Upsizing Your Home: Read this first

---

Before taking the plunge to go bigger, take a moment to ask yourself these important questions.

• First of all, why are you considering an upsize?
  • What is it that your current home isn’t fulfilling for you? Know what this is, so that you can weigh the option of updating your current property or if it’s time to move on. Also look into the bigger picture, like the kind of community you want to live in, the school district, commute to work, and your lifestyle.

• Think realistically: What are you future goals?
  • How long do you plan to stay in the home? How might your needs change?
    • Will your family size change? Do you dream of having a certain animals? etc.
    • Buy a home that fits with your lifestyle and goals. As your local Lake Norman Realtor®, I can help you find a home that’s as unique as you are. Don’t hesitate to reach out to me to talk about your goals, plans, and expectations.

• What can you afford, what do you WANT to afford?
  • There is a difference in what you CAN afford (are qualified for) and what you WANT to afford (the lifestyle you want to live).
    • Take a moment to reflect on your current lifestyle and budget. Buying a bigger home, could mean more financial responsibility. (maintenance costs, mortgage, insurance, etc.)
    • Do you have hobbies, vacations, charities, or other things you enjoy doing that you may have to push aside if your home costs increase? If so, is it worth it? After all, life is about making memories and having life experiences. (in my opinion)
  • Know that you can afford to move up and still maintain your lifestyle. 🙂

• How will you use the extra space?
  • Don’t let your money go to waste. Yes, that home may have more square footage than your current home. But does that mean it’s usable space for your needs?
    • Do you really need more bedrooms? What will you do with them? Do you have a vision for the “bonus room,” or will it end up as empty space? When you think of a bigger home/yard, envision what that means for you and how you’ll use the space.

• Should you buy first, or sell first?
  • I recommend you sell your home before purchasing a new one. However, in some situations it may make sense for you to buy before you sell. If this is the case, do your best to:
    • Know what your home will likely sell for, think realistically and count on the low end of the range to be safe.
    • Get a 90 day closing on your home purchase to allow you more time to sell and avoid the stress of being in a time crunch.
    • List your home as soon as the due diligence is over for your new home purchase.

• Know your options, should you choose to sell your home before you buy a new one:
  • I’m sure you’ve heard, it’s a HOT seller’s market right now. This means that sellers have the upper hand. Here are some options to keep in mind allowing you time to find a new home:
    • Request a seller lease-back from the buyer. It’s important you discuss this with the buyer(s) before accepting an offer. You and the buyers can negotiate the terms of the lease back (amount of time, compensation, utilities, etc.) This allows you as the seller more time to procure a new home.
    • You may also ask for a longer closing period to give you more time to get into a new home. I would suggest waiting until due diligence is over to make an offer on another home. The reason for this is:
      • 1. It allows you to give a stronger offer (showing you have a serious offer on your home, past the due diligence period and highly likely to close).
      • 2. Gives you more peace of mind that the buyer has done their due diligence and are moving forward with the purchase. Of course, in certain circumstances the buyer can still back out of the contract after due diligence, but this doesn’t usually happen. If it does, the buyer would likely be forfeiting their earnest money deposit.

In conclusion

Know your why, your motivation for a bigger home. Is it necessary to move to fulfill your desire? Know what lifestyle you want to live, can you afford (preapproved from your lender) the upsize and maintain this lifestyle? Envision yourself in this bigger home, do you have a vision for the extra space? Or do you simply just “feel” like more space would be better? Knowing your why, will help you envision how you want your home to be. If you’ve decided that it’s time to upsize, make a game plan. Are you going to sell first, or buy first?

Reach out to me to discuss your goals, strategies, and options to get you where you want to be. 🙂 You can schedule time on my calendar here. Or feel free to call, text, or email me at anytime.

(704)951-4017 or Maranda.Christensen@exprealty.com

Let’s Get Social