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Important Things to Keep in Mind When Purchasing a Move-up Home

  • November 19, 2020

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Purchasing a Move-up Home

Are you looking to finally take the plunge and upgrade your home from your cozy condo or starter home? There are many things to consider and many questions when buying a home, especially when you're looking to upgrade. Here are some important things to keep in mind when you are thinking of purchasing a move-up home. 

How Big of a Move-Up is Too Big?

Selling your home and buying a bigger home is an expensive transaction. There's a lot of extra costs to budget for between all the fees, taxes, moving costs, and commissions. Deciding your new home's size will be a personal decision based on your life and family. Ensuring you're choosing the right house for you and your goal is critical because you don't want to have to do this again because of size unless you have to.

Related: 9 Home Buying Hacks You Need To Know

If you require more space but don't have a lot of budget wiggle room, you may want to look into a new community. You might be able to find something bigger for a comparable price or less. Hiring a realtor who is very familiar with the city you live in can be a massive asset to finding your ideal community and home for a great price. This buying a new home guide can help you navigate the process.

Your Future

When you purchase your first home, it's typically a stepping stone in your life. You're excited to be a homeowner finally, you don't need much, or you are making an investment, but you don't see yourself there forever. When purchasing your move-up home, you want to consider a few more things than you likely did the first time around.

Do you see yourself in this home for the next two decades? Are you welcoming a family? Do you need to be in a community with great schools? Should you purchase a home with a basement suite? There's a lot more to consider to make sure you are making the best purchase for yourself and your future. 

How Much House is Too Much?

Many people choose to make a move to a bigger home specifically to have more space. It's a great idea to plan out how much extra space you want and where you want it. If you're planning on expanding your family, you may need more bedrooms and bathrooms.

If you're going to work from home, you may need designated office space. If you like to entertain, you may want to have bigger living and dining areas. It's essential to have your goals laid out before speaking with your realtor, so you end up in a home you love. 

Your Current Home

Another way to determine what you want in your move-up home is to figure out what it is about your current home that you love and what you don't. If you love your walk-in closet and pantry, you should be looking for those in your search for a new home. If you hate your kitchen's layout or wish you had an island, you will want to make sure that's on the top of your list.

You also want to consider your neighborhood. You may love living close to coffee shops or being close to work, and you may have to sacrifice your commute times for great amenities by your new home. If there's something you wish was different about your current community, it should be the first thing you look for in your new neighborhood. 

Homeownership Skills

Are you a diligent homeowner who always does the required chores on your weekends off, or do you tend to neglect your duties in favor of more entertaining things? Being honest with yourself will prevent you from buying a home with a yard twice the size of your current yard that you aren't great at taking care of, especially because you're not following this handy lawn care guide.

Knowing if you're willing to put in the hard work to maintain a much bigger home will save you from costly repairs in the future. You may want to consider a low-maintenance property like a townhome or larger condo if your future plans fit those options. 

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Author Bio:

Alex Platt is a real estate agent for The Platt Group in South Florida and owner of livesellfl.com. He brings a wealth of knowledge and expertise about buying and selling real estate.

Sources:

https://www.mymove.com/buying-selling/guides/most-important-factors-for-buying-your-dream-home/

https://www.sterlingedmonton.com/blog/guide-move-up-buyers/

 

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