Upsizing a home is a monumental time for a homebuyer, because it usually means getting the space, style, location, and comfort in a home they’ve always wanted.
Taking this next step on the property ladder almost always happens for a great reason, whether it’s a growing family, a rise in income, or simply moving to the neighbourhood of your dreams.
When it comes to upsizing, many homeowners are worried about getting priced out of the market. Here’s how to make sure that you upsize successfully and are able to find that bigger and better home you’ll love:
Review your finances
Like all real estate purchases, you want to ensure that you’re financially ready. Meeting with your mortgage specialist to go over your finances is the first step. Upsizing your home usually also means an increase in utility and maintenance costs, so be sure to take those into consideration when you are budgeting. As always, you’ll want to set aside funds for the land transfer tax, lawyers, repairs, and upgrades.
Do you buy or sell first?
To make the most of Toronto’s unique and highly competitive real estate market, upsizers need to find and buy their home first. Buying a home can take three, six, even 12 months, whereas selling will only take five to seven days. The ferocious competition among buyers will work in your favour; you’ll see a quick sale and will be moving into your new home before you know it!
Finding a Home You’ll Love
When you’re upsizing your home, you are usually checking off a lot more boxes on your wish list, whether that means a gourmet kitchen, spacious master bedroom with an ensuite bathroom and his/her walk-in closets, or lush outdoor spaces. If your next home is the one you plan on staying in until retirement, it’s important to work with a Realtor who can find you the right property and help you win the ensuing bidding war.
Toronto’s ultra-competitive market means you need the help of an experienced Realtor, someone who can tell you how much a home will sell for regardless of the asking price. Toronto home prices increase at 10% per year, which means that time is of the essence. You can’t afford to waste time chasing a listing at $749,000 that will sell above $1.1m when your budget is $1m. I help upsizers find homes that fit their needs and budgets.
If you’re thinking about upsizing your home and want to make sure that you get the home you have always wanted, I’m happy to help. Give me a call or text at 647-898-4663 or send me an email, and we’ll get started.