Avoid these mistakes when moving up to a larger home

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Moving Up To A Larger House? Avoid These Mistakes!

Avoid these mistakes when moving up to a larger home Latest Posts Winnipeg Home Buying News & Tips 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

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Isabel
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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.

Dawn
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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.

Amber
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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.

Effie Shober
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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!

greta
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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!