upsizing is an exciting step, but it comes with a few challenges you’ll want to be prepared for.
I’ve listed some key things that you should keep in mind—and how a mortgage broker can make the process smoother.
What Are Your Reasons For Upsizing Your Home?
It’s easy to get caught up in the idea of a bigger home, but take a moment to ask yourself why you want to upsize. Is your current home feeling cramped? Do you need more bedrooms, a bigger yard, or maybe a dedicated workspace?
Sometimes, it’s not just about size—it’s about finding a home with the right layout or features for your lifestyle. A mortgage broker can help you figure out what kind of home fits your budget so you can focus on finding one that meets your family’s needs.
Crunch the Numbers With Your Mortgage Broker
Bigger homes usually mean bigger expenses. Beyond the higher price tag, you’ll want to budget for increased utility bills, property taxes, and maintenance costs.
It’s likely that you’ll be using a lot of equity from your home to make the move. While your down payment will probably be very high, your purchase price will also be higher, and you may be getting a bigger mortgage than you currently have. Have a meeting with your mortgage broker to get a pre-approval or at the very least a green light on moving forward. Plus, they can connect you with lenders offering the best rates and terms for your situation.
Where Do You Want Your New Home To Be?
Upsizing may mean considering new neighbourhoods. Homes closer to city centers tend to come with a premium, so you might find yourself exploring suburban or rural areas to get more space for your budget.You need to do some research on your desired locations to see what’s close by – like parks, schools, and shopping – and how easy it is for you, and your family, to access public transit and commuter routes.
A mortgage broker can provide valuable insights into market trends in different areas, helping you understand how location affects affordability and keeping your focus on places that fit into your budget.
Are You Prepared For The Extra Work Of A Bigger Home?
If you have trouble maintaining and keeping up with the home you live in now, you might want to think about the chores you don’t like doing and finding a house where that’s not an issue. For example, if your family would love to have a pool, are you prepared for the cost and time involved in the maintenance? Or perhaps you’d like to have a bigger yard – you need to think about the extra landscaping involved and if you have the extra hours needed to dedicate to that.
Timing Is Everything When You’re Looking To Upsize
Selling your current home and buying a new one can feel like a balancing act. Do you sell first and risk not finding the perfect new home? Or do you buy first and take on the financial stress of carrying two mortgages temporarily? Will you need a bridge loan if you can’t make the timing work?
A mortgage broker can guide you through financing options to make this process less overwhelming. For example, they can help you explore bridge financing if you decide to buy before you sell.
Before You Start Looking At Upsizing to Your Dream Home, Give Me A Call To Find Out What You Can Afford
Upsizing is an exciting opportunity to create the space you’ve always wanted, but it’s also a big decision that requires thoughtful planning. Working with a mortgage broker can simplify the process and ensure you’re making choices that work for your family’s future.
Ready to take the next step? Reach out to me for expert advice and personalized mortgage solutions. Whether you’re buying or selling, I’m here to make your upsizing journey a success! Book a free consultation or give me a call at 705-315-0516 today and let’s find the best mortgage rates and options for your next move.