Five Secrets to Upsizing to a Larger Home

Every once in a while, a homeowner will outgrow their property. They want or need more space, and so the hunt for a new home begins.

This was the exact situation our clients, Charles and Jackie (not their real names) were facing. Like many homeowners, they had loved their condo, at first. It was everything they ever dreamed of at the time, in the heart of the city, with great amenities and an unbelievable view.

However, life had changed. With a new baby on the way, it was time to move on to something more spacious and family-friendly. What really stands out about this client is how smart they were about their real estate journey.

They took careful, thoughtful planning to a new level, and went into the market with a vast amount of knowledge and preparation that set them up for a fantastic result. Today, we are thrilled that they are allowing us to share these insights with you.

What is it like to buy or sell a house in Etobicoke? Find out in Your Top Questions About Real Estate Answered.

Plan Early If You Can

Not every client has the luxury of time when buying or selling a house. Sometimes, life sends you in a direction you didn’t expect, like with an exciting new job offer. Nevertheless, most moves don’t happen out of the blue.

If you’re like most people, your first home will not be your last. It is an exciting step, but you will almost certainly want to move at some point. The time to start saving for a larger space is right now, preferably years in advance. It can seem like a strange concept when you’re still unpacking, but you will thank yourself later for taking those small steps.

Along the way, be sure to take meticulous care of your property. This will make it easier, faster, and less expensive to prepare for the market when the time comes. If you end up staying in your home after all, you’ll have money in savings and a beautifully maintained living space. It’s a win-win strategy no matter what happens.

Buying your first home as early as you can will help you grow your equity and create more options later. Check out some of our resources and tips for first-time home buyers:

Don’t Let Your Lifestyle Outpace Your Income

So many people fall into the trap of “the more you earn, the more you spend.” First-time homeowners who want to upsize one day should avoid this temptation at all costs. It is, however, good advice for anyone.

Maintaining a comfortable but modest lifestyle even as your income grows is one of the most consistent ways to generate long-term financial security. You will have a cushion if your home needs emergency repairs; plus, you are well on your way to a down payment for a larger home later.

With each step up on the property ladder, your equity and purchasing power will grow. When that happens, then you can consider upgrading your lifestyle.

Use Secure Investments to Enhance Your Purchasing Power

(Quick disclaimer: we are not financial advisors, and this tip is for general guidance, not specific advice.) Generally speaking, low-interest savings accounts aren’t enough to buy your next home.

We suggest working with an advisor you trust to diversify and enhance your investments. First-time buyers can make use of the First Home Savings Account, which is a highly tax-advantaged resource. Existing homeowners can explore the possibilities of Tax Free Savings Accounts to increase their future purchasing power.

A successful move-up experience depends on maximizing the sale of your current house. The posts below can help you get the results you need:

Be Prepared Before Placing Offers

Charles and Jackie did everything right on their journey up the property ladder. They got into the market early and saved diligently in the years that followed. When exploring the possibilities for a new, upgraded home, they were well prepared, as always.

They got their finances in order before they even started looking at houses. First, they got a pre-approval for a mortgage, which gave them a very accurate estimate of how much financing they could obtain. Taking this step gave them multiple advantages.

They added their pre-approval amount to what they had set aside for their down payment and closing costs.
They left a cushion in their budget for the unexpected.
Perhaps most importantly, they researched the market and kept their expectations in check.

Many aspiring homeowners build a wish list for their dream home, then are disappointed when they realize that everything they wanted is out of their budget. Once you get your hopes up, it can be hard to scale back.

Charles and Jackie did the opposite. They followed their own advice to a T and ran the numbers before looking at listings. In the end, they were thrilled to find and secure a beautiful new home that was just right for their growing family.

Are you in the planning stages of buying your next home? Our Etobicoke real estate agents are here for anything you need. Reach out today at 647-282-7653 or email contact@sileckythompson.com with any questions or to get started.