Upsizers
When to go Bigger
Most people talk about downsizing but when is it time to upsize? First of all, ask yourself why you want more space. Is it because you need the utility of another room that you currently don’t have, do you have a new child on the way, do you need room for guests to stay, have you maximized the space you currently have? These answers will help you decide. For instance, if your current home is not well organized this may lead you to believe you need more space when really it’s an organizational tool that you require. Custom built-in furniture for instance can add utility and storage without having to actually increase your mortgage.
Lifestyle changes are usually the first indicator that you may need more space. Perhaps you have a new child on the way and do not have a bedroom for him or her. Perhaps you have a career change and require a home office to meet with clients or other working space. It could be that you need a place for family and friends to stay when they visit or perhaps you’re tired of sharing the TV with kids. There are of course other reasons for moving such as wanting to be closer to a specific school, park, amenity or town centre but this doesn’t necessarily mean you need to upsize-just move locations. Just ensure you take a good hard look at the space you are currently in and using it to the best of its ability. Sometimes a few renovations or reorganization can do the trick.
Why not just go bigger? Well, the most obvious reason is affordability. Can you afford to own more home or have a larger mortgage? A larger home typically means utility and maintenance costs will go up. If you want to stay in your current neighbourhood then you will probably need to pay more for your home as well. You can however choose to move to a new neighbourhood with lesser home values to allow you to stay within a similar price range.
