My clients start to consider upsizing when they're realizing they need more room.
Not being able to afford a bigger home when you need it can be discouraging.
More room usually means a higher purchase price.
But not always.
There's ways around upsizing that won't break the bank if you're willing to consider other options:
- Prioritize Needs vs. Wants: separate desirable items from the essential ones. This can help you focus on the most critical aspects within your budget.
- Explore Different Neighbourhoods: this is a big one! Look at neighbourhoods that might offer similar amenities or lifestyle but at a more affordable price. A slight shift in location can make a significant difference in costs.
- Consider a Fixer-Upper: Look for properties that require some renovation. It can be an opportunity to get a bigger home at an affordable price. As you renovate over time, it can lead to an increase in value!
- Don't be afraid to negotiate: Working closely with your Realtor to help you negotiate the best deal. Sellers may be willing to adjust the price, especially if there are factors like a longer closing period or minor repairs.
- Explore Financing Options: Investigate different financing options with your mortgage broker. They can help you find favourable terms which may help stretch your budget.
- Be Patient and Prepared: Real estate markets fluctuate and new properties can hit the market at anytime. Waiting for the right opportunity can lead to a better deal.
Don't give up on comfort quite yet. DM me if you're thinking of upsizing!