Is your current home starting to run out of space for your growing family? It’s a common reason to think about upgrading your property.
As an experienced custom home builder, we’ve found that “family” is the most common reason for homeowners deciding that it’s time to upsize. And while the idea of a more peaceful home is hugely appealing, you mustn’t forget that it’s a big financial decision.
We work with many families to help them step through the challenges of upsizing, so they not only find a larger property but one that meets their every need. It’s amazing what a family wants from a new home once they start considering the possibility. And we also work closely with real estate agents that can help you with your current home while we begin the design and build process.
The good news is that upsizing makes great sense now the real estate market has started to cool. While you might sell for slightly less than 12 months ago, you won’t be fighting the rush of people trying to get into the market like you would have at that same time.
There are some key topics to consider, including some of the expenses that come with the deal.
Value Your Property
You’ll want to get an idea of the value of your current home. We can refer you to a San Antonio real estate agent that we work closely with and she can do a CMA (comparative market analysis) on your home to give you an idea of what its fair market value is. With that information in hand and some info about your current loan (if any), we can project what your likely estimated net will be. This will help us figure out what you can afford to build.
Reasons For Upsizing
To avoid buying the wrong house (and that’s happened) crystalize your thinking. Consider not just floor space but the number of bedrooms, location, size of lot, and so on. Be clear on this, or you’ll risk buyer’s remorse.
Do You Need To Sell?
One option that might work for you is to rent out your current property and build larger custom home. It’s a luxury not everyone can afford, but if you’ve paid off your first house, it is definitely something to consider. Many books have been written on the property ladder and the way to accumulate wealth through property ownership. Owning a rental can be a lot of work and there are a lot of ever changing laws that you need to stay on top of to avoid legal trouble, so we definitely encourage you to look into property management.
Stay And Remodel?
As a builder, this is obviously not our favorite solution, but there are times when we have to look at the facts and agree that this is the best option. Maybe after a couple of years we can revisit and you’ll be ready to move forward with a new custom home, but in the meantime, you want to make sure you and your family are happy, safe, and secure wherever you are.
What Can I Afford?
Mortgage rates have gone up, costs for building have gone up, and a strong real estate market has even pushed up the price on land, but that doesn’t mean you can’t afford to build. We’ll walk you through the steps – weighing what you want and what’s possible until we can find the perfect home design for you and your family. We don’t like to add lots of hidden and surprise fees into our build jobs either, so with us, you’ll know what you’re getting and how much it’s going to cost you. We’ll be upfront with you about the potential for changes in price if we lock in the design today vs. changing it down the road. We want you to close and move in to your new house just as much as you do, so we will work with you to make that happen.