Julie and Daniel Desrochers from Desrochers Realty Group and EXP Realty break down the scenarios where you might want to upsize, downsize or stay in your existing home.
Their thoughts and recommendations are below!
With the spring market coming now is the time to assess what your housing needs are. If you are going to move you should start looking at different options before you list your home and have a plan in place. Work with a good realtor to come up with a plan
Step 1: Get an accurate analysis or what needs to be done to your home to put it on the market and what the value is so you can assess what you will get from it.
Step 2: Talk about your different needs in what you want out of a home and start looking at properties. Look online and actually go visit them. We would suggest doing this to get a sense of what is on the market before you commit to listing your home.
Step 3: Once you feel confident in the routh you want to take you can get more serious about listing your home and purchasing a new one or maybe you decide to stay put and remodel or add on.
Empty nesters scenario: May think they want a smaller house but need to assess what they want in a home. Do they now have grandkids and the family comes over a lot so they need bedrooms for the grandchildren to spend the night in and a large kitchen and dining room for family and holiday dinners, downsizing may not be the right thing. They may find it makes more sense to stay out or buy a similar size home that is laid out better. Also, downsizing doesn’t always mean the hone will be less expensive
Growing family scenario: Couple has one child and another one on the way. Sometimes we see people moving from their smaller house in the city to a larger newer home in the suburbs but sometimes we see that family stay put and add an addition or finish additional unfinished space in the hone like a basement. If our clients are city people and really live that lifestyle, sometimes moving to the suburbs is not the best option. If you are going to renovate, finish additional space or add an addition it is important to talk with a realtor before you do anything. They will be able to advise on what are the best things to do per the value of your home. You may not want to add a big addition to your house only to find out that you are now much more expensive than all the homes in your neighborhood and you will get little of that money back when you sell, or if you are going to stay in the home for a very long time then it may make sense to go for the addition.
Aging parents moving in with you scenario:
We are seeing a lot of family members buying or building a home together with their aging parents. Instead of those parents downsizing, moving into a condo or assisted living we are seeing a lot of people joining households. Sometimes parents are only living in the cities half the year and are down south in the winter. Options could be an addition a in-law suite onto your existing home or buying a new home that has one or building a new home that incorporates one. We are seeing a lot of builders coming out with stock plans that are geared towards multigenerational living.Will share examples
Everyone’s situation is different so the best things you can do is work with a realtor you trust and knows the market that can advise you on your best options.