We get asked all the time, when is it a good time to upsize your home or move up? Upsizing is usually a natural progression for all homebuyers at some point. Initially when you are purchasing a home for the first time you do not need a lot of space. First time homebuyers are generally looking for a three bedroom with two bathrooms home in a certain area at the lowest price possible. They usually are just starting their family out so 1,800 to 2,000 square feet is a lot of room for them.
When its Time
Over the course of the next five to ten years and having more furniture and a few children most find that the home seems to have shrunk. By the time the children are teenagers the need for a bonus room, teen room, or separate living space becomes a little more prevalent. The number one reason given that its time to upsize your home is lack of space. Larger kitchens, living rooms and bedrooms all become important factors in deciding if its time to upsize your home.
Upsize Your Home as an Investment
Looking at real estate as an investment is another reason why people move up. Lets say you were in the home for five to ten years. That generally means that you have a significant amount of equity. Many move up buyers sell their home and put all of the equity in as a down payment on the next home which drastically increases your buying power. By putting twenty percent of the purchase price down you will not have to pay mortgage insurance will save you a significant amount of money.
The Neighborhood has Changed
Many times move up buyers are just not happy in their neighborhood anymore. They loved it at first especially if it was a new home community. Everyone bought around the same time and the kids were all growing up together. As life happens people’s circumstances change and some move up, transfer, get relocated, or simply just move on. This leaves many feeling like they were left behind. Residential and commercial development in the immediate area are also factors. So that once quite neighborhood now has a lot going on around it and they do not like it as much as they once did.
Remodeling and Improvements
Over time investing in maintaining the property and possibly remolding and painting is never far away. Once you go down this road one thing always leads to another. Some homeowners just do not want to deal with the expenses of doing this, if they are thinking about moving anyway. Most decide to make some small improvements, clean it up real nice, and then sell it. This way they can use what they would of spent on the new home.
The Ewen Real Estate Team is Here to Help!
The Ewen Real Estate team helps client’s when its time to upsize your home and move up daily. It’s a complicated process, especially if you have to sell your home before you buy the next one. We are standing by to assist you with all of the information you need. Our consultations are always free and we are looking forward to assisting you make an informed decision for your family. For your consultation simply Contact Us.