Making the leap from a small apartment or condo in San Diego to a single family residence of your own can be exhilarating, but also challenging in some ways. Up-sizing in San Diego usually means a higher list price, so you have some research and planning to do. Are you going for an older fixer that has the space you need, with a little TLC included? Or, will the profit from your smaller home mean you can afford a higher price tag altogether? Or, maybe, you’ve grown financially and you now have the cash to up-size. Whatever the reason, there are some things you should consider when up-sizing in San Diego (or anywhere for that matter).
Reasons it Might be Time to Up-size Your Home:
- Storage – If you’ve already tried minimizing the amount of “things” in your home by having a garage sale and donating unused items to Goodwill, you may find yourself with a legitimate storage issue. Many small starter homes or condos may limit your closet space to just one or two to accommodate the entire home. As your life changes and family grows, that might not cut it any longer. If you find yourself not having anywhere to put things, your storage issue needs to be addressed.
- Family Size – As your family grows and expands, more space is usually an expected necessity. Whether you have one child now, or three, consider how much space your family needs as it grows. Your only child may want his/her own room eventually, or your boys may want their own rooms as they grow up. A growing family is usually the biggest factor influencing up-sizing.
- Out-of-towners – Whether you’re the one that moved away to another state, or your parents moved- you might want to create space for visitors to stay with you (comfortably). In many cases, having a guest room available for family visiting from out of town can be a game changer in finding a new, larger home.
- Outsourcing – If you are consistently needing to book off-site (away from your home) venues for parties or gatherings, you might begin your search for more space that accommodates your lifestyle. Being able to host family and friends can be a great motivator in up-sizing.
What to Prepare for in Selling and Up-sizing:
- More home and more mortgage – Can you budget accommodate higher monthly mortgage payments? A new, larger home usually means a higher price tag and increased utilities. Take a look at what you’re paying right now, and assess what your payments will look like when you up-size.
- What profit will you earn from selling your current home? This can be a big indicator of how easy/difficult the transition into a new and larger home will be. If you’ve built up a lot of equity in your small home, you’ll likely be able to put a hefty down payment on your new home.
- Determine your price range- Considering what your monthly budget is for expenses, and how much you’ll be able to put down from your current home sale profits- what can you afford?
- Are you willing to do any work? Now that you know a price range for your larger home, you should consider whether you’re willing to take on repairs to get the “right” amount of space and amenities, or if you’d like to avoid renovations and purchase a move-in ready. It’s good to think of this in advance because you may come across an older home that has the perfect amount of space, but is not so perfectly upgraded. Be sure to make your offer inclusive of any repairs or renovations you’ll be taking on.
Now that you know what you can afford, and what you’re willing to take on in the purchase of a new home: how would you like to sell?
At this point you should begin considering what route you’d like to take in selling, and what would make the sale easier. In many cases, purchasing your new bigger home is contingent upon selling your smaller current house. So, ensuring that the house is sold quickly and on a timeline that matches the purchase of your new place is ideal. If you can avoid a long gap between selling your current home and moving into the new home, do it. But, we all know that planning and coordinating real estate transactions to line up perfectly with your timeline is near impossible.
Rest Easy Knowing You Can Sell Fast and Up-size When You’re Ready
What if we were to tell you that you don’t have to worry about the timeline or prep required to sell your current home? And that you could choose the exact closing (and moving) date that works best for you? By selling direct to a cash buyer like us, you can do just that. We’ll purchase your current home on your timeline. This means: no stressing about the transactions overlapping and not having funds to purchase your new home and NO worrying about where you’ll go while waiting for your new home to be ready. You can let us know when you’d like to move, and we’ll structure the close of escrow around your needs.Views: 7