Are You Ready For More House?
For many years, “downsizing” has been a buzzword in real estate with many types of homeowners thinking about selling to reduce their total square footage for a variety of reasons. Now, many are finding that reduction in space has them re-thinking their plans and upsizing instead to get more house.
While getting more house may not be right for everyone, here are some scenarios on why it might be the right move to make.
Should I Buy A Bigger House?
Are you finding that you were once the eager-downsizer and are now experiencing a wee-bit of buyer’s remorse and thinking about more house instead? Perhaps you miss having the open space to welcome your friends and family. Perhaps some from your household are returning more frequently or permanently than originally planned. For some homeowners, it’s time to re-upsize into more house, from a too-soon experiment of down-sizing.
Perhaps your home was the perfect size when the others were gone for most of the day. However, as more and more workplaces allow long-term work-from-home policies, a previously proper sized property has become a snug fit and has you longing for more house. In addition, if you have virtual learners living with you, there may be even more of a struggle for them to find a space to get their work done. The home office that was an occasional refuge is no longer enough, and many home sellers are looking for more house that may come with zoom rooms, study loft spaces or even accessory buildings suitable for separate office space. In addition, students may need a change of scenery from their bedrooms into spaces dedicated to learning and optimized for better focus that you can possibly find with more house.
More Home Sounds Great
With the change in our living habits from recent events, outdoor space is suddenly at a premium, and some home sellers have found that they desire more house that will give them the upgraded features like pools and play spaces. Communities that are offering various nature trails and parks are more coveted than ever. Areas offering homes with acreage are suddenly more appealing now that the work-from-home situation has removed the need to worry about a long commute.
If any of this strikes a chord with your present situation, you are probably thinking, hey that’s me, I need more house! But how do I make the move? We understand, it may seem challenging and overwhelming to even entertain the idea of upsizing into more house, especially if you’re already maxed out on your budget. However, there are a few ways to make upsizing for more house easier and affordable without needing to win the lottery tomorrow.
Upsizing Considerations
Consider relocating to a more Affordable Market. If your choice of home was previously driven by its proximity to convenient services, or commute times that are no longer valid, maybe now you can move out of the area to where the price per square foot is considerably less and you can actually get more house for the money. If that’s amenable, you may find that you’re able to significantly upsize and upgrade your space without spending much more. With this new way of living that we’ve all experienced, you may have far more options than you did before, so think about where you really want to live. The world is your oyster and getting more house may be able to be in your plans.
Whether you prefer to stay closer to where you currently are or want to explore other areas, depending on when you bought your current home, you may find that the lending arena is different from when you first purchased. Rates are still relatively low, although we don’t know for how much longer. Consider upsizing for more house before the interest rates start to increase again.
Let’s Upsize Now!
Ask a real estate professional, like us, to evaluate the current equity you have in your home. You might be surprised! With the combination of low interest rates and the amount of equity you receive from the sale of your current property, you may find you have more buying power than you thought and getting more house just may be one of the wisest financial moves of your lifetime.
If you’ve decided that upsizing to get more house is something you’d like to explore further, talk with your real estate broker about the type of home that’s right for your needs. As real estate professionals, The Old Mill Group will work with you to develop a smart strategy for selling your current home and purchasing your next home, making the transition as smooth as possible and giving you more house for the future.
Should I buy a bigger house?
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