When it comes to real estate, it’s all about location, location, location. But what if you’re happy where you are, just not with the size of your house? If you feel like your current home no longer meets your needs and you’re ready to move on up, we have some excellent news for you: upsizing your home is possible! In this post, you will be given a guide to upsizing your home and learn everything you need to know, from considering the costs of moving and maintenance to understanding the pros and cons of staying in a smaller home versus selling it and moving into a bigger one.
What Is Upsizing?
Upsizing is when you move from a smaller house to a larger one. Alternatively, you could also downsize when you move from a larger place to a smaller one. These decisions are often based on lifestyle changes, such as having a family, growing out of a starter home, or needing more space as you get older. However, when it comes down to it, most people who choose to move are actually upsizing. This is because people who downsize usually sell their houses, while those who upsize usually stay put and add on. So while the latter is often seen as the more expensive option, it can really be less costly.
Deciding To Upsize
If you’re thinking about upsizing your home, the first thing you’ll want to do is sit down and make a list of everything you’d like to change about your home. If you’re moving from a smaller house to a larger one, you’ll have the added cost of building an addition or making other structural changes. Alternatively, if you’re moving from a larger house to a smaller one, you might have to deal with removing rooms or adding walls to accommodate your new lifestyle. And, of course, there’s always the possibility that you could stay put and simply add to your current home.
Estimate The Cost of Moving & Upgrading
Now it’s time to list everything you want to change about your home. This list should include the structural changes you want to make and the aesthetic changes you’d like to make to your home’s interior. Listing these will give you an idea of how expensive upsizing may be all together for you. You should consider factors like structural changes; structural changes are the most costly part of upgrading your home. They include adding an addition, removing or adding walls, or installing a second story. Another element is aesthetic changes; these are smaller, but they can still cost a fortune if you get carried away. Examples of aesthetic changes include installing new flooring, remodelling your kitchen, or replacing your roof. Finally, maintenance: Maintenance costs are the little things that occur throughout the year and are necessary to keep a home in good shape. Examples of maintenance costs include fixing broken appliances, painting, or replacing broken tiles.
Understand The Pros and Cons of Upsizing
Before you decide to go big, you should understand the benefits and drawbacks of each option. The pros are that if you’re looking to move from a smaller home to a larger one, you can sell your current home and use the money to buy a new, bigger one. In this way, your old home easily finances your new home. This could be a quick way to move up if you’re in a hot real estate market. On the other hand, many people don’t want to move up in real estate at all — they want to move down. If you move down, you could find yourself in a bind, but no one wants to buy your house, so you can’t get out of it.
Upsizing your home is definitely doable. It can be an expensive endeavour, but it’s worth it if you’re ready for a change. When you’re ready to go big, remember to start by making a list of everything you want to change about your home. From there, you can decide how you want to make those changes.