How and When to Upsize
Are you looking to upgrade your house or home to a larger one?
Deciding to upsize can be a big decision for any homeowners and family. However, the market right now is a great time to upsize with mortgages rates the lowest they have ever been and qualifying has never been easier under the current rules set out by the federal government. If your family is growing, you have just run out of the comfortable space in your current home, your startup home business is taking off, or the in-laws are coming to visit more regularly then here are some things to consider when you are going through the upsize process:
1. What is it that you want, exactly?
Make a list of what features you need and want in a larger home. How much more space do you need? Is it an extra bedroom? Is it a double garage? Is it more space in the yard and a bigger lot? Is it location and closer to your office? Do you want a walk in closet and large en-suite? Contact Calgary Home Realty and search for properties on calgaryhomerealty.com and find out what the price range is of the houses that look appealing to you. Ask Calgary Home Realty to show you the houses that you are interested in viewing.
2. Can you afford the price range of the houses you are interested in?
Have Calgary Home Realty perform a Comparative Market Analysis on your current home so you can see what your home may sell for. Gather your current mortgage statements together and call Source Mortgage and have them run your numbers to see if you would qualify for the upsizing. Source Mortgage is a free service for home buyers and they will quickly and promptly let you know where you stand with regards to a potential mortgage pre-approval. Performing this step is key in finding out what it possible for your desire to upsize!
3. Timing, timing, timing...
Can you carry two mortgages at once? Ask Source mortgage about this possibility as well. You will have to decide whether to list your current home first and try to sell it and then put an offer on a house you want once you know your current house is sold. Giving yourself ample time for possession dates on the sale of your house will allow for greater flexibility when looking to purchase your upsized house. You should have a contingency plan if you sell your house and your possession date of your newly purchased house has a lag time. You may have to find storage for your personal items temporarily.
4. Choosing your new home...
When making a home purchase, there are so many things to consider. With Calgary Home Realty, we will be there with you every step of the way. Think long term about the home you are seeking and weigh all options carefully. We will be there to offer insight and information on every home you are interested in.
5. Moving into your new home...
Packing, moving, and settling in to your new home can be an experience in itself. Consider booking your movers well in advance and also a move-out professional cleaning of your old place before you turn over the keys to the new owners. No one wants to move into a place that requires cleaning. Prior to moving into your new place, have plans sketched out for what goes where with regards to your furniture. Take your time in buying and adding to your decor and allow some time to get used to the new space before doing a complete turnover of furniture. Don't worry, your empty spaces will soon be filled up and take your time to settle in. Enjoy the new space and location and your new lifestyle!