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Life moves quickly, and before you know it, you have little children running around your feet and multiple mouths to feed. Children grow equally at the same rate and you’ll just begin to the notice a decline in the amount of space that you have. In result of your exponentially growing family, you may have to upsize and search for a new home.
But not all homeowners who want to upsize have children – some just want to experience a larger space or want to retire in a larger home. No matter what case you have, upsizing can be a viable method to achieve that space you wanted and to get out of the claustrophobic atmosphere of the home you’re currently living in. Obviously if your budget can’t handle it, then waiting to save some money to upsize is a good decision. But if you have been saving up for this for a while now or finally landed that promotion at work, then you may want to consider upsizing.
The decision to buy a new home is difficult, time-consuming and requires a lot of attention and effort. You can’t just wake up one day and decide to buy a house – you need to be justified in your reasoning. If you’re thinking of upsizing, sit down with your partner and go through this carefully. Create a master list of the reasons why you feel you should move and the reasons of why you can move. For example, a reason of why you should move would be that you have four children living in a three bedroom home. A reason of why you can move is that you opened up a savings account ten years ago and have been saving money. Be sure that you’re able to make the step to a larger home – it’s going to be expensive. There’s a difference between want and need and you’ll need to have both desires in order to justify your decision to upsize.
Some homeowners might just go through their home thinking that its fine, but you may be dealing unnecessary issues that you may not completely notice. Here are some commons things of why people decide upsize:
More space: This is the most obvious factor. If your lifestyle warrants more space then you may need to upsize.
Growing family or the potential of a growing family: If your family is just getting larger and larger, or if you plan on having a family, then upsizing to a larger home will make life more comfortable for you and your children.
Prefer an open-flow lifestyle: Even for retired couples or empty nesters, some people just prefer more space. More space is ideal for dinner parties and get-togethers.
Lots of family. And they live far away: In some cases, a family or a couple have lots of family but they live far away. In result – because you’re so nice and want to make their stay comfortable—they will have to stay at your house. Some people upsize so they have an extra room or two when their family visits, they have a place to stay.
Change in income: If you received a generous bonus, won the lottery or finally got that promotion you’ve always wanted, then you may have some extra cash to upsize.
So if you think you can do it and if you want to, upsizing can be a great way to change your lifestyle to be more open and less-claustrophobic. Discuss with your real estate professional to view your many options.