Whilst it is super exciting to look for that next step in your property journey…there are also some very important things to remember!
Whilst you are upsizing ensure you still stay within your means, don’t overcapitalize. Speak to your mortgage broker about what you can actually afford (and what you are comfortable spending) and start there.
Now you know what you are willing to pay, think about what you actually WANT and NEED…remembering that these two things are actually very different! And accept that depending on your budget some of this checklist may not be ticked off. Also, sometimes bigger square footage might not be what you actually need…perhaps just a home with a better floor plan might be more suitable. This is where your pros and cons list comes into play!
Consider the location – do you need to stay within a certain area because of schooling needs…whether that be now or in the future? Location is key when it comes to upsizing a family!
The next thing to think about now that you know your budget is if you are going to sell or rent out your current property. We recommend getting a real estate agent AND a property manager to take a look and give you an idea on what you might be looking at with each option.
With a bit of forethought, preparation expert guidance you can purchase your next home with confidence!
Happy upsizing!