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Climbing the Ladder: How to Tell When It’s Time to Trade Up

There are as many reasons to sell a home as there are reasons to buy a new one. Some homeowners need to accommodate growing families, while others just want some extra space to add a home office or a guest room.

image - How to Tell When It's Time to Trade Up
How to Tell When It’s Time to Trade-Up

There’s no wrong reason to trade up, but there are plenty of reasons not to stick with an old home just because it’s familiar.

Read on to find out how to tell when it’s time to trade up and move to a larger house.

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Expanding Families

Most parents recognize the need for adding extra space to their homes as they prepare for new children.

After all, more family members mean more things to store, more demand for bathroom space, and a need for more sleeping space for growing children.

Homeowners who are expecting or just having difficulty accommodating their existing families can contact RE/MAX at the Lake to find a new home.

Switching Schools

Couples without children don’t always consider things like school districts when they buy new homes. With new children on the way, they’ll likely reconsider.

Upgrading to a larger home in a new neighborhood with better schools is a great way to invest in children’s futures.

Rising Income

First-time homebuyers often have to prioritize their budgets over meeting their families’ needs.

That doesn’t mean they should be stuck with inadequate accommodations once they’ve begun to move up the career ladder and have received raises or promotions.

That new source of income means homeowners can look for houses with larger kitchens, more bedrooms, or more extensive yards while simultaneously creating more home equity.

Declining Quality of Life

A lack of space can seriously impact the overall quality of life. Some homeowners find themselves constantly tripping over their belongings, and some families feel crowded and overwhelmed in small spaces.

Maybe the bathroom is so small it doesn’t allow multiple children to prepare for school in the morning, or there’s not enough space for a guest room to facilitate visits by family and friends.

Either way, if that lack of adequate space is negatively impacting residents’ quality of life, it’s time to trade up.

Repair Costs Are Getting Out of Hand

Homeowners who live in older houses may find themselves overwhelmed by repair costs. Unfortunately, while older homes have a lot of character, they’re known for requiring far more care than newer houses.

It makes much more sense for homeowners who can afford to move to purchase a newer house than to keep pouring time and money into an aging property.

Remodeling Wouldn’t Be Cost-Effective

Some problems can be alleviated with remodeling projects. Unfortunately, full home additions cost a lot of money.

While renovating an existing basement or bathroom is relatively affordable and provides a good return on investment, adding an entire new wing to a house will cost a fortune and likely won’t add enough equity to the home to make the investment worthwhile.

Homeowners can check with local contractors regarding the cost of remodeling, but most people who need more space will find that it’s more cost-effective to purchase a larger home.

The Bottom Line

Moving is stressful, but so is living in cramped quarters. Homeowners who find that they don’t have enough space to accommodate children, aging parents or a growing collection of belongings can contact a real estate agent to discuss their options today.

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