Last week, we spoke about why and how people downsize their homes. Just like with downsizing, life changes may occur causing the need for either less or more space in your home. There are plenty of reasons why people decide they need more living space. A major reason is a growing family; maybe you have been renting a small apartment with your partner and are ready to have children, or maybe your elderly parents are no longer able to take care of themselves and need to move in with you for help. Maybe you work from home or want to be a better host and require your home to have all the features you could possibly need. Maybe you simply want a bigger home. Whatever the reason is, upsizing your home is possible. This week, let’s talk all things upsizing. Hopefully, by the end of our discussion, you will have an idea of where to start when planning your upgrade.&nbsp;Of course, any upgrade involves a financial plan. When deciding whether to upsize, it’s important to ensure you financially can. Unlike downsizing, you can expect to spend a considerably larger sum of money when upsizing your home. You will need to be pre-approved by a mortgage specialist. The stress test will put your financial stability to the test to show mortgagers that you can pay your debts off. RE/Max suggests shopping around for mortgage options. They say that while lower interest rates might be attractive initially, you need to read the fine print to understand the terms, hidden fees, and flexibility in payments which will affect you down the line. Another financial aspect to consider is property tax. The larger your property is, the more you will be paying in property tax, so you should anticipate a jump in property tax rates when you move into a new, larger property. A larger home means a larger financial responsibility and you’ll experience these new changes through a heightened mortgage, property taxes, and utility payments.&nbsp;You also need to be smart when selling your home. If you’re planning on upgrading to a bigger and better home, you need to take advantage of price boosting techniques. As we have spoken about before, staging your home is one of the most popular ways to bolster your home’s value in the eyes of potential buyers. Not only does home staging offer a great first impression of your home and can make the most out of a space, it can also help people visualize the space as their own home. By staging your home, you’re getting the buyer’s&nbsp; creative juices flowing in terms of decor, furniture, or use such as using a space as an at home gym, for example.&nbsp;If your decision is becoming too daunting, you can create a pros and cons list for upsizing your home. Pros include accommodating a growing family, more spaces for hobbies or at-home work, hosting advantages, and the ability of renting additional rooms for extra income.&nbsp;The cons are higher mortgage payments, increased utility and maintenance costs, the additional health and energy required to physically maintain the bigger property, and the extra budget required to furnish or decorate the larger empty space.

Homeowner’s Guide to Upsizing

Thinking of upgrading your home? Learn the pros, cons, and financial steps involved in upsizing your space for family, work, or lifestyle.

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