Ah, your first house. Remembering the moment you got that set of keys and first entered the doorway as a homeowner is a treasured one for many people. But there comes a point where you want to move on–and up. Most of the time, upsizing is an exciting time for a homeowner. It’s usually a sign of a growing family, evolving tastes, or having the financial means to finally get the dream home you’ve always wanted.
There’s still a lot to know when it comes to the process. So no matter the circumstance, here are a few things you should always consider before you take that next step on the property ladder:
1. Secure Your Finances
Just because you’ve bought a house before, doesn’t mean you can jump right in this time around. You’re making a bigger investment than ever, which means you need that extra guidance. Getting pre-approved for a mortgage gives you a better foundation to build your home search on, which means a quicker and more successful buying process for everyone.
2. Invest In Your Future
When you upsize, you should find a home that accurately reflects your lifestyle and also have the potential to cater to your plans for the future. If you’re looking for a house you can grow into with children, and potentially grandchildren, then take that extra time to find the right house in the proper neighbourhood that will fit your needs for years to come.
3. What’s Your Motivation?
The truth is, some home owners jump into upsizing before honestly analyzing what it is they need. If you need a 3 bedroom brick home when you’re in a small 1 bedroom condo, or want to settle down in a more established neighbourhood, then those are things that just can’t be changed with renovations. But if newer finishes, a modern kitchen, or a landscaped backyard oasis are within reach, skip the upsizing and consider upgrading the home you already have instead.