Moving Up To A Larger House? Avoid These Mistakes!
Sometimes in our lives we have the opportunity to move up and into a larger place to start the opulent life we have always dreamed of. Sadly, this is hardly ever as simple as choosing a new house and buying it. There are plenty of things you might want to consider unless you want to go bankrupt long before your removal van even starts on the way to that dreamt-of lifestyle. Money is always the biggest problem in these situations and you need to know all the issues that could arise so that you can deal with them when you have to.
Sell Before You Buy
Procrastinate sealing the deal for your new house as much as you can until you find a certain buyer for your old house. Always sell before you buys as you will need every penny of the budget to pay for your new home and to maintain a larger house lifestyle. Don’t go to that next phase on credit, and wondering how to pay the mortgage. You need to sell your old house at the best price possible and then think about calling up that man and van hire.
And speaking of mortgage, never underestimate the importance of getting a pre-approval for the mortgage of your new home, and securing a loan that will help you acquire that new house.
Realistic Income/Outcome Expectations
Think realistically when thinking about how much money you will need to maintain the lifestyle at your new place. You might think that it will be the same place, just newer and bigger, but that is hardly ever the case. When living in a big house people often get on a shopping spree to get something to go along with your new house, why not something more luxurious that what you are used to. Or you might just feel the need to decorate the place with some extra things since all the items from your old place are not enough to cover up all the extra space. Finances often become a problem simply because people get turned on by the idea of filling up all the space in their house with something. And nobody is saying don’t do it – decorate, but think smart when doing it.
Use A Real Estate Agent
This is a must when you are trying to juggle between finding a new home and selling the old one in a tight timescale. You have your own things to do, like work, family, etc., and you cannot burden yourself further with market research and dealing with potential customers. Get an experienced real estate agent to do all that for you before you make some costly mistake. They are experts at looking for buyers and sellers at the right prices, and will help you immensely during your moving house process. Agents can also help you get better mortgage and load deals as they have enough experience in this area to know where to look for one.
Think hard about your finances before making that big step and calling the moving or man and van company. You can stay humble even after moving to the new place. Set your feet on the ground, make sure they are steady and only then start thinking about adding that extra opulence to your life.
#luxuryhomes
About the Publisher
Bo Kauffmann is a residential real estate agent with over 18 yrs experience in helping buyers and sellers achieve their goals. Inducted into the REMAX Hall of Fame in 2010 and receiving the REMAX Lifetime Achievement Award in 2019, Bo has sold over 500 houses and condos in the Greater Winnipeg market. He is an accredited buyer representative (A.B.R.) and a Luxury Home Marketing Specialist.
Bo provides exceptional service to First-Time Home-Buyers, Seniors looking to downsize and Home Sellers of all ages.
He can be reached easily By E-Mail or call/text him Call/Text Here
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Macy D.
This may sound like a stupid question but I have always wondered does bigger mean better in home buying? If I move to a larger home will it automatically be more valuable than a smaller home?
Angelo
Thanks Bo, we are shopping for a new home right now and will definitely keep your tips in mind.
Mervin S.
When decorating a larger home, you can actually find a lot of great gently used furniture at garage sales, foreclosure sales, moving sales, or used furniture stores. These a just a few ways to fill up your new home without breaking the bank!
Bo Kauffmann
Great advice, thanks Mervin…
Kevin
Yeah man that’s some cool tips! You can also look on the free giveaways section on sites like craigslist and backpage and find people giving away free furniture TVs and all kinds of stuff!
Tammi
Yeah money is the biggest problem in most every situation. If you don’t handle it right, it will handle you wrong!
greta
Sell before you buy is a great tip, but it’s not easy. Anyway I’m trying to do the same, as I’m about to buy a bigger house. Finger crossed and thanks for the advice!
Effie Shober
Great tips! Sell before you buy sounds like sheer common sense, but guess the numbers are surprising at how many people fail to take this crucial step – and wind up in financial ruin as a result!
Amber
You mention the potential extra expense of redecorating and other shopping that may happen as a result of the move, but do not mention the increased utility expenses that come with heating and/or cooling a larger home. It’s very important to keep in mind that when you have to control the temperature in a larger environment it will most likely use more energy and as a result cost more money.
Dawn
Remembering to sell before buying is advice that everyone in this situation should heed. No one wants to move onto a bigger house and end up losing it because of mortgage issues.
Isabel
I agree with your tip: sell before you buy. Imagine being stuck with two homes and mortgages! Not a smart move at all. If you can’t sell, why buy another? Better to live within your means than losing everything for failure to keep up with payments.
Bo Kauffmann
Yes, thank you. Very prudent advice
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