There are roughly a thousand and one online articles and resources about downsizing, largely aimed at retiring baby boomers looking to cut costs and move to more manageable residences. But what about the opposite? What about upsizing, a process that isn’t discussed nearly as much as it should be?

A popular choice for young homeowners aiming to start a family, upsizing involves selling your current home for more space. While this might seem like a cut-and-dry process of forking over more money, upsizing involves special considerations and quality professional help. 

In this post, let’s explore the right way to land yourself in a bigger home

Find Experienced Realtors

The first step in any real estate transaction should be lining up your representation. But the services of a quality real estate agent are doubly important when upsizing. Your realtor will be a guiding mentor and advocate through not one but two transactions. They will help you net the highest possible profit from your home sale, and search tirelessly for a good deal on an upsized home (more on that below). 

 Don’t cut corners in this part of the process – look for the best. For instance, if you live in Toronto, search for top Toronto realtors online and comb through your options to find the perfect match. 

Start with a Comprehensive Home Valuation

Now that you have a quality realtor in your corner, your first order of business will be a home evaluation. Essentially, you need to zero in on a likely dollar amount for your current home before you can start shopping for an upsized place. This will help guide your budget and decision-making process. 

Ensure that this valuation is comprehensive and accurate. (I.e., don’t rely on one of those free AVMs to do the job; they’re neat as a homeowner resource, but unreliable as a budgetary benchmark). upsize

Decide: Floating Two Mortgages or Adopting Contingencies

Now, it’s decision time. Are you in the right financial spot to carry two separate mortgages? If so, you can freely look for a home while you start the process of selling your old one. 

If you can’t float two mortgages at once, don’t be disparaged. The other option is to include a home sale contingency in your agreement to ensure you can settle your old home to finance the new one. You may need to work this contingency into both your seller’s and buyer’s agreements, which can potentially scare off some prospects. Again, chat with a trusted realtor and financial advisor about the best plan of attack. upsize

Set a Budget and Work with Your Realtors for Hot Deals

You have a likely sale price and a plan. The next step is setting a budget. Use an online affordability/mortgage calculator to arrive at a manageable figure, ensuring that you don’t overextend your monthly costs. 

Next, work closely with your realtor to find deals in this price range. With some creative searching and patience, you should be able to find that diamond in the rough. Similarly, a popular way to upsize is to find a relatively inexpensive fixer-upper and take out a home renovation mortgage/home improvement loan. Once again, not to sound like a broken record, but these are considerations best explored alongside a knowledgeable realtor and financial advisor. 

Upsizing can seem scary at first glance. However, with a bit of know-how and the right people in your corner, the process should be friction-free. 

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