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Should You Upsize Your Home?

Are you thinking about upsizing your home? There are several practical reasons for requiring more living space, for example a growing family or the merging of two households. Another reason might be wanting to transition from a starter home to a bigger and perhaps more prestigious place.

Upsizing your home – by moving or enhancing?

Whatever the motivation, it is important to keep a few things in mind to make the right decisions. Probably the most important consideration: Can you really afford the change you are about to make? Do you have the additional money at your disposal, or is a new/higher mortgage feasible? How would this upsizing tie in with your long-term financial goals?

If you own a single-family home, maybe remodeling and/or building a house addition is an alternative to actually moving into a bigger home. Maybe there is a part of your home such as garage, basement or an attic that could be transformed into additional living space?

The right time and place

Another question that is worth considering when upsizing your home is the timing of your project: What does the current housing market look like? What’s the situation on interest rates and mortgages or home equity loans? If it is the timing that is problematic, maybe it is worth waiting a while before making decision. Things might look more advantageous at a later point.

A potential change of location – further away from the city or even an entirely different city or region – can have a huge impact on how much “bang for your buck” you can get. In other words, more living space might be much more affordable elsewhere, and look into the possibility of moving to a different neighborhood, a more rural/suburban area or a different city with a lower cost of living.

Moving into a bigger home

If you have decided that a move into a bigger home is what you want/need, make sure you do not go over the top. Upsizing can mean a wide range of options. Unless money is not an issue, we recommend to only get the additional space that you actually require. 

Once it is time for planning the move, make sure to hire the right moving company: competent, trustworthy and experienced. Contact Brothers EZ Moving to request a free quote. We look forward to hearing from you!

Sources and further reading:

https://www.thespruce.com/house-addition-deliberation-1821280
https://www.daveramsey.com/blog/how-to-upsize-your-home-three-steps
https://www.realtor.com/advice/buy/upsizing-buying-bigger-home-tips/
https://yourrichestlifeplanning.com/what-to-consider-before-you-upsize-your-home/

 

Should You Upsize Your Home? was last modified: October 8th, 2019 by Daniel Melazzo

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