If you need assistance, please call 703-743-4410

Should I Upsize My Home? Major Factors to Consider

Friday, August 19, 2022   /   by Laura Larson

Should I Upsize My Home? Major Factors to Consider

You might need extra space because of holiday visits from relatives because your own family is expanding, or just because you need more room. It's not just you. From the 1970s to the 2010s, the average square footage per person in the median new home in the United States approximately doubled.

Whatever your motivations for considering an upsize, there are a lot of things you should think about. Although all of the following suggestions still hold true if you're trying to move up from a rental, they still apply to current homeowners as well. Let's examine a couple of the significant ones.

Which elements would you preserve and which would you modify?
Make a thorough inventory of your current residence. It's likely that you made your decision for a valid cause. What aspects of it do you like? How is the setting? What about the surrounding area? Are there enough restrooms here? Totally dependent on that breakfast nook? Note everything down.

List the changes you would make now. Or would you prefer extra bedrooms and a backyard? Is a specific community or neighborhood a deal-maker? Use a checklist to keep track of your concerns as you analyze both the aspects of your present home that you appreciate and the ones you would change. This can be quite helpful in determining requirements and must-haves for your next transfer.

Is now the ideal moment to upgrade?
Real estate prices are significantly influenced by a number of variables that are continually changing, including demographic trends, interest rates, the health of the economy, and pertinent government incentives. When weighing your upsizing options, it's a good idea to keep a few key considerations in mind.

Start by researching the property values in your neighborhood and the rents in the areas where you want to live. It pays to be aware of how prices are changing, regardless of whether you want to relocate across the nation or just down the block.

New construction, existing home, or remodel?
If you’re set on upsizing, you’ve got options.

Custom home construction
A bespoke home being built from scratch might be an appealing choice, particularly if you have a very specific wish list. Building a new house, however, will restrict your choices to those areas where new construction is feasible or where you may locate a good opportunity for a teardown. Your decision-making process will be greatly enhanced by bespoke house construction. Making an estimation of the time it will take to construct your home and budgeting for negotiations and collaboration with an architect and builder are both important.

Spec and tract homes
Speculative homes, also known as "spec homes," and tract homes provide a way to avoid some of the difficulties involved in a custom build. However, it should be noted that these homes typically have features and finishes that the builder believes will appeal to the largest number of potential buyers, and they are frequently constructed before a buyer has committed.

Existing homes
When looking to upsize in or near a larger urban region, existing home inventories offer the greatest location options, but they are typically less flexible to buyers with lengthier lists of precise requirements. If location is a top issue for you, be prepared to reduce some of those home-specific wishes.

Remodeling, which entails changing your home's layout and/or functionality, can be a more inexpensive option for homeowners than upsizing. If you're considering remodeling or moving, the true question you should be asking is: Can I fix the things I don't like about my present home with a remodel?

If you wish to modify your commute or area, remodeling won't help much. Additionally, some adjustments won't be achievable at all, while others would be difficult to implement. Before the work begins, you should carefully estimate the cost of any remodeling projects since, without proper planning, costs can quickly get out of hand. However, if all you need is an extra bedroom or more space, it's worth taking into account.

Owning the land around your home gives you the option to build additions or an auxiliary dwelling unit, provided that these developments comply with HOA and local zoning regulations.

Bottom Line
One of the biggest expenditures you'll ever make is likely to be an upsize. Making ensuring your new house continues to satisfy your needs for many years to come will require careful consideration and consideration. If you are considering upsizing, contact Laura Larson she will evaluate your home and provide valuable tips about how to proceed to get more for your investment.