The past year has taught us a lot about how multi-faceted our homes can be. From housing our personal classrooms, offices, gyms, and our very own entertainment districts – there is a lot that can be happening at one time under our roof. When space starts to feel tight, the desire to upsize typically follows. Take into account these five things to ensure your next home remains a happy one.
Needs vs. wants
Start the upsizing journey by knowing the difference between needs and wants. A need is something that you really must-have, the aspects of a home that are essential to your family. Factors such as minimum bedrooms, bathrooms or square footage. Perhaps location is essential for work or school proximity. Make a list of what your next home must-have. Then consider the wants, or things that you might find beneficial. Being deliberate about your priorities will lay the foundation for your upsizing journey.
Take it slow
When it comes to homeownership, impulse buys are ill-advised. In Alabama’s real estate market, low inventory levels can create great urgency for buyers eager to pounce. Urgency doesn’t have to be a problem once potential buyers have taken the time to prioritize needs over wants and thoughtfully consider what the best next step in their home journey should include. As in most aspects of life, preparation is key to making the most of opportunities when they present themselves.
Size does matter, but why?
Often when the desire to upsize begins to move homeowners to consider larger options, size can be the only thing people focus on. Size does matter, but the purpose behind the upsizing matters more. Think through what exact types of spaces your current home is lacking, and more importantly, the purpose behind those spaces. Is there a need for greater storage, more personal space, more room to gather, more room to work, more room to entertain? Start with the functional space you’re seeking, then make a list of exactly what you need more of and why.
Do the math
Larger home size typically equates to increased expenses. The most obvious is the associated mortgage payment, but homeowners should also gather information on a handful of other expenses to avoid surprises and ensure a larger home stays a happy home. Costs such as increased property tax payments, homeowners insurance, utilities, home repairs and upkeep, lawn maintenance and added costs of furnishings can all be estimated accurately and conservatively before upsizing options are considered.
Don’t neglect what you already have
Be sure to protect your current investment even when you’re focused on finding your dream home. Upsizing usually includes using the equity in the home you own now, so be sure to stay on top of routine maintenance and repairs. Keep your home in good condition to ensure top value for your sale.
Learn more about upsizing opportunities in your real estate market by contacting a REALTOR® today.
Alabama REALTORS® is the largest statewide organization of real estate professionals and the official advocate of Alabama’s multifaceted real estate industry. Subscribe to our newsletter and stay up to date on real estate news in Alabama.