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Whether your family is growing, or your lifestyle requires additional space, there are many reasons your current home may no longer suit your needs. If this is the case, you may be thinking about upsizing. While it’s comfortable and fulfilling to own a more luxurious property, buying a larger house should be approached carefully. Working with a real estate agent will ensure you’re adequately prepared to take on the new financial commitment. Here are a few important steps for transitioning to a bigger living space. 

4 Tips for Buying a Larger House 

1. Write Down Your Goals 

Start by identifying what you want to accomplish by moving into a larger house. Meet with a real estate agent to write down your specific goals and devise a plan that will allow you to reach them. Clearly defining your purpose for upsizing will help you decide what kind of properties to seek out.

2. Determine How the Space Will Be Used 

real estate agentNext, determine exactly how you plan to use the extra square footage in your new home. Some families benefit from having more bedrooms and a children’s play area, while others need a home office or more space for entertaining. Establishing your intentions early will allow you to narrow your search to properties that have the right layout.

3. Explore Market Conditions 

Upsizing is a good idea when the real estate market favors buyers. Under these conditions, your real estate agent can negotiate a better price with sellers, so you make the most of your money. Also, consider investing in a larger living space when interest rates are low — this will mean lower mortgage payments and greater purchasing power later on.

4. Consider Resale Value 

Resale value is vital for a new property and the home you presently own. Before determining what you can afford, your real estate agent will need to calculate how much your current house is worth. The amount you sell for will affect your buying options. Additionally, always remember a property’s resale potential. You may wish to downsize later on, and you want to get the best possible return on your investment.

 

Following these tips will help you make wise decisions about upsizing. For expert advice and guidance through the buying process, contact Hensley Realty. Their team of real estate agents is dedicated to making relocation as stress-free as possible. Backed by more than 40 years of experience, lead Realtor® Dale Hensley has helped numerous Russell, KY, residents make successful property investments. Call (606) 836-9770 to discuss what you’re looking for, or visit their website to browse larger houses currently available on the market.

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