Thinking of upsizing but concerned about the cost in today’s real estate market? While moving to a larger home may seem daunting, there are several practical ways to make it more attainable without breaking the bank. Here are three effective strategies to help you get more space without stretching your budget.
1. Expand Your Search Area
Location is a major factor in home prices, and sometimes a simple change in location can open up more affordable options. By considering neighborhoods just a few miles outside your ideal area, you may discover homes with more space and lower price tags. Expanding your search can mean a slightly longer commute or a new neighborhood, but this shift can also translate into considerable savings, giving you room to upsize without overextending financially.
2. Consider a Fixer-Upper or a Renovation Loan
Move-in-ready homes come at a premium, but choosing a fixer-upper can stretch your dollar further and give you the opportunity to create a home with the upgrades you desire. Additionally, renovation loans can help finance both the purchase price and the cost of renovations, allowing you to tailor the property to your needs. While fixer-uppers require a bit of patience, the potential for future appreciation can make it a worthwhile investment, helping you build value in your new home over time.
3. Buy Only the Space You’ll Use
When upsizing, it’s easy to be tempted by larger homes with bonus rooms (hello, home theater!), but a more practical approach is to focus on functional space. Consider what’s truly important—whether it’s an extra bedroom for a growing family, a dedicated workspace, or a more spacious kitchen. By focusing on usable space that aligns with your needs, you can get the benefits of a larger home without paying for square footage that won’t actually add value to your everyday life.
Upsizing doesn’t have to be out of reach, even in a competitive market. With a smart approach to location, property type, and efficient use of space, you can find a larger home that fits both your lifestyle and your budget. Planning strategically can make your dream of upsizing a reality!
