Congratulations! A growing family is a wonderful change to look forward too. And upgrading your living space is a common reaction to a family about to outgrow their current space.
The new house may not cost more.
This might be counterintuitive to many but not all neighborhoods, communities, or cities are same. For example, owning a home in the right neighborhood in the heart of a city often demands a greater price than a home sitting in the burbs’. Are there tradeoffs? Sure. But don’t automatically assume a higher monthly mortgage payment simply because you need space for a cavernous man cave – I mean, spacious family room.
But, it probably will cost more.
Moving into a larger space often means having to fill that space – this means, more furniture and décor. This may also mean more house and landscape maintenance, high utility bills, and sometimes, higher transportation costs if moving a bit further from your place of employment.
Consider Your Timing.
Most folks do not want two mortgages – and in highly competitive markets, contingency sales are not ideal in winning your dream home. Speaking with your REALTOR® on how best to time your present home sale while shopping for your new home is the best place to start. Your REALTOR® will take into consideration up-to-date real estate data they have exclusive access, local trends, and using their professional experience, formulate a plan that best mitigates timing concerns.
Sell Before Your Buy.
Ideally, you’ll want to sell your home before you buy your next home. This represents a lot of moving parts and you’ll want your REALTOR® in the middle of it all to help coordinate the process. Resist the urge to celebrate your home as being sold simply because you have an offer – your home is not sold until it closes.
Consider Her Timing.
Getting in and out of the car, looking at homes, going up and down stairs, packing – let’s be honest, doing much of anything while you’re near your due date just isn’t a good time. Once the new baby arrives, time and energy will become an even more precious commodity. But, just because you’re not prepared to truly buy your next home until your present one sells doesn’t mean you shouldn’t look with your REALTOR®. Time looking at homes, hearing your likes and dislikes, sheds light on your personality and other intangibles often not expressed during the initial discussions regarding your needs/wants in your next home. You’ll find that as time progresses, your REALTOR® is able to really show you properties that hit all your points. And they’ll keep an eye out for your perfect home and be ready when your current home closes.