Upsizing for Growing Families

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When your family starts to outgrow your current space, upsizing to a larger home becomes a natural consideration. This process can seem overwhelming, especially with kids, but with proper guidance and planning you can strategically plan out where your next home should be and what the requirements of that home are.

These questions are always something we ask our clients before we begin the search so that we know what our clients wants and needs are. Having these conversations with your partner and discussing these items with your real estate representative will set you up for success during the upsizing process.

1. ASSESS YOUR SPACE NEEDS

   Your first step should involve evaluating your current and future space requirements. These factors should be considered:

   1. Family Size: How many bedrooms and bathrooms will you need to comfortably fit your family? How large do you envision your family growing?

   2. Lifestyle: Will you need a home office, playroom or rec room?

   3. Storage needs: How much sports equipment or seasonal items do you have that require storage?

2. FINANCIAL PLANNING

   Upsizing will usually involve a larger investment so its important to consider your financial situation:

   1. Budget: Set a budget based on your finances and mortgage preapproval.

   2. Additional Costs: Consider additional costs such as closing costs which can include land transfer tax, lawyer fees, property taxes, and insurance. Other important costs to consider would be the maintenance of the home and potential renovations.

3. Neighbourhood

   1. Amenities: Consider amenities that are important to you such as nearby schools, parks and grocery stores. Are they in walking distance? Do you need a car?

   2. Commute:  Do you need to be closeby to the TTC? Major highways? These should factor into your assessment.

Upsizing doesnt have to be daunting! Take everything step by step. By tackling one task at a time, you’ll systematically navigate the process. With careful planning and decision-making, you’ll find a larger home in Toronto that meets your family’s growing needs.