11.23.22 | Buying

How to Upgrade Your Home for Your Growing Family

Raising a family is one of life’s most magical experiences. Every day, your love grows stronger, and you know you’ll give anything to ensure the happiness of your children and significant other. Unfortunately, as your family gets bigger, your house can seem much smaller. The time may have come to upgrade to a larger home where everyone can enjoy their personal space.

How do you know where to begin? After years of helping clients in every situation imaginable, we’ve picked up some pointers. Here is some of our best advice about the practical and emotional aspects of moving with your family.

Knowing Your Wants and Needs

Everyone should feel like they have a voice, even if they’re not the ones to make the final decision. Young children can be particularly anxious when moving to a new home for the first time. Engaging with them early and often will go a long way toward alleviating any nervousness they feel. It may even get them excited about this next great adventure.

Getting them involved may be as simple as asking them what colour they’d like their new bedroom to be or what they think they will love most about the new house. You can point to homes with “for sale” signs and ask what they think. Many children will be ecstatic to share their opinions. They’ll be much happier about the move when they feel heard.

Choosing your next home can be both a challenge and an adventure. Why not have everyone in your family list out all of the features they dream of? You may not get everything, but a clear vision will help you narrow your choices and make everyone more excited about the move.

What is it like buying a house with Jeff & Katie? Find out more about our process and philosophy right here.

Creating the Budget for Your New Home

Looking at the numbers and determining a budget beforehand can help ensure you don’t overpay for your next home. It can be easy to fall in love when visiting open houses and looking at listings. When you find a feature you didn’t know you “needed,” it can be tempting to blow your budget. Having a plan in place beforehand can help you avoid costly mistakes.

We recommend obtaining a pre-approval to let you know how much funding you qualify for and to provide leverage when competing against other buyers.

Add your down payment to your pre-approval amount and the estimated value of your current home. Now you have a clear idea of what you can comfortably afford when upgrading. With a little luck, your real estate agent can help you find a great deal no matter what the market is doing!

Decide Where to Go

Your new neighbourhood is as important to your buying decision as the house you will live in. Once again, communication is the key to a happy and successful choice. Take the time to sit down with your family and discuss what amenities are essential to everyone. 

For example, if not everyone is old enough to drive, you may want to consider a place close to public transit. And if you have young children, something within walking distance of playgrounds and schools might be your top priority. 

In any case, a local real estate agent who knows the area can help you find a home in a neighbourhood just right for you.

Should you consider Peterborough for your new family home? It’s a great place to be for so many reasons. Here are just a few:

What Is Your Current Home Worth?

If you’re selling an existing home before buying, knowing how much you’re likely to get will empower your next move. Housing values are rising quickly, which is fantastic news if you purchased your home even a few years ago. 

You will likely earn far more than what you paid for your property when you sell it now, which can all go towards your next purchase. However, you want to be realistic about your expectations. For example, if you sold a home in February 2022, you would have earned far more than you would in October. That’s just how the market works.

The good news is you can offset any fluctuations by buying in the same market you sell in. In other words, your house may not command quite as much as it would in a housing boom, but your new home will also cost less! That said, how do you determine what your property is worth? Your real estate agent can perform a Comparative Market Analysis, giving you a realistic expectation based on facts. These are a few factors to consider:

  • What is the square footage of your home?
  • When was it built?
  • What upgrades have you made?
  • How many bedrooms and bathrooms are there?
  • How much have comparable homes in your neighbourhood sold for? (It’s important to look at houses that sold, not just listed.)

Are you selling your current house before upgrading to your new home? Find out more about our selling process right here.

Tips for Enjoying a Peaceful Transition

Moving is probably never going to be 100% stress-free. Still, you can do many little things to make it more enjoyable for everyone. First and foremost, the more time you give yourself, the better. Nothing is more stressful than being under a time crunch. Planning ahead means the work is spread out over an extended period so no one feels overwhelmed.

It also gives you time to clean, declutter, and prepare the house properly, which can even increase how much you will get for it. 

  • Having your children help can ease their stress and make them feel like their input is valuable. They can help by packing up their toys and belongings, keeping a few of their favourites to play with in the meantime.
  • Moving can be especially hard on pets. If possible, have a friend look after your furry family member during any renovations and on moving day. Otherwise, we recommend confining them to one room of the house for their safety and comfort.
  • Your real estate agent can recommend reputable contractors to help with anything you need, from professional cleaners to skilled tradespeople and movers. Many homeowners take a hands-off approach, sitting back and letting the professionals do it all!

Work With a Local Real Estate Agent

Moving to a bigger house to suit your growing family can be a thrilling experience. However, there are many small details to consider, and the market moves fast. With professional guidance, finding your dream home can become manageable and straightforward. A local real estate agent can look at your list of wants and needs and help you find an ideal home that your whole family will love. 

Do you have any questions about living in Peterborough or what the real estate market is like today? We have served the area for years and are happy to tell you everything you want to know! Reach out to us today at team@jeffandkatie.ca or call 705-775-2255.