Do you love living in Denver but are discovering that you might be outgrowing your current space? You might be considering upsizing to a bigger home but are unsure if you are even ready. Fortunately, this checklist can help. Read on to find out how to know if you are ready for a bigger home in Denver.
1. Your family is expanding
Whether you are awaiting the arrival of a new baby or preparing to welcome an elderly family member into your home, one thing is clear – you need more space to accommodate the new arrival. With the addition of a new family member, this often means that you need more bedrooms and bathrooms. If you are currently living in a multi-family luxury condominium but planning on having more kids, you might need to look for a new home with many rooms and a spacious yard. Or, if you are planning on welcoming an elderly family member, you might have to consider adapting the space to accommodate their needs.
Instead of renovating your current space to fit your future needs, consider purchasing a new home. For example, in the Highland area of Denver, you can find many spacious single-family luxury homes with plenty of square footage to accommodate larger families. In addition, many of the public and private schools in Denver are rated highly, with many having received a College Success Award, indicating that they have done an overall excellent job in preparing students for college. With plenty of space and excellent opportunities for kids and families, Denver is a great place to consider upsizing to a bigger home.
2. You have different hobbies now
As people grow, they change. You likely have different needs and an entirely distinct lifestyle than you did years ago. You might even have developed new hobbies, and your current home might not be able to accommodate them.
If you desire to begin gardening or need a designated space for your extensive exercise equipment, it makes sense to find a bigger space to accommodate these new hobbies. For example, in the Highland area of Denver, you can find plenty of luxury homes that can accommodate your new lifestyle. This single-family million-dollar home offers a spacious yard with planter beds, a full irrigation system, and a lush green space perfect for homeowners with a green thumb. Or, this elegant townhome offers beautiful spaces for entertaining guests and an extensive 500-bottle wine cellar room. You can easily upsize to a new home in Denver with many options.
3. A new job or promotion
According to a survey conducted by Indeed, 45% of people relocated due to work-related reasons. You too, might be considering relocating to Denver due to a new job or a promotion. In that case, you need to look for a home within easy commuting distance. For example, if your work is in Denver, consider Berkeley, CO, real estate, which is approximately a 14 minute drive away. With Berkeley luxury homes, you will have spacious interiors with an open floor plan, an attached garage, a chef’s kitchen, a massive kitchen island, a walk-in pantry, and plenty of storage options. Consider also looking for a property with easy access to excellent schools, shopping, dining, and other exciting recreational options.
It is also possible that your company might be transitioning to a remote working environment. Perhaps you might not currently have a dedicated home office. In that case, you might want to upsize into a house with a space that allows you to work from home. In Denver, many luxury properties offer home offices of varying sizes and attributes. This single-family luxury home in the center of the Berkeley neighborhood offers a spacious and dedicated home office space that can accommodate a variety of fields. If you are relocating due to a new job or promotion, upsizing to a bigger home is a great idea.
4. More and more repairs are needed
After living in your current home for many years, certain parts might inevitably fall into disrepair. You might also start planning to add renovations, such as a new deck or an extra room. While many of these renovations can add value, it might be more prudent to consider purchasing a new home with the changes you are looking for. You won’t have to work to fix any issues or consider if the new renovations would be up to code.
5. You are financially ready
This might seem like a no-brainer, but one of the biggest parameters you need to consider is your finances. In short, consider if you are financially ready to buy a bigger property. A larger home generally means a bigger monthly mortgage payment, higher property taxes, and other fees associated with homeownership. You need to determine the logistics of paying for a new property and whether or not you are ready. Consider working with your financial advisor, who will examine your income, assets, and other investments. They can advise you on the best course of action, whether to pay with cash or apply for financing.
If you plan on applying for financing, you could go ahead and get pre-approved for a jumbo loan. Remember that you can get pre-approval for a mortgage loan up to one year prior to purchasing a property. By getting pre-approval in advance, you will have confirmation of how much you can spend on your new Denver home. This means you can better streamline the home-buying process as you search for Denver homes for sale within a specific price range.
Are you interested in upgrading to a new space? When the time comes, schedule a consultation with experienced real estate agent Jason Sirois. He can provide expert guidance on everything from localized neighborhood insights to creative negotiation tactics. Jason can help you find the perfect new home in any one of the highly sought-after neighborhoods in Denver!