Upgrading to a Larger Home – Are you ready?

Many homebuyers face the question of size when looking for their next home. Do they downsize, stay the same, or upgrade to a larger home? To help answer this question, here are some factors to take into consideration when determining if you should upgrade to a larger home.

Affordability

With larger homes come more financial responsibility. Typically larger homes will come with a larger mortgage, repair/maintenance, utilities, and insurance payments as well as increased property taxes. Are you ready financially for these larger expenses? Take into account these estimated expenses when going over your household budget. Remember, ideally you’ll want to be able to maintain a comfortable quality of life and still be able to save for the future when these larger expenses are taken into account with your budget.

Down Payments

There is a need in most cases during the property buying process to make a down payment and to pay for closing costs. You should include these expenses in your estimations while keeping in mind that selling the existing property and accessing equity will yield most or all of the funds that are needed to make a new purchase. Working with a real estate professional and a mortgage broker will help you to get more information about these two factors before making a sound financial decision.

When the time is right for you to upgrade to a larger home, you should consider working with an experienced real estate agent to sell your existing property and help you in the process of buying a new home.

Giving a Smaller Home a More Roomy Feel

Smaller rooms can create a decorating challenge for homeowners. While some may be dealing with a space that is smaller overall – such as an condo or apartment – others may have just a couple of smaller rooms that look and feel cramped. While enlarging these rooms may not be an option, there may be a few upgrades to consider that can give these rooms a more spacious and open feel.

Light Paint Colours

Dark colours can add dramatic flair to a room, and they certainly will make a bold statement. However, they also can create the feeling that the room is smaller than it is. It is best to paint with light paint colours on the walls or even to choose a lighter colour for the ceiling. In addition to these colours, a lighter floor colour can also add the feeling of depth to the space. If the use of bolder, brighter hues is preferred, consider adding a pattern in combination with lighter colours to the ceiling. Another idea is to use stripes with alternating darker and lighter hues on the walls to create the illusion of space.

Shelving Installed Close to the Ceiling

Storage space is often a concern with smaller rooms, and cabinets and bookshelves can take up valuable floor space in any room. A smart idea for smaller rooms is to install shelving or even cabinetry closer to the ceiling. This can enable the space below it to be kept open or to be used for other purposes, such as for other furnishings that must be kept on the floor.

Recessed or Flush Lighting

Lighting is an important element in any room, and brighter lighting can make a space look larger in many situations. Darker shadows cast about a room can make the space feel closed off. More than that, overhead lights that hang down, such as pendants or chandeliers, can create a visual illusion that makes the room feel smaller than it is.

To achieve the goal of casting light throughout the room more evenly while removing these hanging light fixtures from the space, install recessed or flush lights into the ceiling. These can be combined with small table lamps if necessary to brighten up any areas that may still be dark or shadowy. Avoid tall, imposing lamps when decorating a smaller room.

Decorating a smaller room is rarely easy to do, and there are many things that homeowners can do when decorating that actually may make a smaller room appear to be even smaller. These are a few tips that can be followed to make the space appear to be more roomy and spacious, but there are also other ideas for decorating as well as built-in upgrades to consider. Ideally, the fully decorated room will be stylish and functional as well as appear to be spacious.

With proper research and planning, a homeowner can achieve the desired results. 

A home inspection, while not required in all areas, should be an indispensable part of your home buying or selling process. It is worth the cost up front to save you money and headaches down the road.

What a Home Inspection Entails

A home inspector will provide a thorough inspection of the home’s interior and exterior to alert you to any damage that may cause potential problems in the future. He or she will look at the house as a whole and evaluate how the different components work together and affect each other. The inspector will identify any areas that need repairs or are unsafe and advise you on what your next steps should be.

Benefits for a Home Buyer

When you are purchasing a home, you want to know that it is going to be safe for you and your family for many years to come. Obviously, you don’t want to buy a home that is rotting from the inside out. A home inspector can alert you to issues that are minor right now but could potentially become much more serious in the future. Purchasing a home is a major decision. The results of the inspection may lead you to reconsider buying a particular house if it is likely to have a lot of problems in the future. It can protect you from huge unexpected expenses.

Benefits for a Home Seller

If you are the one selling the home, it is a good idea to request a home inspection prior to listing your home on the market. Potential buyers of your home are likely to have an inspection done, and you don’t want there to be any surprises. If there are issues with the house, buyers may rescind their offers or make offers only on the condition that you repair the problems before they finalize the purchase. It is better if you know about any problems in advance. An inspection gives you the opportunity to make sure the house is in its best possible condition when buyers start coming to look at it. This will streamline the purchasing process and make potential buyers feel much more confident that your home is the right choice for them.

When you are ready to buy or sell a home, or have any questions regarding home inspections, get in touch!

Why a Realtor Streamlines the Process of Selling Your Home

So, it is time to move onwards and upwards in life and move house! Moving is a dynamic process that involves much more than a simple transaction. From marketing to proper evaluations and inspections, it is advisable to use the services of an experienced professional realtor to make sure everything goes smoothly.

The following challenges are what a professional can help you avoid when selling your home:

Time Spent on Potential Buyers

Selling a home by yourself will be a significant time commitment that should not be underestimated. Perhaps the greatest commitment to your time will be in scheduling and hosting viewings of your property. Are you ready and able to pick up the phone every time you have an inquiry? Are you able to sift out the simply curious from real potential buyers to avoid unnecessary viewings? Realtors are experienced in asking the kind of qualifying questions that sort out the wheat from the chaff. And how many evenings, weekends, and weekday hours are you able to give up to show interested parties your home? You’ll then have to pro-actively follow up on interest after viewings.

Marketing and Valuation

As well as the time involved in doing your own marketing, there are also practical considerations around how successfully you will get the information out there. Yes, you can list your property on various websites and specialist portals that realtors use. However, realtors also have extended networks of active potential buyers that they will reach out to with information on your property, a channel you will almost certainly not have access to.

You would have to be confident that you could realistically value your property correctly if you chose to put your home on the market yourself. Things you may be oblivious to can be widely considered as flaws by potential buyers. A professional realtor has the experience to point those out and suggest small changes which will make your property more attractive.

Negotiating

Realtors are both objective and experienced, having negotiated hundreds or thousands of real estate transactions. They know how to spot the signs a potential buyer has formed an emotional attachment towards your property and how to leverage that to your benefit. They also know how to spot signs of nervousness that might pose a threat to the eventual sale and how best to allay such fears. They won’t make compromises because they have been charmed by a prospective buyer, or behave irrationally because they don’t like them on a personal level.

Avoiding Getting Sued

This is a genuine concern that owners operating without a realtor must be acutely aware of. There is a lot of paperwork involved in the sale of a property. Getting it wrong can at best delay the sale and at worst lead to putting yourself in danger of legal proceedings. Seller’s disclosure is a particular concern. What can be considered a defect, hazard, or nuisance varies depending on where you live. Realtors know exactly what is required of the seller. If a mistake is made, then they have insurance, ensuring that a seller does not personally suffer.