Crowded? Considerations when upsizing - The Explorer: Real Estate

Crowded? Considerations when upsizing

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Posted: Wednesday, February 12, 2014 4:00 am

Part of life is the unexpected. Perhaps the unexpected arrived to you in the form of a new baby (or two), a “returning to the nest” adult child, a new job that requires a good deal of working from home and telecommuting, an elderly relative coming to stay indefinitely, or a beautiful new marriage which comes complete with three “pre-packaged” kids.

While I am an advocate of modifying your surroundings to accommodate situations such as these, it may not always be possible – or even desired. You may not be able to add enough (or any space) to your existing home, or create a bedroom and bath space on the first floor to accommodate someone who may have limited mobility. In cases like these, finding a new home and “upsizing” may be your best option. However, there are some points that definitely deserve careful thought.

Firstly – finances. When comparing homes built at basically the same time and with the same building standards, a larger home (especially on a larger lot) will cost more in taxes, utilities and upkeep. Be sure to have your real estate agent assist in researching these added costs so you will be aware of them.

Choose wisely when deciding on a property to buy, making certain that it will meet your needs now, but also attempting to think of the future as well. If circumstances change, will the house be acceptable for your lifestyle? If not, what resale viability does it hold?

Ask your agent what the pros and cons are to the home. A good agent will be brutally honest in pointing out factors that may make it difficult to sell later.

We can’t always predict what will occur in life, but calm, careful thought and research can certainly make the wild ride a tad smoother.

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