After more than 10 years working as a real estate agent and broker in Durham Region and Peterborough County, I’ve worked with many clients that are trying to decide if now is the right time to upsize their home. Upgrading to a larger home can be a big step, and is often precipitated by exciting life changes, which is why working with upsizing families is one of my favourite things to do. Whether it’s getting married, starting a family or growing your family, it’s an honour to be involved in these milestones in some small way. it's essential to make sure that you're making the right decision for your family's needs, goals and budget. In this blog post, I'll outline some of the key questions to ask yourself when considering if now is the right time to upsize your family home.
Is your family growing or so you plan on growing it in the near future?
One of the most common reasons families choose to upsize their home is to accommodate a growing family. Whether you are already expecting or if you are planning to grow your family in the near future, you’ll want to consider whether your current home is going to work for your future family. If you have a growing number of children, or just growing children, you may need to consider a larger home with more bedrooms and living spaces. Your small starter home or condo may be perfect for you now, and may even accommodate life with a young baby but along with children comes more stuff (and lots of it). Along with space, young children also consume a lot of time, making moving with young children more challenging and more stressful. It may be worth considering if it makes sense for your family to make a move before baby arrives.
Do you need more space for you and your family’s hobby and activities?
Many families enjoy spending time together. Whether it’s playing board games, having movie nights or just enjoying a good meal... You want to make sure that your home has spaces large enough to enjoy your family’s favourite activities together. However, as children grow you may also want to be able to have separate living spaces for them (and you) to enjoy activities separately. Your children’s interest may also develop into hobbies that require more storage space (like playing sports, camping or ). If your current home doesn't have enough space for your family’s hobbies and activities, it may be time to upsize. You may want to consider a home with a larger living room, a finished basement or family room, and a larger backyard for outdoor activities.
Does your current home have enough storage space for your family?
As your family grows, so does your need for storage. It’s not just your hobbies that take up space, holiday decorations, exercise equipment, things your children have outgrown, vehicles, tools and home renovation supplies… the list keeps growing along with your family. If your current home is lacking storage space and you don’t think you can purge anymore of your belongings, you may need to consider upsizing to a home with a larger basement, a garage, a storage room or outbuildings.
Would having a dedicated space for a home office improve your quality of life?
With current trends (and a global pandemic) pushing more people to work from home and companies to put infrastructure in place to accommodate home based work, having a dedicated workspace has become a critical need for many families. Working from home has a number of benefits but most importantly it can help provide your family with flexibility and more free time, while you are growing your family. If working from home is an option for you, or your partner, you may want to consider having a dedicated home office space to make sure it is feasible and functional for you and your family. If you there isn’t a space in your current home to dedicated to a workspace, you may need to consider upsize to a home with an office or a separate room that can be converted into an office.
Does your current home have all the amenities that you want or space to add them in the future?
If your current home is lacking some of the comforts or amenities that you and your family are going to want (now or in the future) you’ll want to identify what those are so you can decide if they can be added to your current home or if you need to upsize to a larger home to make it your dream home. Whether you would like to have a spa like ensuite, an extra family bathroom, a chef’s kitchen, or a backyard big enough to accommodate a pool and outdoor rink, you may want to upsize to a home that can accommodate all of those amenities before you start adding them to your current home. Knowing what amenities your family wants (now and in the future) will also ensure that we can make sure your next has some of them already and the space to add all the things your family wants to make their next house a home.
Are you financially prepared to upgrade your home?
Upgrading to a larger home can be a significant financial decision, and it's important to make sure that you're in a strong financial position before making the move. Talking to a financial planner and getting pre-approved by a mortgage broker are important first steps in getting prepared to upsize. Don’t forget to factor in closing and moving costs, as well as whatever work you’ll want to do to your new home to make it your own. Consider your current income, savings, and debts to determine if you can afford to take on a larger mortgage payment. Don’t forget to check the current interest rates because unless your mortgage company will allow you to port your mortgage or blend your rate, you’ll have to break your current mortgage and get a new one at today’s rate.
What are your long term plans and goals?
Consider your long-term plans before making the decision to upsize. If you are planning to grow your family further, you may want a home that can accommodate that. If you plan to stay in your home for many years, it may make sense to invest in a larger home that meets your current and future needs. If you want to retire in your next home you may want to look at bungalows or a home that you can add a secondary suite to once your children leave home. Upsizing can also be an opportunity to use equity in your home as leverage to keep your current home as a rental property but you’ll want to make sure you are making purchases with the future in mind. Regardless of what your family’s goals are, it’s important that you consider them when deciding if now is the right time for your to upsize your home and make sure that you are sharing your goals with your Realtor so that we make sure your next move is helping you achieve your goals.
What is the current state of the real estate market?
Finally, you will want to consider the current market conditions when deciding if it's time to upsize your family home. The real estate market always ebbs and flows, once you’re in the market, your position in it is pretty relative, so often this is not the deciding factor when deciding if it’s time to move. Most of my clients have made the decision based on the needs of their family and then the discussion turns to finding the best strategy for achieving your family’s goals in the current market. When upgrading your home in a buyers’ market, you’ll have more time to make decisions and likely more inventory to choose from to find the ‘perfect’ next home but it may take more time to sell your current home, when the time comes. In a seller’s market, there won’t be any problem selling your home quickly and often for more than you expected but you’ll have to be prepared to make decisions about your next home quickly and understanding exactly what you family needs in your next home is going to be critical.
Deciding if it's time to upsize your family home is a big decision that shouldn’t be taken lightly. While there is a number of factors to consider when making your plans, it really comes down to what your family needs. A house is much more than an investment, it’s where you and your family spend most of their time together, it is a reflection your family’s personality and it’s the place that your children go to sleep every night. By taking the time to think about your family's needs, financial position, and the market conditions, you will be in a good position to make an informed decision that is right for you and your family. Whether you are ready to make the leap to your next home or if you have questions that I can answer about the process, feel free to reach out. I’d love to help you and your family with your upsizing journey and make a plan to help your family achieve their goals through real estate.
