How do you know when it’s time to find a bigger Windsor real estate property? Maybe when you bought your first home, the smaller size was perfect. But now, you have a family, maybe a pet or two, and things are beginning to feel a bit crowded.
It may be time to move if your quality of life is beginning to suffer. This is especially true if your living space is so crowded, that you look at your home as not a refuge but rather a cramped, undersized space that creates more stress than peace. Finding a bigger home, in a nice neighbourhood, near good schools, will not only give you and your family room to live, but in all likelihood will create a happier you!
What To Consider:
If you are thinking about moving to a larger home, there are a few important factors to consider.
1. Is this move affordable?
A bigger house usually means not only will the house be larger, but so will everything else: mortgage payments, utilities, upkeep, purchasing more furniture, etc. So will you and your budget be comfortable with the more expensive lifestyle? Will you have to let go of certain expenses and cut back on other luxuries, like vacations, going out to eat or anything else you enjoy?
2. Are your finances okay?
In the past several years, mortgage companies have made it more difficult to obtain loans. It’s not as easy as it used to be when they would give anyone a loan. If your credit score has seen better days, you may have to jump through a lot of hoops in order to secure a mortgage. And chances are you will pay a higher interest. Take a good look at your credit, and meet with a loan officer to see if you qualify. If you do, then get pre-approved for a mortgage. This is an excellent way to stay clear of homes that are too expensive.
3. Can you sell your home?
Most homeowners need to sell their home before they can buy another property. Not too many people want to carry two mortgages, at least for a long period of time. It’s a good idea to meet with a real estate agent and have them walk around your house to determine what repairs and improvements you may need to make to get top dollar. Have the agent give you some neighbourhood comps, meaning let them tell you what homes in your area sold for (not the price they were listed), to give you an idea of what your home is worth. Hopefully, you have made a good profit on your current home and can use those costs for a down payment, moving, closing, etc.
4. What a larger home means for you:
For many home buyers who move into larger homes, they find immediate relief that there is now a place for everything they own and plenty of room to roam without bumping into each other. The old saying, “a place for everything and everything in its place,” is certainly true here. The clutter seems to go away and it makes a more functional household for all members of the family. Most homebuyers often ask themselves how they managed in smaller quarters for so long.
When buying a larger home, always consider location. A smaller home in a great location, can be more valuable than a larger home in a less desirable area. Why? Because you can’t beat a home’s location when it’s time to sell again. Property values increase in neighbourhoods that are sought after. This includes homes near great schools, close to shopping and entertainment as well as being in a safe area. When looking for a home, whether it be a small condo or a massive family home, always buy with location in mind. It truly is the number one rule and one that cannot be over emphasized. One day, you will want to sell, and homes that are highly desirable and sought after, are not in sketchy areas. As I mentioned is a previous post, even if you don’t have children, still buy a home in a good school district. Believe me, you will be happy you did when you do decide to sell in the future.
6. Don’t overpay:
Looking for larger homes is a thrilling experience for home buyers. It’s exciting to look at homes where there is plenty of room for everything, including larger kitchens and bedrooms, perhaps a bonus room and lots of yard to play. But always keep your budget in mind and don’t get carried away with more and more house extras if you think that maintaining your budget will be difficult and challenging. It’s not fun to own a home that you can’t afford and the stress simply isn’t worth an extra bedroom or bathroom.