Mortgage

To Relocate or Renovate?

calendarNovember 21, 2016

peopleThe Mortgage Advisors

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You purchased your first home what seems like a lifetime ago. Maybe it was just you and your spouse at the time and the house seemed so spacious. But time has passed and now you have a few kids and a dog or two and suddenly the house is bursting at the seams! You ask yourself “how do children have so much stuff?” “What happened to my organized living room?” It may be time to make an appointment with your mortgage broker and consider your options for relocation or renovation. Here are some thoughts to consider for buying your new family home, or upgrading your existing home.

Consider Schools

If your children are already enrolled in a school and you are pleased with their teachers, it may be worthwhile keeping your search within the district for their existing school. However it is quite common for children to change schools due to a move. Children are resilient and can make friends and adapt to new surroundings with ease. Make sure to research the schools in your new potential school district, if you choose to change districts, to make an informed decision on where your kids will attend school. If your child is excelling at their current school and hesitant to make the switch, it may swing the pendulum toward planning a renovation instead.

Think of the Future

When you are looking for your “forever” home you need to take time to consider all possibilities for the future. Are you done having children? Or will you require an extra bedroom in case you decide to expand your family in the future? This is the time to look for a house that suits all of your needs. You likely will have some equity in your first home that will help towards a higher mortgage on your forever home, so you may not be as restricted as you were as first-time home buyers. Make sure that the home you choose is the one you can see your family in for years to come! If a renovation makes more sense, you may want to hold off until you have a clearer picture of your long-term lifestyle.

Outdoor Space

As your family grows you require more space, there’s no doubt about that. But when you are shopping for your new home, it’s important to consider how much outdoor space you require. Are you a family that prefers to go to a park and play regularly? Or would you prefer to have the space available on your property for play structures and outdoor activities? Narrowing down your outdoor space needs is important for house hunting. Unless you buy up the property next door, it is difficult to expand your outdoor space, so this is one category where a move may be required.

Bedrooms are a huge consideration but with children there is always the need for a play space. Make sure that your forever home has ample play space available for your children’s needs. It might be nice to remove the toys from your adult living space and relocate them to a designated children’s space! The exciting part about move to or designing your “forever” house is that budget becomes less of a concern. Discuss your plans for the future with your mortgage broker. They can assist with a range of mortgage solutions, whether it is securing a new mortgage, refinancing to access equity or obtaining a Home Equity Line of Credit (HELOC) to finance a renovation.
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