Should I upsize? 5 things to think about before buying a bigger home
With the pandemic putting space at a premium, more square footage is on everyone's wish list. Whether you need room for a home office or extra space for your workouts, are looking to accommodate a growing family, or you just want a little more room to spread out, moving to a bigger condo or a house is a popular choice these days. But like any move, transitioning to a larger home has a few challenges.
Challenge #1: Deciding whether you should buy first or sell first
This can be a tough decision. If you’re moving from a property type that takes a while to sell to one that’s getting snapped up fast (e.g. a condo with no outdoor space to a detached house), you’ll probably want to sell before you buy. But here’s the challenge: you also don't want to buy first and then have the stress of trying to sell in a limited time frame.
“I usually counsel my clients to sell first,” says Cameron Miller, Sales Representative. “Unless they're comfortable carrying two mortgages, it prevents worst case scenarios. However, there’s always a chance that selling first won’t work with the timing of your move, and you may have to factor in storage costs and finding a temporary place to live.”
Challenge #2: Getting your smaller place ready to sell
There's a lot more to selling a property than just listing it on MLS, and in the current market, if you’re selling a condo that’s “nothing special,” you’ll have to put in some effort to market it. But no matter what, you need to declutter, put a bunch of your stuff in storage, clean and stage the space, and make sure it's marketed to as many qualified buyers as possible. Most full-service REALTORS® will help you with all of these steps and ensure your property has maximum buyer appeal.
Challenge #3: The added costs that come with a bigger home
If you're moving from 700 square feet to a house in the ‘burbs, you'll be faced with costs you didn't have before – on top of the purchase price. In a condo, a lot of things are included in your maintenance fee: landscaping, pool care, gym fees, building maintenance, etc. On the other hand, when you own a house, you're on the hook for everything. If your furnace breaks or the roof needs repairs, it's all on you.
If you're moving from a small condo to a bigger one, remember that maintenance fees are charged based on square footage, so the bigger the unit, the higher the maintenance fees.
And no matter what type of property you're upsizing to, you'll have more space to furnish: furniture that filled 600 square feet will make a 1,000 square foot condo – or a 2,500 square foot house – look pretty bare. Going shopping for new stuff is fun, but it can add up fast.
Challenge #4: Changing your lifestyle
Trading up from tiny downtown digs to a sprawling home in the 905? Don't count on being able to walk to everything anymore. You'll probably need a car to get around...no more walking home from the local bistro after a couple of glasses of wine or popping back to the grocery store because you forgot a dinner ingredient.
“I advise my clients to mentally prepare to not have stores and restaurants close by,” says Cameron. “It sounds like a small thing, but I've seen people experience real culture shock. Be prepared for life being different. It’s probably more tranquil and kid-friendly, but not what downtown condo dwellers are used to.”
Challenge #5: Facing possible “flight regret”
During COVID, Toronto saw a mass exodus from condos in the core to the 905 and beyond, where space is cheaper, backyards are plentiful, and the pace is a little slower. But now some of those moves are cause for regret. While the quiet lifestyle is great and the extra space is amazing, some people didn't realize how much they'd miss all the good things that come with living in the city: walkability, a variety of excellent places to eat and hang out, and that energy you just can't find anywhere else.
Today, some of those ex-downtowners are buying city pied-a-terres to get the best of both worlds. Others have embraced their quieter lifestyle, realizing that they can't have it all. But lately, Cameron has noticed a definite shift in people’s focus on getting more space.
“During the height of COVID, the trend was to buy a house outside the 416,” he says. “Some people who left the city were a little short-sighted, however, thinking working from home would last forever and that they wouldn't miss living downtown. Now I'm seeing fewer people leaving the city outright. More people are simply moving from a smaller condo to a bigger one within the 416. Often, they’re just moving to a different part of the city, say from CityPlace to more family-focused Roncesvalles. Of course, that's not to say lots of people aren't living their best lives in the suburbs or out in the country. I just think it’s important to really think it through first.”
Thinking about upsizing to a bigger condo or house? A Property.ca agent is your best guide to making the move that's right for you. Get in touch with a neighbourhood pro today.