Your first home is not always what you stick with. For move-up buyers, as they look to buy their next home, they’re looking at how to upgrade, improve, and find the perfect fit for them. This can be intimidating, especially if you’re not finding the best deals at a time when you’re exploring.

Here are some tips all move-up buyers in Toronto should know as they seek to upgrade their homeownership.

Define Your Move-Up

Some move-up buyers want a larger home, others want something newer. Some want to live somewhere specific, while others want specific features. Define what would be an upgrade for you before you start searching.

Buy When You’re Ready

There is no rush. You’re already a homeowner. Wait your time if there’s nothing resonating with you at a given moment. When the timing is right for you, move forward.

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Sell First, Upgrade Later

If now’s the opportunity time to sell your house, do it. Make bank. Put that in your account and sit on it, waiting for the right home to come along that is bigger and better that you can upgrade to. In the meantime, you’re earning interest. Also, this way, you’re not paying two mortgages at the same time.

Ensure Your Buyers Are Ready

Ensure when you sell your home to move up, those buying your current home have a reputable mortgage lender backing them. The last thing you want is a deal falling through, dramatically affecting your finances.

In-Season Or Out Of Season

Consider when you want to be a move-up buyer. Trying to buy a new house in Etobicoke in season means more inventory but you have to move fast. Buying out of season means less inventory. That said, you never know when you might find the dream home for you.

Ignore Sub-Par Properties

If you’re going to be a move-up buyer, lean into it. Don’t settle for less. If a property isn’t up to snuff, it’s not the right house for you.

Consider Downsizing

As a move-up buyer, you sell your home and net that equity. This allows you to make a larger down payment, qualify for a better mortgage, and cover the expenses of a newer home. There’s no rule saying this home needs to be bigger or more expensive. Consider the merits of downsizing.

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Research And Come Prepared

As with any home purchase, research the neighbourhood, get pre-approved for your mortgage, and start well in advance with any organizing or decluttering that you have to do prior to making the jump from your old home to your new one.

Don’t Hesitate When You Find The Right Home

Homes for sale in Etobicoke don’t stay on the market for long. If you find the ultimate home for your move-up, jump on it right away. Make an offer and work to close the deal as quickly as you can. This is where the experience of a real estate agent can help as you negotiate and close.

Set up the right strategy for buying a home in Toronto as a move-up buyer. South Etobicoke real estate team Adrian + Andrea can help you refine your search and introduce you to properties all over the region. Get the right advice from the experts. Reach out to us today! Call us at (416) 319-6893 or email info@adrianandrea.com.