If you are currently looking for real estate, chances are that the house you buy now will not be your last. In fact, the average Canadian homeowner will purchase between four to six houses throughout their lifetime. Upsizing the home is one of the primary reasons homeowners sell their existing place to buy another one. Upsizing means purchasing property that is bigger in the yard or house size than your current location. Life is continually evolving and with every new change, your residence style and size will also need to evolve to meet those demands.
For most people, their first home is not the place that they will stay in forever; nor is it intended to be. Your first house is bought to meet your needs at the time of purchase and is your first step in real estate ownership. But as your life changes, your residential needs will also change. There are several reasons why people decide to upsize to a bigger house. If you are wondering if it is time to look for something bigger, here are the most common reasons why people upsize to a bigger house:
Changes to the Family
Having children is one of the biggest reasons why people look for a bigger house. Whether you are becoming parents for the first time, your children are growing and needing more space, or your family is expanding, at some point, the place you are living in could start to feel cramped. Upsizing your home will be essential to meet the demands of your growing clan.
But families today are also very dynamic. Not only are adults having their own offspring, but many often invite other relatives to live under their roof. Parents move in with children and children move back home with their parents to save money, care for each other, and help each other during transitional stages. Blending or combining family units, fostering or adopting children, and inviting extended relations to visit are other changes that require will a bigger home. If your family is expanding, the four walls you currently call home might not be enough to accommodate the changes.
Pets Need Room
Homeowners often look at buying a bigger house when they have or are considering getting a pet. Animal lovers know that their four-legged family members also need ample room in the house and yard to move freely. While you need space for the fur friend to roam, you will also need more room to store their toys, beds, food dishes, litter boxes, crates, and other accessories needed to properly care for your pet. It is important to find a place that provides ample interior room and yard space for your companion to run, play, and stretch without limitations.
Our lives are always evolving both personally and professionally. Changes that occur during your lifespan will also impact the amount of living space you need. For instance, starting a home-based business, attending school in or out of your abode, and starting a hobby are common reasons for upsizing your home. Adding an office, personal gym or salon, crafting room, construction area, or classroom will only work if you have enough room in your place to meet these needs. If your current residence does not have ample space to accommodate your lifestyle changes, it is time to consider upsizing.
Changing Real Estate Market
The real estate market is always changing as it moves from a buying market to a seller’s market. When the market is in your favour, selling your current home and relocating to a bigger place becomes a desirable option. Many homeowners will take advantage of the market to sell their existing home and upsize to a bigger house.
Chances are that the house you live in now is located in a city or part of town that met your needs when you first bought it. But that does not mean that the neighbourhood works for you now. Maybe you bought a house before you had your own children that was close to your school or on a good bus route for your job. But as your life changes, your neighbourhood might not be suitable anymore. Real estate shoppers will often upsize to a bigger home when they are relocating to a different part of that better suits their life’s needs.
It’s amazing how much furniture and collectibles you accumulate over time. As you amass more family and personal belongings, your current home can start to feel very small and cramped. Replacing old furniture for newer suites can also make your rooms feel cluttered if they are not big enough to fit your new purchases. If your personal belongings are outgrowing your home size, it is time to look for a bigger house.
Because You Can
A home is an investment and a reflection of your financial status. If you have spent your younger years attending school and climbing up the corporate ladder to build a successful career or business, it is time to reward yourself by purchasing a bigger house because you can. Upsizing to a bigger place will increase your assets while you enjoy the fruits of your labour.
If you are relocating to a new city or country for your job or family, you can take advantage of this opportunity to find a bigger house in your new region. Real estate prices vary from place-to-place. If your relocation destination has a favourable market, it is a great time to look at upsizing your home.
Your home is your sanctuary so it should be a place that you like going to and spending time in. A cluttered, cramped space is not enjoyable for anyone. If you are feeling confined in your current home, it is time to consider buying a bigger house. People upsize their homes for many reasons. A bigger house will meet your evolving needs. As your family dynamics change, your personal and professional life moves in different directions, and your hobbies and pets require more room, upsizing to a bigger house will give you the space you need inside and out to meet your life’s natural transitions.