So, you’re thinking of upsizing your home. First of all – congratulations! Upsizing your home and/or lifestyle is an exciting time and we’re here to prepare you for the process. Whether you’re looking for a home in the same neighbourhood, or want to move somewhere completely new altogether, this guide will help you determine a list of needs and wants and take you through the process of preparing, buying and selling. A trusted Realtor is the key to a successful – and stress free – upsize. If you’ve purchased a home before, you’ll know how much work goes into it, so it’s important you select carefully, especially if you’ll be making a bigger financial investment this time! Upsizing your home (again, if you’ve purchased in the past) will also entail selling your current home. To get started, ask yourself the following questions:
- What could your present home sell for and how much equity do you have?
- What are your needs when it comes to space?
- What are your needs when it comes to lifestyle? Example: amenities, distance to family and friends, commute time, physical space.
- Determine what you would like in a new home and what you dislike, if anything, about your present
home/lifestyle. - What are your current maintenance/utility costs, and what are you comfortable spending monthly?
- Is this is your last stop before retirement? Make sure you don’t settle on your non-negotiable wants
(we’ll help you make a list in this guide!). - Is your plan to buy before you sell, or sell before you buy?
- If you are selling a current home, how quickly can you get it ready for the market?
- Are there any minor repairs/upgrades your current home could use to increase sales value? (Your Realtor can help you with this!)
Check out our prepare your property to list blog.
Determining Needs vs. Wants
It’s important to gain a thorough understanding of what your needs vs. “nice to haves” are, in order to help you narrow down your search. Rate the following from 1-10, using the scoring key below to determine what factors are most important to you! This will help your Realtor when sending you listings, and taking you on showings to potential properties. If you have a partner/spouse, fill it out together or have them fill out their own.
SCORING
(1 – 3: I don’t agree 4 – 7: I’m neutral 8 – 10: I strongly agree)
- I do not want to spend a lot of time commuting to work ____
- It’s important that I can get to daily needs without a car ____
- I want to be close to multiple restaurants ____
- I want to be close to shops ____
- I want to have easy access to public transit ____
- I want to be near the water (lake/river) ____
- I want to be able to access hiking and/or walking trails easily ____
- I want lots of outdoor space ____
- I want a turn-key home ____
- I do not want a home that needs repairs/renovations ____
- I would rather pay maintenance fees than do my own maintenance ____
If you would like to sit down with a real estate expert contact us today at 604-341-9937 or [email protected]. Our team would love to help you upsize into your dream home!