It isn’t always easy to decide if you should move up or down in your home. You may be tempted to make the move or to stay put. Here are some questions you should ask yourself if you’re thinking of moving to a larger home so that your family can have more space or if you want to downsize.
1. What are your current plans for the space you have?
Are your family members feeling that they lack privacy and space to do what they want? You’re tired of working on the dining room table. Do you need a workspace or office? Does it not work to have the children share bedrooms? Perhaps an upgrade is in order. You may also want to consider downsizing if you don’t use your rooms or you are tired of paying taxes on a larger house than you require. Look for the downsize section!
2. Have you thought about the cost of maintenance?
Consider the additional costs of maintaining a bigger home or property. This can be in terms of money and time. Will you be able keep up with the cleaning, lawn maintenance, and other general maintenance that comes with owning a house? You may be ready to move to a smaller property where you can do less maintenance or to one that has an HOA to help with some of it.
3. What is your outdoor space need?
Are you willing to sacrifice your yard or garden in order to move to a space that requires no maintenance? Have you got pets who need space outside? You need more space to let your kids play outside or for your dog to run. It’s not just about the size of your house, but also the land you have.
4. Have you ever looked into the future?
What are your expectations for your needs in five, ten or twenty years’ time? Will you spend your holidays and vacations at the homes of your children or grandchildren, or do you prefer to have a larger home? Do you plan to host friends or will you go out? Will you stay at home alone if your spouse dies?
5. Are you able to make the most of your financial situation?
Are you prepared to reduce your costs by downsizing or can you afford the higher costs of a larger house? You should also consider your current mortgage. You may be able to buy a home in cash, or you might want to start a new mortgage. What are the implications of your move for tax?
6. What is the best market for upsizing or downsizing?
It’s a seller’s market for those who want to downsize and sell their larger homes. In a strong seller’s market it may be more risky to upsize, but if you think your family will be happier with a bigger home, then the move might be worth it.
It would be an honor to answer any questions you may have regarding the purchase of your next home. Let’s make your next step the right one.