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5 Clever Ways to Upsize Your Home

October 4, 2023 | Buying

5 Clever Ways to Upsize Your Home

It’s still possible to think BIGGER on a budget!

Do you find yourself yearning for more space in your home, but the thought of a costly move, a higher mortgage payment & rising interest rates giving you pause?

Fear not!

Whether you’re dreaming of an extra bedroom, a home office, or just more breathing room, there’s budget-friendly strategies to help you achieve your home expansion goals.

(Yes, even in today’s market.)

Here are 5 clever ways to upsize your home without breaking the bank.

#1 Go for a Drive

Is your current home in a pocket of the city where you could get good value for it?  As many work from home (at lease partially) these days, a drive into a neighbouring but further out city might just do the trick!  Depending on the location, a home with a bigger foot print could be priced much lower than one that’s closer to the downtown core.  At worse it could be a lateral move where you sell for just as much as you buy – but then you have room to grow!

#2 Consider A Rental Apartment

Upsizing to a home with a rental apartment is a savvy choice for homeowners on a budget!  Having a rental apartment in the basement or even a laneway/garden suite out back offers the opportunity to live in a bigger home while keeping costs down via rental income.  As long as the space your family personally uses is hitting all the marks that made you want to move, it’s a smart strategy for those looking to maximize their homeownership experience and stabilize their wants with their needs.

#3 Build Up + Down, Not Out

If your budget won’t accommodate a full-scale addition to your existing home’s footprint, think vertically. Consider converting your attic or basement into a functional living space. These areas can be transformed into bedrooms, home offices, or entertainment rooms without the cost of a traditional extension and high interest lines of credit.

#4 Optimize the Space You’ve Got

Before rushing into a costly expansion, take a closer look at your current living space. Are there areas that could be better utilized? Consider reorganizing, decluttering, and investing in space-saving furniture to maximize every square inch. An open, clutter-free space often feels more substantial than a cluttered one.

#5 Renting Isn’t a Bad Word

Although Canadians pride themselves on home ownership –  renting is a very common practice in other countries – with good reason! Let’s de-stigmatize it and discuss why this strategy may make cents for some (see what we did there..).  Opting to rent a larger home while selling the smaller one is a strategic maneuver that can offer more living space for changing needs, flexibility to explore new locations with more amenities, access to home equity, and reduced maintenance responsibilities. This move grants not only lifestyle enhancements but also financial agility to pivot with changing circumstances.

And there you have it! 5 clever ways to upsize your home while on a budget.

Everything is possible with a few strategic maneuvers.

If your house is cramping your style and you want to explore these options and more – reach out to Abode Realty today and let’s get strategizing.