Thinking About Upsizing? Make Sure to Avoid These Mistakes

If you feel like you’ve outgrown your home, you may be considering upsizing to a larger dwelling.

Which can definitely be the right move—but can also be a big mistake, depending on how you manage the process.

So what, exactly, are some of the mistakes you’ll want to avoid when buying a larger (and more expensive) home?

A recent article from realtor.com outlined common mistakes buyers make when upsizing to a new home, including:

• Rushing the process. You may be in a rush to get out of your too-small quarters—but rushing into any home purchase, particularly a new, larger, and more expensive home, is never a good idea. Make sure to give yourself plenty of time to do your research, understand the market, and find the perfect property.
• Thinking you need more space than you actually do. You might think you need more space—but what you really need is a better layout or less stuff. Before you jump into upsizing, make sure to assess your current space and determine what isn’t working. That way, you won’t upgrade to a larger home and find yourself facing similar issues (like a layout that doesn’t work for your family, or inadequate storage to keep your belongings organized).
• Spending too much on furnishing your new home. When you upsize to a bigger home, there’s more space to fill. And many buyers think they need to immediately fill that space with furniture, decor, and other home items—and find themselves in a challenging financial situation as a result. If you do upsize, remember that there’s no rush to furnish and decorate your home immediately; instead, give yourself time to settle into the new space—and only buy new things if and when you need them.