Are you ready for an upgrade? When you bought your current home you may have known it wasn’t your forever home, or maybe it was perfect at the time, but since then life has taken you in a different direction. Every move up the real estate ladder can become just a little more complex. You need to reconsider financing, coordinate buying and selling, and then there is the actual move! The best thing you can do is partner with a Calgary Realtor® experienced in helping families navigate the complexities of a move up, so that the process of selling your current home and finding your next dream home is as seamless as possible. Our team is here to guide you with our market knowledge and with some questions to consider as you explore upgrading.
What Does Move Up Mean For You?
The very first question we will ask you, and an important one to ask yourself is: what does a move up look like for your family? Are you looking to make the leap from condo living to a single-family home? Have the little people in your family outgrown all available space? Are you looking to find your dream home in a better, more exclusive neighbourhood? Maybe all of the above…
Whatever your reasons for deciding the time to move up is now, having clarity on what your next ideal house is will help us design a strategy to get you home. Here are a few more questions to consider as you plan your move up.
1. How Much More Can You Spend?
A move up isn’t always more expensive, but even a lateral move will cost you money in real estate fees, lawyer fees, inspections, and other closing costs. Are you prepared to make a more significant down payment to maintain your monthly mortgage costs? Can you afford the higher property taxes and utility fees of a bigger home? Are you able to borrow more now than you were years ago thanks to hard work and success in your career? Starting your journey to move up with a clear and accurate snapshot of your financial health will help you focus your search on properties that make sense for your budget.
2. Where Are You Headed?
Do you swear to your partner that “This. Is. The. Last. Time. I. Am. Ever. Moving… Ever”? This next home purchase is meant to be your forever home. Or is this a home that should serve you for 10 or 15 years until your little chicks fly the coop and you move on to your next big adventure? Is this a transitional home that needs to work for your family for five years until you have positioned yourself for the next move up? It is important to think about how this house needs to work for you now, but it is insightful to consider how your life may continue to change in the coming years so that your investment can serve you well today and in the future.
3. Buy Or Sell first. Which Is Better?
This is a loaded question! There are many factors that can impact the decision to buy or sell first:
- What are the current market conditions? A seller’s market might mean your current home sells fast, leaving you scrambling to find a home to purchase. A buyer’s market might present the home of your dreams at a great price while your current home sits on the market with no offers.
- Can you afford to carry two mortgages? This can be a solution if you need some time to close both transactions.
- Can your mortgage provider offer bridge financing? When you are in good standing with your lender, this temporary financing option may be able to help cover costs to span the time between buying and selling.?
- Do you have a plan B? Can you move in with family or rent a home for the short term while you navigate buying and selling?
Your Calgary Realtor® can help you understand the conditions that may affect your purchase or sale and design a strategy to market your home effectively for a favourable sale while helping you find the best home for you to purchase.
Is It The Right Time For A Move Up?
As we said, the best strategy when considering a move up is to partner with a knowledgeable and skilled Calgary Realtor®. With these careful considerations and the experienced insight of your Realtor® partner, you can leverage all of the information you need to make the best decision for your family and your investment. When you are ready to start exploring your options for upgrading your family to the next, best home, connect with our team by calling 1-403-863-7434 or through our online contact form. Whatever your move up property looks like, The Tanya Eklund Group can guide you to find the perfect place to call home.
