You may have purchased your dream condo a few years back, yet suddenly your space might start feeling packed with the arrival of pets or children. The purchase of a new home can sometimes feel tricky; as a matter of fact, upsized living comes with upsized costs. Having said that, it helps to consider a few factors in mind to make the transition from a condo to your very first home smooth.
Enlisted below are 5 tips that can help new home buyers start their journey on the right foot.
Consider Your Time Horizon When Upsizing
When it comes to upsizing from a condo to a house, you must first consider sitting down with an advisor and coming up with a plan. Most people are thrilled by the idea of purchasing a new property, so much so that they easily forget to budget for upfront costs. The best way to decide whether it is an ideal time to buy a new property or not is to set financial goals and budget that will help you get there.
If you are a few months or years out from your purchase, you will have the opportunity to look ahead, and budget thoroughly.
Set Up An Emergency Fund
Moving to a new house definitely calls for a huge celebration. It also means an array of new costs for issues that might arise. Beyond the larger down payment, common increased costs include increased commute costs, larger utility bills, large furniture, property taxes, general repair, and maintenance.
Having an emergency fund is vital and can save you from the inevitable stress of gathering cash to pay for last-minute emergencies.
Know What Want: Think Critically About Your Goals
Yes, we understand it. You want more space. But have you thought how big?
Before you hit head-hunting trail, take a moment to sit down and decide what you really, actually need. Do you need bigger rooms or bigger baths? Do you need an outdoor kitchen? Do you want to accommodate your nuclear family, or do you want to designate some more space for guest rooms? Do you want a home that is easy to maintain or a Tudor-style home that offers a relaxed lifestyle?
In short, have a plan at hand, and look for a property that works well into it.
Check For Repairs and Maintenance
When you buy a property, you have to think about the cost of repairs and maintenance that comes with it. From structural issues to electrical issues, these repairs can be extremely costly. In short, for protecting yourself, you will need a pre-purchase home inspection.
While many homeowners openly talk about their past repairs and the general condition of the house, some of them are not even aware of the underlying problems that exist. A thorough, professional home inspection of your new property can help ensure that your new home is well-maintained. It will also help you save time and money in the future.
Consider The Resale Value
Upsizing only means profit when you choose your location and home wisely.
Sure, you love the idea of living in your dream home, and once you find it, you will want to stay forever. But, what if you have to downsize or relocate a few years from now. To make sure, you don’t face any challenges in such a situation; you should always look at your new home through the eyes of future potential buyers.
This means doing thorough research about what most buyers want and keeping the points in mind when out for house hunting. And trust us when we say this, that’s the flexible space you have.
So, make sure you keep the latest buying trends in mind as you check the listings.
Upsizing from a condo to a house isn’t as easy as pie. But that doesn’t mean, it has to be stressful. With a bit of preparation and advice from the experts, you can ensure that you start your newest journey on the right foot.