Assessing the Need for Upsizing
Before delving into the world of upsizing, it's crucial to determine whether it's the right choice for you. Here are some common reasons why homeowners opt for upsizing:
1. Growing family: The arrival of a new family member or the need for more bedrooms and living spaces often necessitates upsizing.
2. Increased storage requirements: Over the years, you may have accumulated belongings that require a larger home with adequate storage options.
3. Desire for more outdoor space: Many families prioritize having a larger yard or outdoor area for recreational activities and gardening.
4. Strategic investment opportunity: Upsizing can be a prudent investment when the housing market is favourable for purchasing a larger property.
Upsizing involves more than just finding a bigger home; it's important to consider the financial implications as well. Take note of the following points:
1. Higher mortgage payments: A larger home often means a larger mortgage, resulting in higher monthly payments. Working with mortgage agents from the IK Financial team can help you explore mortgage options that align with your financial goals.
2. Increased property taxes: Property taxes are typically based on a home's value, meaning a larger home usually incurs higher tax expenses.
3. Higher utility costs: Larger homes tend to have higher heating and cooling expenses, as well as increased water and electricity usage.
4. Maintenance costs: Bigger homes generally require more maintenance, both inside and out. It's crucial to budget for ongoing maintenance expenses.
Understanding the current housing market is crucial when considering upsizing. Assess whether it's a buyer's or seller's market and how it may impact the overall cost and timeline of the process. Collaborating with experienced Real Estate Agents and mortgage agents from IK Financial can help you navigate the market conditions and find the best deal for your new home.
Finding the Right Upsized Home
When searching for your ideal upsized home, consider the following factors:
1. Location: Ensure that the neighbourhood aligns with your needs, such as proximity to schools, work, and amenities.
2. Future growth: Think long-term and consider whether the home will continue to meet your needs as your family and lifestyle evolve.
3. Resale value: Upsizing is often a long-term investment, so it's crucial to consider a home's potential resale value down the line.
4. Rental opportunities: To offset the increased expenses of a larger home, you may want to consider a property with a separate living space, such as a basement with its own entrance, which can generate rental income.
The article was created with the help of IK Financial, founded by Inna Bogdanov and Katerina Markevich. They are trusted mortgage agents who have years of experience in the industry and can help you create a personalized home-financing strategy. With access to over 30 lenders, they can guide you through the home financing process with ease.
Visit their website ikfinancial.com
Inna Bogdanov 416.268.0004 | Inna@ikfinancial.com
Katerina Markevich 416.388.8153 | Katerina@ikfinancial.com