Home upsizing. Two words that are certainly less spoken than it’s opposite. Sure, there’s a lot of information out there about downsizing. But, what about the other side of the coin? After all, there are some people who do find themselves in this very situation. For one or more reasons, their current properties just are no longer sufficient. Of course, this doesn’t happen all the time. However, it remains a reality for some that others will face in the future. So, let’s take a look at home upsizing and what you need to know about it.

Buy a Bigger Home or Renovate?

Let’s first begin with an old, common choice. Is it better to stay in the current house and just renovate and/or add-on or is is best to upsize into a bigger home? Here’s the way you decide. First, do a little research by starting with recently sold homes in and around your neighborhood (or another neighborhood that’s very similar). Include homes sold in the past few months, with the same number of beds and baths.

“A study commissioned by the nonprofit urban leadership firm CEOs for Cities found that homes within walking distance of schools, malls, parks and other amenities are worth more than those in areas where you have to drive to get anywhere.” —Realty Times.com

Those comparable properties should also have some or all of the same amenities (like a swimming pool). Now, average the selling prices and that’s a strong indication of what your own house is worth right now. Compare it to other houses on the block. If it’s already one of the largest and most expensive, you should sell and buy a bigger house. But, if it’s at the other end of the spectrum, then it might be worthwhile to do some upgrading. The point is not to “over-build” for the neighborhood because it will be very difficult to sell.

Home Upsizing Signs to Know

Now, how exactly do you know when it’s time for a home upsizing? What are the legitimate reasons for such a move and not just an excuse to get into a larger property? Well, the answer is mostly in the logistics. Here are the home upsizing signs you need to know about:

• You’ve outgrown the space. We’ll begin with the most obvious sign — you’ve outgrown the house. That means you’ve really outgrown the space. You have more than one child in a room or an elderly parent is likely to move in sometime in the next few months. Or, it could be you’re getting married and your personal possessions combined will just need the extra space. The signs should easily be right in front of you.
• The neighborhood doesn’t suffice. If your neighborhood is changing and you don’t like where it’s going, that too is a sign it might well be time for a change. You might want to live in a safer community or are ready to move on from your starter home.
• You need an extra room right away. Perhaps you need an extra room because you’re telecommuting. Or, a side-hustle now requires a dedicated home office. Whatever the reason, you need another room and a room-addition is just to disruptive and too expensive to undertake.
• It’s not worthwhile to renovate your house. Okay, so let’s revisit the point made above — overbuilding. If your current home is at the top of the neighborhood in the terms of size and price, it’s probably best to move up in house and avoid spending money on remodeling.

If you are considering buying or selling a home in Orlando, contact us for the latest market information. We’ll also provide you with the right advice about the local real estate market so you make the best decisions.