How to decide if upsizing is the next step for you
Your lifestyle and current family needs have a huge impact on the size of home you need (or want). While tiny homes seem to be one hot new trend, and while many people have chosen to downsize, choosing a home with a little more elbow room makes more sense for some buyers.
Before you take the plunge and buy a bigger home, think about these factors:
- Income. Has your income grown enough in the past several years to enable you to afford a bigger home and possibly bigger mortgage? Keep in mind that a larger home often costs more in terms of utilities and maintenance, so factor those costs into your decision.
- Location. Can you afford a larger home in your target neighborhood or a neighborhood that still meets all your lifestyle needs (school district, amenities, entertainment, transportation, etc.)?
- Current market value. In order to upsize, you will want to maximize the sales price for your current home. Talk to a realtor about what kind of asking price you can expect if you do list your home for sale
- Equity. If you have been in your current home for several years, you might have a substantial amount of equity. That can help offset the cost of buying your next, bigger home.
- Staying put. In some cases, staying in your current home might be an option. Perhaps you can add on or remodel to better suit your needs, but think about if you want to take on the cost, and investment of time and energy, of major renovations.
To talk through your home selling and buying options, contact us at our Steamboat Springs real estate office. We will put our decades of experience to work for you.