When Does my Family Need to Upgrade their Home?

Posted on 18th April 2017
Tags: Toronto, gta, mortgages, families, upgrading,

As a family grows so does their need for more space or different neighbourhood amenities. This could mean an extra bedroom or bathroom or maybe it’s important to be within walking distance to a high school instead of a daycare. Life changes and where you live has to fit your lifestyle or even enhance it.

For most families, there will come a time when they must ask themselves if they need to upgrade their home or move to a new one.

Some Reasons that a Family Might need to Move

The most common reason that a family usually considers moving is because they need more space to accommodate a new addition. If you live in a condo, it’s almost impossible to build another bedroom or nursery which means calling the movers and packing up for a bigger place.

Another reason might be that your current home has increased in value and you want to cash in to make a profit. Not only is this a good idea, it can even facilitate an upgrade rather nicely.

Sometimes Upgrading Doesn’t mean Moving

If your family is comfortable and you’re not expecting any new members, then moving might not be the answer. Your home might just need a reconfiguration to be more hospitable.

This can come in the form of a drastic renovation like a kitchen or bathroom remodel or maybe it means a fresh coat of paint and some new appliances. These can make your home feel new and even add value if you plan on selling down the road.

Upgrading can be Mandatory

Maybe you’re expecting another child or plan to care for an elderly relative. Maybe you need to make your home more accessible or are considering listing it on Airbnb for supplemental income. Whatever life hands you or whatever risk you must take, upgrading your home could become a reality. It’s a potential blessing in disguise, though, as your home could become more livable, usable and even more valuable.

The best advice is to always speak with a trusted professional and to consider a home equity loan to finance the upgrades without going broke.