When you bought your home originally, did you ever think there would be a time when you wanted to leave it behind? Maybe you initially bought your home as a “starter” or maybe you’re surprised to find that life has changed and you need something different to suit your needs, upsizing is a common occurrence that many people will do at least once in their life.
Whether you first bought your home as a couple and now you’re a family looking for more space, or perhaps you’re just tired of living the #CondoLife and you want a yard with more privacy, there are many reasons to consider upgrading your home.
But is now the right time to upsize? Let’s take a closer look…
Crunch the Numbers
A bigger home often comes with bigger bills. This is especially true if you are considering moving from a condo to a freestanding home. Although detached houses are not subject to things like condo fees, you will still notice a higher mortgage payment, higher heat and hydro bills, and more maintenance costs. If you’re already struggling to make ends meet, it might not be the right time to consider upgrading your home.
For many homeowners, upsizing when they are in the prime of their career is the best choice. They’re making the most money, and have the resources and abilities to manage a larger home with more responsibilities.
Looking for more information on upgrading your home? Check out this post for a few practical tips to consider.
Are Your Kids Starting School?
Upsizing to your ‘forever home’ is a dream shared by many homeowners. But if you have pre-school aged children, you might want to consider moving sooner rather than later. Children thrive on familiarity and routine, so upsizing before they go to school is a great idea because it means they can stay in the same school system. They’ll be able to develop lasting friendships and memories without needing to re-adjust to a new school after a move.
Does it feel like your home is bursting at the seams right now, but your kids are already in school? Wondering if you should move now or wait it out? In general, moving when your children are in younger grades is easier. A child in grade 1 can probably adapt better to change than a child in high school.
Is a Detached House Everything it’s Chalked Up to Be?
For some families, yes. There are many benefits of owning a detached house such as having more space, privacy, and in many cases land to enjoy the outdoors. A detached house is also more likely to increase in value over the years, which makes it a smart investment in many cases.
However, if you and your family are not crazy about spending time outside, or you live a minimalist lifestyle with few possessions that require storage, a condo or townhouse might still work for your unique situation. It all depends on your family’s specific needs.
What About the Real Estate Market?
Making a huge life decision based on the real estate market can be a little short-sighted. Rather, you should base your decision to upsize on your family’s specific needs. The market will always be there, and whether it’s a traditional ‘seller’s market’ or ‘buyer’s market’ won’t have a huge impact on your ability to successfully facilitate your move. It might just mean you need to take a different approach. Working with an experienced real estate professional is the best way to navigate these waters, no matter what the market is currently doing.
When it comes to upsizing, one of the most common questions we get asked is, “Is it better to buy or sell first?” We wrote a whole blog about it. You can read it right here.
Renovating Vs. Upsizing
Maybe you already live in a detached house in a great neighbourhood with friendly neighbours on a beautiful property. You might not have a lot of space, but you love your home and you don’t like the idea of moving.
Another option could be simply renovating your property. Maybe it’s finishing the basement to create more bedrooms or knocking down some walls to improve the floor plan and create a more efficient living space. When you own your home, the options are endless.
Thinking about a renovation? Here are a few related posts to get you started:
- Four Best Bang for Your Buck Home Improvements
- Costs You Should Account for When Flipping a Home
- The Cost of Renovations
But is renovating your home really better than starting fresh in a new house?
The answer, like many things–depends. We can’t tell you what will work for your family. At the end of the day, only you can decide that. But what we can tell you, is that before making the decision to renovate or buy new, you should think hard about the decision and base your choice on a few key factors:
- Would the cost be higher to renovate or move?
- How deep is your emotional attachment to your home?
- Would you be willing to relocate to a different neighbourhood or city?
- Is now the right time for your family to move?
- Would the disruption caused by a big renovation negatively affect your family?
- What does the real estate market look like right now?
If you ask yourself these questions, it will probably become crystal clear whether a renovation or a move is right for you.
