Step Up to Your Dream Home: A Guide to Upsizing

Learn what you need to know about upsizing your home.
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Introduction to Upsizing

Upsizing your home can be a big step with many great benefits. A better home can provide you with more bedrooms and space, a flowing layout, and improved amenities. It can also increase your overall quality of life, and even be a smart financial move. However, before you take the leap and start looking for a bigger home, there are several factors to consider.


Needs and Lifestyle

Assessing your current and future needs, including space, layout, and amenities, will help you identify the type of property that will best suit the lifestyle you need.


Budget and Financing

Understanding your budget and assessing your creditworthiness, will help you determine your mortgage options and ensure you can afford your next property.


Location and The Real Estate Market

Understanding the local real estate market will help you gauge the price range and availability of properties in the areas you are interested in.


The Process and Hiring the Right People

Understanding the legal documents involved in buying and selling property and preparing for the move to minimize stress is easier with the right real estate agent.


Selling your Current Home

For many people, buying another home and holding two mortgages is typically not feasible. Starting the process of understanding your timelines and current home's value is an important step.

Needs and Lifestyle

Once you have considered the factors that are important to you when upsizing your home, the next step is to assess your current and future needs.

This includes evaluating the amount of space you need, the layout of the home, and any specific amenities that are important to you and your family.

To determine your current and future needs, you can:

  • Make a list of the things you like and dislike about your current home, and what you would like to have in your new home.
  • Consider the lifestyle changes you may experience in the future, such as having children, starting a home-based business, or caring for aging parents.
  • Take into account the number of bedrooms and bathrooms, as well as the size of the kitchen and living areas.
  • Think about any special features you want, such as a pool, a large backyard, or a home office.

It's also important to determine your budget for the purchase of a new home. This will help you narrow down your search to properties that are within your price range. Keep in mind that you'll also need to factor in the cost of closing, moving, and any repairs or renovations that may be needed.

Assessing the value of your current home is also crucial before upsizing. This will give you a better understanding of your equity and how much you can afford to spend on a new home. You can do this by getting a home appraisal or asking a real estate agent to give you a rough estimate of your home's value. Check the value of your home in 30 seconds or less.

By assessing your needs, determining your budget, and evaluating the value of your current home, you will have a better understanding of what you are looking for in your new home and what you can afford.

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Why Upsize Your Home

We have helped many clients move to a better home for them over the years. Here are just some of the reasons why our clients have upsized their home.

  1. Growing Family
  2. Need for more space
  3. Desire for a home office or dedicated work space
  4. Wanting a larger kitchen or outdoor space
  5. Needing a home with more bedrooms or bathrooms
  6. Wanting to be in a better school district
  7. Desire for luxury amenities or upgrades
  8. Need for a more accessible home for aging in place.
  9. Wanting to move to a more upscale neighborhood
  10. Needing more storage space
  11. Wanting to invest in property for rental income
  12. Needing a home with a separate living area for guests or family members.

Financing & Budget

When upsizing your home, it's important to have a clear understanding of your budget and financing options. This includes:

  • Understanding the different types of mortgages: There are various types of mortgages available, such as fixed-rate, adjustable-rate, and government-backed loans. Each type has its own advantages and disadvantages and it's important to understand the terms and conditions of each before making a decision.
  • Assessing your creditworthiness: Your credit score and debt-to-income ratio will play a big role in determining your mortgage options and the interest rate you will be offered.
  • Finding the best mortgage rate: Shopping around for the best mortgage rate can save you thousands of dollars over the life of the loan.

It's also important to remember that you will need to have enough savings for a down payment and closing costs. These costs can vary, but typically range from 3-20% of the purchase price of the home. You can also consider options like mortgage insurance or using a government-backed loan to reduce the down payment required.

Getting pre-qualified or pre-approved for a mortgage before starting your home search is important. It involves providing information about your income, assets, and credit history to a lender or mortgage broker, and they will provide an estimate of the amount of mortgage you will likely be able to obtain. It gives you a better understanding of your budget, makes you an attractive candidate to sellers, and can expedite the mortgage application process when you find a property you want to make an offer on. 

By understanding your budget and financing options, you will be able to make an informed decision and find the best mortgage to fit your needs.

Location and The Real Estate Market

Now that you have assessed your needs and determined your budget, it's time to start searching for properties that fit your criteria. There are several ways to do this, including:

  • Searching online: Many real estate websites allow you to search for properties by location, price, number of bedrooms and bathrooms, and other criteria. Set up your custom MLS search with us, click here to get started!
  • Hiring a real estate agent: An agent can help you find properties that match your needs and can also provide valuable information about the local real estate market.
  • Attending open houses: Open houses allow you to see properties that are on the market and get a sense of what's available in your price range.
  • Drive neighborhoods and start touring homes to see what you like and do not like. Click Here to schedule a time to view a home you want to see now!

It's important to understand the local real estate market and how it may impact your search for a new home. For example, if the market is currently a seller's market, you may face more competition for properties and may need to move quickly to make an offer or use specific strategies your agent will recommend to increase the chance of your offer getting accepted.

Hiring a real estate agent can be helpful throughout this process. An agent can provide valuable information about the local market, assist you with your search, and help you navigate the purchase process.

By finding the right property that fits your needs, budget, and lifestyle, you will be well on your way to successfully upsizing your home.


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Buying Process and Hiring the Right People

When you have found the right property that meets your needs, budget and lifestyle, it's time to make an offer and move forward with the buying process. This section will discuss the steps involved in negotiating the purchase price, handling the closing process, and understanding the legal documents.

Negotiating the Purchase Price

  • When making an offer on a property, it's important to consider the current real estate market conditions and the property's condition and location. Your real estate agent can provide guidance on what a fair offer would be, but it's ultimately up to you to decide how much you're willing to pay. Once an offer is accepted, the purchase price is set, and the process of closing the deal begins.

Handling the Closing Process

  • The closing process can vary depending on the state and local laws, but typically includes a review of the purchase agreement, a home inspection, financing/appraisal, and a final walk-through of the property. There are costs that you may be required to pay before the closing such as the inspectors fee or appraisal charge. Other costs at the closing are mortgage origination fees, title search fees, and other prorations. Once all the paperwork is completed, the property will officially be transferred to you. Have questions about closing costs, reach out to a team member of the Red Tree Team at 207-386-8196

Understanding the Legal Documents

  • During the closing process, you will be required to sign several legal documents, including the purchase agreement, disclosures, and the mortgage documents. It's important to review and understand the terms and conditions of each document before signing. Your real estate agent can provide guidance on aspects of buying a home and help you understand the documents you'll be signing. For legal advice it is always recommended to speak with a licensed attorney. 

It's important to note that, it's important to work with a real estate agent to help guide you through the process and make sure that everything is done correctly. With their help, you will be able to make an informed decision, negotiate the purchase price, handle the closing process, and be on your way to owning your dream “Upsized” dream home.

Selling your Current Home

Before you can close on your new upsized home, you'll need to sell your current home. The process of selling your home can be a bit more complicated than buying a new one, but with the help of a professional real estate agent, it can be done quickly and smoothly.

Visit our Guides and Downloads page and review out Home Sellers Guide to understand how to best sell your current property.

It's important to note that you may need to sell and close on your current home before you can close on your new one, unless you can get financing for both. The Red Tree Real Estate Team can help you prepare your house for sale and provide a value on what it can sell for to help you budget for your new home. Contact us today at 207-386-8196 for a free home evaluation and let us help you get started on your upsizing journey.

In Conclusion

Upsizing your home can provide numerous rewards such as more space for your growing family, a home office or dedicated work space, a larger kitchen or outdoor space, and luxury amenities or upgrades. It's important to remember that upsizing is a big step and requires a lot of planning and preparation.

Here are some tips for a successful move:

  • Start planning early and give yourself enough time to prepare
  • Make a list of what you need and what you don't need, and start decluttering
  • Hire professional movers or rent a moving truck to ensure that your belongings are safely and efficiently moved
  • Don't forget about the logistics of the move, such as updating your address and utilities

The Red Tree Real Estate Team is here to provide you with additional information and support throughout your upsizing journey. From assessing your needs and budget to finding your dream home and handling the closing process, we are here to guide you every step of the way. Contact us today at 207-386-8196 for more information.