Five secrets to successfully upgrading to a larger home

I was inspired when I met Chris and Julie. They’re doing what so many of my clients want to do but can’t find the path – upsizing from their first time buyer condo to a detached family home. They loved their condo and life in the heart of the city but with their first child on the way, they wanted to make a move to a more spacious family home in a child friendly neighbourhood. Chris and Julie shared their 5 secrets for success.

1. Have a long range plan

Don’t wake up one day and determine that you have outgrown your condo. Think of having a minimum of a 5 year plan. This will give you time to put away a bit of savings each year.

2. Buy your first home as soon as you can versus renting.

Your monthly payments on our mortgage go towards paying down your mortgage when you own versus rent. With each mortgage payment, you’re building more equity in your condo that can be transferred to a bigger downpayment on a house down the road.

3. Don’t upscale your lifestyle at the same pace as your incomes grows.

If you are in the fortunate situation where your income is growing, avoid upscaling your lifestyle. Put the extra money towards paying down your mortgage at a quicker rate. A little bit each month, adds up to a lot over time.

4. Invest your savings in a secure investment so that it grows over time.

Invest your savings in a secure investment so that you are getting interest income on your investment. Just another way you can grow your savings.

5. Have your finances in order before bidding on your new home so you can bid with confidence.

When you are ready to make the move, have all your finances in order so that you can bid on a house without conditions. This is much more attractive to sellers and may be the difference in winning or losing a bid on the home of your dreams.

It’s not easy to upscale your home but with a little planning and discipline it is achievable and can be very rewarding.