Homebuyers make countless costly mistakes when moving up to a larger home. We’ve put together a free report, “6 Mistakes to Avoid When Moving Up to a Larger Home,” to help you make informed choices before you list your home for sale and make a new purchase.
So, you own a home, and now you’re looking to upgrade?
When you’re looking to move up, there are some additional factors you need to consider before you buy.
Do you live near a busy intersection? Do you love the cute park that’s within walking distance? It’s important to consider what you like and dislike about your current neighbourhood when searching for your new one.
Just as it’s essential to consider what you like and dislike about your neighbourhood, it’s even more important to know what you like and dislike about your current home. House-hunting will be significantly more manageable when you know what you’re looking for. If you dislike that your laundry is in your bathroom, you’ll need to look for homes with a separate laundry room.
Do you need to sell your current home before buying a new one? Not necessarily. However, whether you buy or sell first is mainly dependent on your current situation and the state of the market. Is your existing home likely to sell quickly, or will it be on the market for 90+ days? You don’t want to be stuck in a situation where you’re paying for two homes or without a place to live between closing dates.
You’re looking to move up, so this probably means that you need more space. What do you need the space for, and how much space do you actually need?
Do you have children? Do you plan on having children? Where do you plan on being in your life 5, 10, 15 years from now? You’ll likely be in your next home for quite some time so predicting and planning for your future needs is important when you’re looking at new properties.
Of course, we would all love a mansion on the hills, but sadly many of us can’t afford that. Going over your budget and what you can afford is essential. If you find the perfect place, do you have any flexibility with your budget, or is it a strict budget with no wiggle room? Determining this will help you manage your expectations and filter through your options.
You’re considering a move-up, but is it necessary? If the market is struggling and you risk having a hard time selling your current home, are you willing to wait it out?