Home equity…Everybody wants it, but what exactly is it, and how do you get it?Equity represents the degree of ownership an individual or entity has in an asset after subtracting any debts against
6 Things To Consider When Upsizing Your Home
Dated: July 24 2018
There are many reasons you might need to consider upsizing. Whether your family is growing, you plan to have consistent company, or you're just ready fr an upgrade, there are tons of aspects to consider before making a move. As adventurous as it is to start a home search, it is best to take a step back and make a plan before you load up the truck and trailer.
This experience can bring a wave of anxiety or excitement, and both of those emotions can cause you to make consequential decisions. Use these 6 steps to help guide your thoughts and consider all angles on what your next best decision may be.
It's no secret that upsizing is likely to be an expensive venture. The best thing to do when preparing your expenses is to talk with a lender and get pre-approved for a home loan. This makes budgeting much easier and helps your realtor to understand what price range you should be in.
With an increase in home size, you might see an increase in your other expenses as well. Utilities like gas, electric and water might go up significantly in a bigger home. Make sure you calculate your cost of living and talk with friends and neighbors to get a good idea of what your utility cost might look at.
Once you find the specific home that fits nicely into your budget, start to configure other expenses such as yard work, home repair, and property tax on this specific house. If you're considering a larger home because of a growing family, you might also need to factor in the expense of purchasing a new SUV that can fit the whole family or a fuel-efficient car for your children who drive.
After you find a few ideal homes, it is time to investigate further. You can start by taking a good look at the neighborhood that the house will be in. Some neighborhoods provide a great atmosphere for children, while others focus more on attracting a young, working crowd. Take the time to check out some nearby restaurants and simple aspects like how close the nearest park is.
Next, consider what increases you may face moving to a different neighborhood. Some communities may have a pricey HOA fee. It's important to look into factors like this into your overall monthly expenses.
Commuting is another factor to consider when choosing a new neighborhood. An increase in commute times might cost you in both time and money. If traveling by car is not in your future plans, be sure to check out the local means of public transportation. These factors can make or break a neighborhood for many.
An increase in family size is often the main reason for upsizing your home. If this is the case, there are some basic requirements to consider when shopping for a new house. How many rooms will you need, now and in the future? If you want each child to have his or her own room, make sure to let your realtor know the number of rooms is a high priority. Also, consider that any guests you host will probably not enjoy sharing a bathroom with two or three children. The number of bathrooms in a home is important to consider for more than just your immediate household.
Pets are an another addition to plan for. Make sure to plan for any necessary yard space and extra storage or rooms that might be necessary.
Goals for the future
One more question to ask yourself that can not only affect you, but also the happiness of the family is, how well the house will meet your future goals? If the house meets all of your needs and offers support where you need it (with everything from storage, eco-friendly goals, and appliances) the chance of meeting your personal goals are much more achievable. Ask yourself and reflect on what is important to you. This decision directly relates to whether or not the purchase of a house is the right decision.
It might be easy to get caught up in the buyer's dream but many homeowners consider selling a home later in life. It is important to consider the market around the home and trends that are being reflected in the property value.
Make sure to keep your home in top condition and consider the age of the home before purchasing. Some of the metrics to take a look at are unit sale (the measure of how many homes sold in a specific market), average sale price of homes, median sale price, and sale-to-list price ratio.
What do you dislike in your current home?
This may seem like an odd thing to consider, but it's certainly something to think about when starting a new home search. It's easy to get distracted by purely square footage when you're considering an upsize,
Using these 6 deciding factors, you should be able to better understand why you should move into a upsized home, and how to decide what's most important to you. It is always an exciting time to move into a new place. Contact our experts today to help find your dream home!
Marcus, a San Antonio native, is a recognized business professional who cherishes the relationship and trust the client's place in him. Over the years, he developed a love for the sense of camaraderie....
Latest Blog Posts
Ideally, when you are selling a home you’d want to find a new place to move into. However, this isn’t always the case. Sometimes your home sells before you even finish searching for a new one.