The Upside of Upsizing
While there’s a lot of discussion over downsizing — tips and such — not all buyers are going smaller. While it might seem strange to seek more space in a world that’s encouraging you to go smaller, there are some very valid reasons for this recent trend.
In the past, people would move into family-sized homes when they had kids and would live there together until the kids grew up and moved into their own homes, and then parents would downsize.
Today, with the pressures of living off a fixed income in retirement, and young people being priced out of the real estate market, families are coming together under one roof once again. The multigenerational household can consist of parents and adult children (and possibly even grandchildren). To make this work, people are upsizing and sharing the costs.
Multigenerational homes can feature a main living space, with an in-law suite in the basement or over the garage. It can also just be a large house where everyone lives communally.
Another reason for wanting to upsize is to take advantage of new, open concept layouts. If you start in a condo or a wartime bungalow, you might be craving more space. Many new builds feature expansive, open-concept designs. This is good for families who want to enjoy each other’s company while occupying different spaces in the home.
This also allows young families to grow in place. If you buy a bigger place when your kids are small, or before they are born, you can raise them in the same house, as they will have ample room as they grow into young adults.
Family isn’t the only reason homeowners look to upsize. Employment and how people work is changing, allowing more and more people to set out on their own to start their own company, to freelance full-time, or to work from home. If you want to live where you work and work where you live, you will need space.
Get a bigger place so that you can set up a home office and possibly a meeting space inside your home. After all, you don’t want your workspace to take over your living space.
Whatever your reasons are, upsizing can give you a lot of freedom if you can manage it. Be open-minded and see what works for your situation.