Stop for a second and really think about the reason why you wish to upsize. Do you want to upsize because you honestly NEED more space, or is it because you WANT more space?
Many homeowners wish to upsize because they truly feel like their current home is way too cramped. But that feeling isn’t always due to not having enough square footage of living space. In many cases, their home feels small because of poor layout of furniture, appliances, etc.
If you’re planning to upsize because you feel your current home doesn’t have enough space, take a close and honest look at your current home. Gauge whether all of your living space is being used efficiently or not.
If one of your bedrooms has become a storage room packed with boxes, sports equipment and tools, it’s pretty much a dead giveaway that your problem isn’t a lack of space, but rather an inefficient usage of it.
On the other hand, you may legitimately need a larger home. If you live in a one bedroom condo, and you’re looking to start a family (or already have a baby on the way), sooner or later you will definitely need to move to a larger home.
Of course, there’s nothing wrong with simply WANTING to live in a larger home. If that’s really what you and your family want, by all means, go for it. However, it’s important that you’re honest with yourself, and admit that the real reason why you wish to upsize is to fulfill a want.
Making the distinction is extremely important, because a larger and more comfortable home comes with a larger amount of responsibilities and expenses.
You’ll need to spend more time and money maintaining a larger home. You’ll pay more property taxes. Your utility bills will be more expensive. And even if you sell your old home to finance your next home, you could easily end up with a larger monthly mortgage payment as well.