Did you see the new report last week from Realtor.com® that cited ‘needing more space’ as the #1 reason why prospective buyers are seeking a new home? The just-released publication from Sr. Economist George Ratiu titled ‘Homebuyers Seek Versatile Homes in Post-Pandemic 2021’ revealed that expanding households, multi-generational living and lifestyle changes are driving a shared homebuyer need and want for more space.
But just like any move you make, there is such a thing as upsizing done right. Here are our Homes of Silicon Valley top 3 do’s and do not’s for going big to go home!
DO
1) Get more space in all the right places. If the square footage is coming from the bedrooms but not in the kitchen (where everyone is always gathering), the added space may be a waste. Don’t just go for size, go for function.
2) Crunch the long- and short-term numbers. Bigger space is not cheap – especially here in Silicon Valley. Higher utilities, higher property taxes, more areas that need maintenance… make sure that numbers make sense and cents today and 5 years from now. If the kids are going away to college soon or your remote days are numbered, some interim changes in your current home could be worthy of consideration. (ADUs make great game rooms and home offices, as one alternative.)
3) Think about location. Getting more house for your money is far more possible in some neighborhoods rather than others. Weigh your absolute location needs versus your space needs. There is a balance to be achieved (and we love helping our clients find it).
DO NOT
1) Neglect your current space. We know you have been home – a LOT. You are tired of looking at those same walls, and probably not excited about home repairs or maintenance needs. But keeping your current home in tip top shape will not only help you enjoy it more, but likely secure a higher resale value in the event moving up is what’s next for you.
2) Miscalculate your space needs. When deciding how big to buy, plan for you everyday use of the space, and not just the occasional large gathering. Having a realistic goal and a stretch goal is a good idea.
3) Rush into anything. The current state of the market is making everyone feel like they have to move fast. But nothing is worse than selling your current home and having no place to go. Please, please talk to us about strategies that can maximize your ROI on your current home without minimizing your sanity in the purchase process.
We hope that we have encourage you to upsize with perspective in place. Let’s be clear that we would LOVE to help you sell your current home and buy a bigger one, but are committed to transparency, integrity, reality and a bit of humor every step of the way. We always say the next step is always the next right thing, and we would be honored to help you find it. ~ Mark