5 Tips For Toronto Upsizers
January 3, 2023 | Homeowners
Upsizing, the process of moving on from your first home and upgrading to a larger, more spacious property is an exciting milestone in any homeowner’s journey. However, it can also be a more complex process compared to a first-time home purchase.
As an upsizer, you’ll need to prepare for two separate transactions – the sale of your existing home and the purchase of your next one. If you’re looking to upsize in the near future, it helps to know what you can expect from the process.
Here are 5 essential tips for Toronto upsizers looking to maximize their chances of success on the market.
Work With an End-to-End Agent
With two separate real estate processes to prepare for, you’ll want to be selective in finding the best possible agent to work with.
In a dynamic, fast-moving market like Toronto selling your home requires thoughtful listing strategies, sharp marketing, and business-savvy negotiation skills. During the purchase process, landing an exceptional home at a great price requires foresight, insider knowledge, and local market expertise.
Beyond results, a great real estate agent will also take the stress out of upsizing by providing end-to-end services – from the planning stages all the way up to moving day and beyond.
Interested in learning more about our fool-proof buying process? Click here to discover how you can unlock a top-notch purchasing experience.
Make a List of Your Needs
As an upsizer, you’ll likely have greater financial flexibility than when you bought your first home. With a larger budget to work with, you’ll need to establish what it is you’re looking for in your next home before you begin your search. Start by asking yourself why you’re looking to upsize in the first place. Do you need more room? Are you looking for a space that feels newer or more modern?
By writing out a list of must-have features in your next home, as well as items that you would simply like to have, your agent can make the buying process easier and more efficient.
With more moving pieces involved, the process of finding and buying your second home can feel overwhelming, but it doesn’t need to! Explore more of our buyer-focused resources below to ensure you find success.
- Buying a Home? Here Are 5 Things Not To Do
- Home Buyer Calculators
- 10 Important Tips For Buying a Home
Have a Strong Financial Plan
Whether it’s your first, second, or tenth time buying a home, you’ll want to have a solid financial plan in place before you head to the market. When building out a budget as an upsizer, many of the same costs from your first home purchase will apply – with a few key additions to account for.
One of the most notable new costs you will need to prepare for is agent fees. During the sale of your existing home, you’ll be required to cover the commission costs for both your agent and the buyer’s representative.
To avoid any unpleasant surprises your real estate agent can help you build a strong financial plan that covers all your bases.
Looking for a sense of what homes are currently available on the market? Click here to explore our featured listings.
Don’t Underestimate the Importance of Location
As an upsizer, finding your next home isn’t just about buying a larger property. Beyond your front door, the community you choose to live in will have a big impact on your quality of life. A great neighbourhood not only has high-quality homes but also provides a blank canvas for building your future.
Similar to the home itself, upsizing typically gives you greater flexibility in finding a neighbourhood that is best suited to you and your family. This is another area where your real estate agent can offer invaluable advice. Once you know what you’re looking for in a home and neighbourhood, your agent can help you find the right enclaves to start your house-hunting journey.
Toronto has an abundance of diverse, highly liveable communities, but it’s also evolving quickly. As the city continues to change and gentrify, some neighbourhoods will be impacted more than others. For example, let’s say you wish to buy in a certain neighbourhood because of its quiet and family-oriented atmosphere. Your agent can fill you in on future developments that may disrupt that dynamic.
Optimizing the sale of your existing home is a critical step in the upsizing process. To learn more about what makes a highly successful home sale, check out these other pages on our site.
Plan For the Future
Like any home purchase, it’s important to think long-term when upsizing. For instance, are you primarily upsizing to provide more space for your children? If so, think about how your needs may change after they’ve grown up and moved out.
Of course, you won’t need to completely map out your future plans years in advance, but having a rough idea or timeline of how your housing needs may change or evolve down the line can be helpful. Regardless of your unique goals, your real estate agent can help you purchase the perfect property that meets your needs today and in the future.
Ready to upsize your home? Our team can provide you with a first-class buying and selling experience. Send us an email or call 647.330.5279 to get started.
