Upsizing is the act of finding a larger home. It is often done to accommodate a growing family or for reasons relating to having access to better schools, more amenities, or a different lifestyle. If you’re looking to sell your home and withdraw that equity to invest in upsizing, it can make for a smart move when done right.

Here is how to maximize your investment as an upsizer and why more are choosing to upsize in Etobicoke.

Find A Home That Suits Your Current Lifestyle

There is no point in upsizing if you are not shopping to buy real estate that matches your current needs and lifestyle. Be sure not to purchase something that is overly large or unnecessary for your needs and activities.

Talk To Your Real Estate Agent

A lot is on the line when buying real estate. Refer to your Etobicoke real estate team at Adrian + Andrea to get the best deal on a home. They can assist with researching neighbourhoods and homes and providing deep insights on what makes the most sense when upsizing for your unique situation.

Looking for more investment-related real estate advice? Read these blog posts next!

Make Sure The Time Is Right To Buy

Ensure you are timing the Toronto real estate market right. Understand where you can get the best price as a homebuyer and lean on your realtor for where to buy the best houses for sale in Toronto when upsizing.

Consider Selling Your Home First

When you sell your home first, yes, you have to search for temporary housing. That said, you eliminate the risk of carrying two mortgages at the same time and it provides you the funds to execute a new purchase with no hesitation.

Thoroughly Inspect The Home

Ensure you do not rush in to buying anything without a proper home inspection first. Even if it’s your dream home, wait to close on an offer until the inspection is complete and you have a full view of what you’re buying.

Set Up Mortgage Portability

Talk to your lender about porting a mortgage which involves transferring an existing mortgage, complete with its current interest rate and terms, to a whole new property. This means you won’t need to endure putting in a new mortgage application. This reduces fees and charges.

Rent Out A Portion Of Your Property

To increase the financial return, you may want to rent out a portion of the real estate you buy, such as the basement. This generates additional income and helps you pay down the mortgage faster.

Upsizing to a new home? Check out these related blogs for more important advice.

Do Not Overextend Yourself

Understand your financial situation. Acknowledge what you can and cannot afford. A homeowner can easily find themselves in mountains of new debt when they overextend and lock in a mortgage they couldn’t afford in the first place.

Have An Exit Plan Already In Place

It does not need to be set in stone but have a rough understanding of when you want to withdraw your investment in the Etobicoke real estate you buy when upsizing. It may be planning to finance a retirement with the equity or withdraw it to fund your children’s post-secondary education.

Are you ready to upsize and buy a new house in Etobicoke? Reach out to Adrian + Andrea to get more information on what to do next. Call (416) 319-6893 or send us an email at info@adrianandrea.com.