No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.
Feel like you have outgrown your home? If so, you may be thinking about upsizing. But before you do, it is important to know how to navigate the process—and, more importantly, what mistakes to avoid when on the hunt for a bigger house.
What are some mistakes to avoid when moving into a new home? This is the question that many people ask themselves before they make this important decision. Though there are no right or wrong answers, it is always best to take time and really think about what will work for you in your new place. It can be difficult to do alone so you may want to consult with friends and family who have experience downsizing or upsizing.
Certain things must be considered, such as the amount of storage space needed, how often the furniture will need updating, and more. Thus, to assist you in this process, we’ll go over when upsizing is right, what mistakes to avoid, and provide a few tips on how to successfully upsize to a new home.
Maybe you have been thinking about upsizing for a while now, or maybe you are still on the fence. Nevertheless, one thing is for sure—you know that your home is no longer big enough for all of your stuff and/or needs. If you are like most people, your family has likely grown over the years, and you cannot imagine being in a smaller space with so many more people or pets.
In general, it can be difficult to know when it is time to upsize. Moreover, it seems as though houses just keep getting bigger and bigger, especially in the suburbs. So, how do you know when your current house has outgrown its usefulness? Typically, there are a few clear signs:
These are just a few signs that it may be time to make a change and upsize to a new home. And after careful consideration, if it makes financial sense to do so, then you likely know what the next step is. When taking your finances into account, you should make it a point to determine how much equity you have accumulated in your current home and what price range is reasonable for your new home. You should also think about what your must-haves in a home are as well. Once you have outlined these important things, you will be well-equipped to work with a real estate professional to help you sell the house you live in now and find your next dream home.
Clearly, with mortgage rates low and the desire for more space high, upsizing right now is advantageous. But there are some things you should consider before making the leap. You could make these mistakes without even realizing it.
It is easy to get swept up in the desire to add or get more square footage, but you don’t want to end up with more home than you can handle. It’s highly recommended that you figure out exactly what your needs are so you can accurately assess your required square footage without overextending your budget. For instance, if you lack storage space, then make sure to take this need into account while looking at homes on the market. When determining what size home will best accommodate your needs, remember, bigger homes cost more money, not just in the purchase price but in utility and maintenance costs, too.
It is hard to predict what the future holds, but it is still important to think about what your needs may be further down the road. Many people forget about this altogether. You can avoid this common mistake when upsizing, however, by considering where you or your family will likely be five or even ten years from now. If a smaller home with an addition or two might work once the kids go off to college in the next few years, then this is something to think about. Even if the future is not staring you in the face right now, buying and selling residential property can feel daunting – so make sure you plan well ahead before making any decisions.
When moving into a new space, it is best to resist the urge to purchase multiple pieces of furniture before you have had time to settle in. Moreover, buying too much stuff can often lead to regret, as you may have bought things before figuring out exactly what kind of furniture or decorations you want. To avoid this problem and save money in the long run, you should only buy big items after deciding how they will be used and when you have a better idea of where they will go. Avoiding a lot of up-front purchases also means that your new home will not feel like it is already full by moving day.
In a seller’s market, you may feel like your time is limited as a buyer. It is in your best interest to upgrade to a bigger house only when you are ready and know what exactly you want in a home. Being clear about your needs and wants, getting pre-approved for a mortgage, and becoming acquainted with what is happening in the local market are imperatives. Doing so will allow you to navigate the entire process better and will be less likely to lead to regret or buyer’s remorse later on because you jumped into the home buying process too soon or haphazardly.
Overall, the upsizing process is a delicate one, and thus it should be approached with caution. It is important to know when the time has come for you to make the change, as well as what mistakes are best avoided during this process. That said, when it comes to your home, you want the best for yourself and your family. If that means upsizing so that everyone has more room, then go for it!
Before you do anything else, take some time to consider what is really important in life and what is best for your present/future lifestyle. Is living closer to work on top of the list? Or is the goal being close enough to visit grandparents regularly every day? Other key things to keep in mind here are potential family growth, staying within a realistic budget, and knowing how you will effectively manage the probable increase in your monthly mortgage payments. Once you know what works best for you and your family, you can start preparing for the home buying process and looking at larger homes.
Are you curious about mortgages or interested in learning more about upsizing and the home buying process? If so, Sammamish Mortgage can help. We are a local digital mortgage company from Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, and Colorado. We offer many mortgage programs, services, and home buying tools and resources to buyers all over the Pacific Northwest and have been doing so since 1992. Contact us today with any questions you have about mortgages.
Whether you’re buying a home or ready to refinance, our professionals can help.
{hours_open} - {hours_closed} Pacific
No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.