Considering to Upsize Your Living? Here Are the Top Things to Consider

Upsizing your living space is a significant decision that involves careful planning and consideration. Whether you are looking for new condos for sale in Mississauga or new townhomes in Ajax, it is important to consider important factors linked with this decision. Also, whether your family is expanding, you are seeking more comfort, or simply want a change of scenery, here are the top things to consider before buying a bigger property:

Should You Sell First or Buy First?

When upsizing, one of the initial questions is whether to sell your current home first or buy your new one before that. Each option has its pros and cons:

Selling First: Selling your current home first provides a clear understanding of your budget. You’ll know exactly how much equity you have to put towards your new home, which can prevent financial strain. However, selling first means you might need temporary accommodation if you don’t find a new home quickly, which can be inconvenient and costly.

Buying First: On the other hand, buying first ensures you have a new home ready to move into, reducing the stress of finding temporary housing. The downside is that you may face financial pressure if your current home doesn’t sell quickly. This can potentially lead to a need for bridge financing.

Carefully assess your financial, market, and personal circumstances before deciding which path to take. Whether looking at new condos for sale in Mississauga or new townhomes in Ajax, make sure you take the right path.

How to Ready Your Smaller Apartment to Sell Fast?

To facilitate a swift sale of your smaller apartment, presenting it attractively is important. Here are some key steps:

Declutter and Depersonalize: Remove personal items and excess furniture to make the space appear larger and more inviting. A clutter-free environment helps potential buyers envision themselves living in the space.
Repairs and Upgrades: Address any necessary repairs and consider minor upgrades, such as fresh paint, updated fixtures, or modern appliances. These improvements can increase your apartment’s appeal and value.
Staging: Professionally staged homes could potentially sell faster and for a higher price. Staging can highlight your apartment’s best features and make it more attractive to buyers.
Professional Photography: High-quality photos are essential for online listings. Hire a professional photographer to capture your apartment in the best light.
Market Strategically: Work with an experienced real estate agent to list your apartment at the right time and price, using effective marketing strategies to reach potential buyers.

Consider the Higher Costs of a Bigger Home or Property

A larger home typically comes with higher costs beyond the initial purchase price. Consider the following additional expenses:

Increased Mortgage Payments: A bigger home will likely mean a larger mortgage. Ensure your budget can accommodate higher monthly payments.
Property Taxes: Bigger properties usually have higher property taxes. Research the tax implications in your desired area.
Maintenance and Utilities: Larger homes require more upkeep and maintenance, from yard work to general repairs. Utility bills for heating, cooling, and electricity will also increase.
Insurance: Homeowners insurance for a larger property will likely cost more. Get quotes in advance to understand the potential increase.
Furnishing and Decorating: More space means more rooms to furnish and decorate, which can add up quickly.

Consider the Lifestyle Change of a Bigger Property in a Different Area

Moving to a larger property often means relocating to a different neighborhood or even a new city. This change can significantly impact your lifestyle:

Commute and Accessibility: A bigger home might be further from your workplace, schools, or other amenities. Consider the impact of a longer commute and less convenient access to daily necessities.
Community and Social Life: Moving to a different area can affect your social life. Consider the community vibe and whether it aligns with your lifestyle and values.
Schools and Services: If you have children, research the quality of local schools. Also, look into the availability of healthcare, shopping, and recreational facilities.
Safety and Environment: Evaluate the safety of the new neighborhood and the overall environment. A quieter suburban area might offer more space but could lack the vibrancy of city life.

Do You Really Need the Extra Space?

Before committing to a larger home, critically assess your need for extra space. Ask yourself the following questions:

Current Space Utilization: Are you fully utilizing your current space? Sometimes, reorganizing or remodeling can address space issues without requiring a move.
Future Needs: Consider your long-term plans. Are you expanding your family or starting a home-based business? Ensure the need for extra space aligns with your future.
Lifestyle Preferences: Do you prefer cozy, manageable spaces, or do you thrive in larger, open areas? Reflect on your personal preferences and how they affect your daily life.
Cost vs. Benefit: Weigh the costs of upsizing against the benefits. Will the extra space significantly enhance your quality of life?

How Would Life Be in a Bigger Property Five Years Down the Line?

Imagining your life in a bigger property five years from now can help determine if the move is the right decision:

Family and Lifestyle Changes: Consider potential changes in your family dynamics, career, and lifestyle. Will the larger home still suit your needs?
Market Value: Think about the potential appreciation of the property. Research market trends to ensure your investment is likely to grow in value.
Personal Growth: Reflect on how you and your family might grow personally and professionally. Will a larger home support your goals and aspirations?
Sustainability: Consider the long-term sustainability of maintaining a larger property. Are you prepared for the ongoing financial and physical demands?

Trust Condos Can Help Find the Perfect Property in Toronto

When looking for the perfect bigger property in Toronto, Trust Condos is a real estate agent you can trust. We have over a decade of experience offering the best advice on buying and selling property in your city. Also, our expert real estate agents have helped families upgrade to bigger houses, condos, and apartments around the GTA region.

Whether you are looking for new condos for sale in Mississauga or new townhomes in Ajax, we will help you find the perfect property to fit your requirements. So, why wait? Get in touch with us today and find the best move-in-ready, bigger property listings in Toronto.

The information on this blog is based on our experience. Readers/Users are strongly recommended to obtain independent property, mortgage, legal, tax or accounting advice. The information displayed is for reference only and is without any representations and warranties.