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Life changes can happen quickly. Perhaps your family has expanded or you are planning to grow your family in the future. Sometimes it is as simple as needing more space as children grow up or wanting additional space for aging parents who need to be cared for. Not all homeowners who want to upsize have children or aging relatives – some just want the luxury of more space or want to retire in a larger home. Whatever your personal experience may be, upsizing is a good option if you want or need more space.
The decision to buy a new home is difficult, time-consuming and requires a lot of attention and effort. You can’t just wake up one day and decide to buy a house – you need to be justified in your reasoning. If you’re thinking of upsizing, sit down with your partner and go through this carefully. Create a master list of the reasons why you feel you should move and the reasons why you can move. For example, a reason why you should move would be that you have four children living in a three bedroom home. A reason of why you can move is that you opened up a savings account ten years ago and have been saving money. Be sure that you’re able to make the step to a larger home – it’s going to be expensive. There’s a difference between want and need and you’ll need to have both desires in order to justify your decision to upsize.
There are many reasons homeowners decide to consider upsizing from their current home to a larger one:
More space: This is the most obvious factor. If your lifestyle warrants more space then you may need to upsize.
Growing family or the potential of a growing family: If your family is growing, or if your starter home is becoming less than comfortable, then upsizing to a larger home can be the most comfortable choice for you and your children.
Prefer an open-flow lifestyle: Even for retired couples or empty nesters, some people just prefer more space. More space is ideal for dinner parties and get-togethers.
Lots of family. And they live far away: In some cases, a family or a couple have lots of family but they live far away. If your lifestyle is one in which you welcome many out-of-town visitors, you may like to have a guest room or two so everyone stays comfortable during visits.
Change in income: If financially, something has changed for you - If you have received a generous bonus, won the lottery or finally got that promotion you’ve always wanted, then you may have some extra cash to upsize.
Upsizing can be a wonderful option for those whose lifestyle and finances it suits. Discuss with your real estate professional to view your many options.