If you feel like you have outgrown your home, you may be considering upsizing to a larger dwelling.
Which can definitely be the right move—but can also be a big mistake, depending on how you manage the process.
So what, exactly, are some of the mistakes you will want to avoid when buying a larger (and more expensive) home?
A recent article from realtor.com outlined common mistakes buyers make when upsizing to a new home, including:
Rushing the process. You may be in a rush to get out of your too-small quarters—but rushing into any home purchase, particularly a new, larger, and more expensive home, is never a good idea. Make sure to give yourself plenty of time to do your research, understand the market, and find the perfect property.
Thinking you need more space than you actually do. You might think you need more space—but what you really need is a better layout or less stuff. Before you jump into upsizing, make sure to assess your current space and determine what is not working. That way, you won’t upgrade to a larger home and find yourself facing similar issues (like a layout that doesn’t work for your family, or inadequate storage to keep your belongings organized).
Spending too much on furnishing your new home. When you upsize to a bigger home, there’s more space to fill. And many buyers think they need to immediately fill that space with furniture, decor, and other home items—and find themselves in a challenging financial situation as a result. If you do upsize, remember that there is no rush to furnish and decorate your home immediately; instead, give yourself time to settle into the new space—and only buy new things if and when you need them.
Thinking of upsizing? Let's connect. We can help you sell your current home and find your new dream home, maximizing your return-on-investment while minimizing your stress!