Every homeowner and renter, at one time or another, will face the question of “Do I need more space?” The demographics don’t really matter… Young or old, you might want an extra bedroom for a new child or visiting family, or just need expanded living space. Perhaps you need an office to accommodate a new or thriving at-home business. Or maybe a larger home has always been a lifelong dream. There are no right or wrong reasons when it comes to wanting to upsize your home. I simply offer some tips, considerations, and strategies to assist you in making an informed decision that satisfies your desires and helps manage your expectations.
Do You Really Need (Or Want) To Upsize Your Home?
There’s always a difference between wanting a larger home versus needing more space. Sure, who among us wouldn’t want to live in a grand estate? Perhaps if money weren’t a factor… But in the real world, our budgets set some limits on the size of our homes and our current dreams. Whether you actually need to upsize your home should be the first consideration: Have you acquired too many items? Are the kids getting older and needing separate rooms? How often do you entertain friends and family? Or it may be that you just want more space, or want to live in your dream home. And that’s awesome! Just be clear with your motives so you get exactly what you’re looking for!
What Is It You Really Want?
There is no one standard way to “upsize.” Additional square footage is the end result, but where that additional space goes is a very specific and personal choice. More bedrooms, a larger kitchen, an additional bathroom, a larger yard, and the all-important she sheds and man caves are all areas to consider when making your decision. Don’t put the extra space into a formal dining room and finished attic if what you really want is added main floor living space. In addition to what type of increased space you want, upsizers must always keep in mind the following: location, neighborhood demographics, appreciation and resale value.
The Only Real Limiting Factor Is Your Budget
Once you’ve made the decision to upsize your home, your budget is probably the single most important factor in realizing the dream. In most instances, upsizing will result in higher everything, from rental/mortgage payments, insurance, taxes, maintenance/upkeep, and utilities. You can also expect additional yard work, repairs, and cleaning. Your agent can help you determine how much of an investment to make.
When to upsize is also another consideration. Are you about to retire? Expecting a baby in a few months? Need to leave the proverbial nest and fly on your own? Proper planning months in advance can save you time, money and headaches… while at the same time ensure you are able to take advantage of market opportunities and get the larger home you really want and need.
Finally, deciding to move into any home takes considerable thought, creativity and patience. The decision to upsize your home is usually based upon preference or need, but a few additional queries may assist in that decision. Do you have to wait until your lease ends, or until you close the sale on your current home? Proximity to accommodations, schools, restaurants and/or other local amenities are other factors to consider.
In the end, upsizing to a larger home is a decision that if done with proper forethought, you will surely end up in the home that best suits all your current needs and desires. Go for it!