Upsizing Into A New Home

Selling your old home and buying a larger, nicer one (upsizing) can be a very exciting idea. The promise of a more comfortable home can be an intoxicating one, especially when the old one is a bit on the small side. But if you’re seriously considering upsizing, it’s important that you’re well informed as to what the process involves. In this guide we dive into a few important things to consider before deciding to upsize into a new home.

Let's Dive In

Do you NEED to upsize or do you WANT to upsize?

Before making the decision to upsize, take a step back and assess your current living situation. Ask yourself:

Is my current home truly too small? Sometimes, a cluttered or inefficient layout can make a home feel smaller than it actually is.
Is my family growing? If you’re planning to have more children, need a home office, or want a dedicated space for hobbies, upsizing could be the right move.
Am I financially prepared? A larger home comes with additional responsibilities, including higher mortgage payments, property taxes, utility costs, and maintenance expenses.
Do I want to upsize for lifestyle reasons? There’s nothing wrong with wanting more space or a better location, but it’s important to factor in all financial and logistical aspects before making a decision.

What to look for in a larger home?

Once you’ve decided to upsize, it’s time to establish your priorities:

Essential Features: How many bedrooms and bathrooms do you need? Do you want a bigger backyard, a finished basement, or a home office?
Neighbourhood: Burlington offers a variety of communities with excellent amenities. Do you want to be near top-rated schools, parks, or the waterfront?
Future-Proofing: Consider how your needs may change in the next 5-10 years. Will you need extra space for guests, aging parents, or future children?

By identifying your needs and wants, you’ll streamline your home search and make it easier for your real estate agent to find the perfect match.

How We Help

At The Liv Well Group, we specialize in helping Burlington homeowners navigate the upsizing process with ease. Here’s how we support you every step of the way:

Personalized Strategy: We assess your goals and develop a customized buying and selling plan.
Market Expertise: With decades of experience in Burlington’s real estate market, we provide accurate pricing and neighborhood insights.
Seamless Transactions: We coordinate the timing of your sale and purchase to minimize stress and maximize financial benefits.
Trusted Network: Need a mortgage broker, home inspector, or contractor? We connect you with the best professionals.

Determine how much home you can afford

When upsizing, it’s crucial to set a realistic budget. Consider:

Mortgage Pre-Approval: Get pre-approved to understand your borrowing capacity and lock in a favorable rate.
Monthly Costs: Use the 28/36 rule, which suggests spending no more than 28% of your gross monthly income on housing and no more than 36% on total debt payments.
Closing Costs & Moving Expenses: Factor in land transfer taxes, legal fees, and moving costs to ensure you’re financially prepared.

Should you buy your new home first, or sell your old home first?

This is one of the biggest questions homeowners face when upsizing. Each approach has its pros and cons:

Selling First: This allows you to know exactly how much money you’ll have to put toward your next home. However, you may need to find temporary housing if you don’t secure a new home in time.
Buying First: This lets you move at your own pace but could put financial strain on you if your current home takes longer to sell than expected.
Bridge Financing: This is an option if you need to purchase before selling, allowing you to carry two mortgages temporarily.

Our team at The Liv Well Group will analyze market conditions in Burlington to help you make the best decision based on your unique situation.

Prepare your home to sell

Selling your current home for the best price requires preparation. Here’s how to get it market-ready:

Declutter & Depersonalize: Create an inviting space that allows buyers to envision themselves living there.
Repairs & Staging: Fix minor issues and consider professional staging to highlight your home’s best features.
Strategic Pricing: The right price attracts serious buyers and helps you sell quickly.

Our team will provide a customized marketing strategy to maximize your home’s value and attract the right buyers.

Coordinating Your Sale and Purchase

At this point, you should be getting ready to list your old home and have a clear idea of the type of home you want and can purchase. The ideal scenario is to align the sale of your current home with the purchase of your new one, especially if you need the proceeds from your sale for a down payment.

Market Conditions

Understanding the market conditions in Burlington is key:

Seller’s Market: More buyers than homes available. Your home may sell quickly, but you’ll face more competition when purchasing.
Buyer’s Market: More homes than buyers. You may get a better deal on a new home, but selling your current home may take longer.

Contingent Offers

A contingent offer means your purchase is dependent on selling your current home. While it protects you, it may make your offer less attractive to sellers, especially in a competitive market.

Stronger Contingencies: If your home is already under contract, your offer will be stronger.
Non-Contingent Offers: Consider other strategies such as bridge financing or a higher offer to remain competitive.

Funds Transfer & Closing Coordination

Simultaneous closings can be tricky but are possible with proper planning and the right escrow coordination.
Working with an experienced real estate team ensures seamless fund transfers and aligned closing dates.

Temporary Housing Solutions

If you sell your home before securing a new one, consider:

Short-term rentals or staying with family/friends.
Rent-back agreements where you stay in your sold home temporarily.
Storage solutions for furniture and belongings during the transition.

How We Help

At The Liv Well Group, we specialize in helping Burlington homeowners navigate the upsizing process with ease. Here’s how we support you every step of the way: Personalized Strategy: We assess your goals and develop a customized buying and selling plan. Market Expertise: With decades of experience in Burlington’s real estate market, we provide accurate pricing and neighborhood insights. Seamless Transactions: We coordinate the timing of your sale and purchase to minimize stress and maximize financial benefits. Trusted Network: Need a mortgage broker, home inspector, or contractor? We connect you with the best professionals.

Making Your Move Easy in Burlington

Upsizing is a major decision, but with the right planning and guidance, it can be a smooth and rewarding transition. Burlington in 2025 continues to offer fantastic opportunities for families, professionals, and retirees looking to move into larger, more comfortable homes.

Let’s make your next move easy. Contact The Liv Well Group today to get started on your upsizing journey with confidence.