Everything You Need to Know About Upsizing Your Home

Are you feeling the squeeze in your current living space? Having spent so much time at home over the last few months, you may have come to the conclusion that it’s time to buy a bigger house. But upsizing your home can present a new set of challenges, and it’s important to know what those are before you jump into the process. Here’s the skinny on what you need to know when you’re ready to move into bigger digs.

Know what you’re looking for

So you’ve decided you need more space. But what will you use that space for? What features will be most important to you in a new home? And which ones can you be flexible about? It’s critical that you know what you’re looking for before you begin your home search. Write down your needs and wants. Do you need a dedicated home office space since you’re now working from home? Would you like to have a home theater but it’s not a deal-breaker? When you know what you want, you’ll know when you’ve found it.

Think about the future

How might you need to use your home in the coming months or years? Are you planning to expand your family? Do you think you may have an elderly relative moving in? Will the kids be off to college soon? Take into consideration not only your needs at this time but also your needs in the future. That way you can buy a home that will serve you for many years to come. And consider the resale value. Will this home provide a good return on your investment?

Understand the financial ramifications

Are you ready to take on the financial responsibility of a bigger home? Remember, a bigger home usually means larger monthly payments. Do you have enough income to afford a bigger home? Before you begin your search, find out exactly how much you can comfortably afford to spend on a home. Don’t just consider your monthly payments. You’ll also be on the hook for a down payment, closing costs, and fees. It’s easy to get emotional over a home purchase, especially if you think you’ve found your “dream home”. But you don’t want to find out down the line that you can’t afford your payments. Stick with a conservative budget and only look for homes that fit in your price range.

Get a handle on your credit

When was the last time you checked your credit score? Did you know it’s common for consumers to have errors on their credit reports? The better your credit, the better the interest rate you will qualify for. Having errors on your report can literally cost you thousands of dollars over the life of the loan. Be sure to get a copy of your credit report, and take steps to remove errors if you have any.

Don’t get ahead of yourself

Don’t rush to the store as soon as your offer is accepted. While you may need more furniture to fill a bigger home, it’s important not to jump the gun. While most home purchases are finalized with few problems, occasionally issues may arise that will kill your deal. You don’t want to be stuck with furniture you can’t use. 

Focus on important things first

Your home doesn’t have to be perfect on the day you move in. It’s OK to spend months or even years decorating your home to suit your tastes. Focus on the rooms you’ll use most in the beginning. Get your bedrooms, home office, kitchen, and living room set up. That home theater can wait a little while.

Work with a professional

The most important thing you can do when upsizing your home is to work with a professional. They have the experience to know how to move through the process and can advise you on what to expect. If you’re ready to buy a bigger home, then contact the experts at Agent inc. at 949-791-8160 or [email protected]. Let’s talk!