Downsizing is a commonly-discussed topic for those whose children have left the nest or for families wanting less room to maintain. Upsizing, in contrast, is frequently associated with growing families.  However, the need or desire for more room includes many additional scenarios.

The Challenges of Upsizing

Those desiring a bigger home will undoubtedly need to be prepared to pay more or alternately, move to an area where bigger homes are more affordable. To upsize comfortably, make sure your budget can manage the extra costs associated with a larger home that typically includes a higher mortgage, tax and insurance payments, as well as larger utility and maintenance expenses.

Not only will expenses typically rise, but so will the additional work needed to care for a bigger home with more square footage to clean and more expansive grounds to maintain. 

The Benefits of Upsizing

The most obvious benefit of upsizing your home is additional space allowing more room for anything from hobbies to recreation to an in-home office. Additional space can also make entertaining and accommodating short or longer term visitors easier as well.

Because a larger home frequently has a higher value than a smaller home, an additional advantage can include increased wealth especially as equity builds and the mortgage balance is reduced over time.

Upon its sale, perhaps corresponding to retirement years in the future when downsizing may again look attractive, a bigger and higher-valued home can provide a greater net profit and more cash at settlement – money that could be used to fund both a smaller home and excess funds to use for travel or other desired activities and pleasures.

Upsizing is a decision for families who want to weigh the benefits of purchasing a larger property against the corresponding challenges related to that reality which likely means both higher payments and extra work. For additional information regarding upsizing your home, feel free to contact me today for a consultation. I will be happy to answer any questions you may have, help you to find your dream home or determine the value of your existing property.

 

Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300
allyson@allyson.com

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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.    

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