Top tips for move-up buyers
Move up buyers include many types of people: growing families needing more space, couples with grown children who want a smaller home closer to urban amenities, or multi-generational families living together who need a home with both space and privacy.
If you’re thinking about whether the time is right for a change, moving up begins with a careful understanding of your needs and wants:
Get an accurate picture of your financial situation.
How much of a mortgage payment can you reasonably afford? Factor in other debts and expenses as well as long- and short-term savings goals like postsecondary education expenses for the kids and retirement for you.
…about how much you can sell your home for and how much of the proceeds you’ll have available for a down payment on your next home.
Know your financing options.
Many mortgages are portable between properties, and may have a “blend and extend” provision allowing you to keep a favourable rate. Also, getting pre-approved for a mortgage means you’ll know how much house you can afford.
Be specific about your needs.
If you have two kids with another on the way, be on the lookout for houses with plenty of bedrooms and areas to entertain and raise growing children. Take play and study spaces into account.
Consider the neighbourhood.
If you have kids, check out the reputation of the schools that your children would be attending. And finally, factor in the neighbourhood’s proximity to work, shopping, restaurants, and other important places you’ll be frequenting.