Many homeowners dream of purchasing more square footage, and realizing you can finally afford to do so is cause for celebration. What you may not know is, searching for the perfect larger space can come with complications as well as benefits. That’s why it’s so important to have a plan. Knowing what to factor into your decision will reduce your stress during the buying process—and allow you to make the smartest purchase possible. Here are a few tips for staying sane while you buy a bigger home that works for you…

Understand your needs

Even when you have the financial means to secure a more spacious house or condo, it still pays to be strategic. By assessing your homeownership needs, you can ensure that the living space you purchase truly complements your lifestyle.

During your search, think carefully about rooms and layouts. You may see an open-concept home that looks nice, but should you really consider it if your family would be better served by a closed-off kitchen? Likewise, an exercise room or wine cellar might be appealing in theory—but if you’ll never use these spaces, buying them could lead to disappointment.

Upsize with intention

Upgrading to a larger space often means moving into the home you’ll occupy for the long haul. For this reason, it’s particularly important to keep your future needs in mind when you’re looking for more square footage.

If your family is growing, consider how many bedrooms you’ll require in the years ahead. If you’re planning to adopt a dog, think about whether you should include a backyard in your home-buying criteria. It may sound obvious, but many buyers focus on their current needs—at the expense of those they’ll have down the line.

Budget carefully

One of the biggest mistakes buyers make when they’re purchasing more space is failing to factor in all costs. A larger property will usually come with a heftier price tag—and more sizeable monthly mortgage payments.

Before mentally committing to a particular home or budget, do your homework to estimate your likely purchase price, down payment, amortization period, and interest rate. An experienced financial advisor can help.

Of course, there are additional costs associated with a larger home. Be aware that you’ll likely pay more for monthly utilities, ongoing maintenance costs, and repairs than you are now.

Understand the tradeoffs

While most buyers are excited by the prospect of owning a larger home, upsizing can lead to significant lifestyle changes. For example, moving from an urban condo to a spacious suburban house will likely mean having fewer shops and restaurants within walking distance.

The good news is, an agent who has experience working with different property types and communities can help you find just the right balance.

Perhaps you’re looking for a bit more room, a strong sense of community, and plenty of lively amenities. Maybe you’re seeking a spacious house in a quiet residential neighbourhood. Whatever you’re looking for, you should start your search with a local real estate expert. Are you ready to begin the home hunt?

Preparing to buy a home? For over 36 years, our clients have trusted us to minimize risk, offer unbiased opinions, and ensure their best interests are served. Contact us today to talk about your needs, by emailing us at info@christensengroup.ca or calling us at 416-441-2888 ext. 772.