When To Downsize, Upsize, or Upgrade Your Home
When people reach transition stages in their lives, such as retirement, empty nest, job transfer, family growth, or desire to relocate to a different community, it is important to be aware of market conditions, availability, prices, and financial considerations in making changes in your current living situation. Our Boston Metro Area residential real estate brokerage has all the information you need to make the wisest choice in determining your next move in Massachusetts.
If you are getting ready to retire and realize you do not need to remain in your existing home for proximity to your job or your children’s schools, perhaps you wish to downsize. Maybe the repairs and cleaning of a large or older home becomes too much to handle. Moving to a smaller or lower-priced property may afford opportunities for travel, hobbies, or future expenses.
If you pay cash for your new home, you will not have a mortgage payment. This allows you to potentially utilize your home’s equity with a reverse mortgage, should you require steady monthly income for future medical care, home assistance, or other needs. A smaller home reduces your utility costs and is easier to maintain. You may potentially have lower tax and property insurance bills as well.
When a different community becomes more attractive because of changes in your neighborhood, common area amenities, convenience to services, etc. you may want to take the profit from your existing home and invest in a home more suitable to your needs or desires. You may wish to consult with a listing or buyer’s agent to determine the current market value for your existing and potential home, and to advise you regarding exchanges, financing, tax consequences and other factors to consider when buying or selling a home.
If you are in a home where there is insufficient storage space, bedrooms, yard or family space, perhaps you are considering upsizing or upgrading your home. Maybe you need space for in-laws, new babies, a bigger yard, or you have sufficient equity to buy a new home or upgrade your existing home to better serve your needs. It is important to be aware of what is available within your desired area in terms of inventory, home sizes, amenities and prices; as well as what your existing home is worth.
If you love your location, but not your floor plan; you might consider upgrading instead of upsizing your home, to make it more functional and livable for your current needs. It is wise to obtain remodeling bids from experienced, licensed, and recommended contractors to determine the cost versus value of remodeling your home compared to purchasing a new home that may suit you better.
An analysis of the current value of your home as-is, the value with any proposed upgrades or improvements, and the cost of comparable properties in the market is crucial in determining whether you want to upgrade your existing home or upsize to a larger home. An experienced real estate agent or brokerage firm in your market is your best option for making an intelligent, informed decision. If you are looking to downsize, upsize or upgrade in the greater Boston Metro Area, reach out to Dwell360. We are experts in the local market; and are here to help!
