Is it time to upsize to a bigger home?

If your family is starting to feel squeezed in your current home, you’re probably thinking about upsizing. Maybe there’s a new baby on the way, the kids are sharing rooms, or you’re just craving a little more breathing room. Whatever the reason, you know it’s time for a change.

But if you’re still paying off your current mortgage, the idea of buying a bigger home can bring up a lot of questions. Can you afford a second mortgage? Should you sell first? How do you make the move without feeling totally overwhelmed? Let’s walk through it together.

Use your home’s equity
The good news? If you’ve owned your home for a few years, there’s a strong chance you’ve built up equity. That’s the value of your home above what you still owe, and it can make a big difference when it’s time to move.

That equity can often be used as your down payment on the next home, which could be very helpful if you’re looking for more space in a competitive market. Whether you’re dreaming of a bigger backyard, a dedicated playroom, or a home office that isn’t the corner of your bedroom, your current home’s equity might be your ticket to making it happen.

How to buy before you sell
Do you have to sell your current home before you can buy a new one? Potentially. Many families worry about the logistics of buying a new home while still paying the mortgage on their current one. It’s a real concern, especially with interest rates and family budgets to consider.

Here’s the thing: lenders look closely at your debt-to-income ratio. This ratio is basically how much you owe each month compared to your monthly income. Carrying two mortgages, even temporarily, can impact what you qualify for.

That’s why planning is everything. Some families choose to sell first and rent or negotiate a lease-back from the buyer to buy time. Others explore financing options like bridge loans or creative timing strategies to make the transition smoother.

Let’s make a plan that works for you
Upsizing your home is a big step, but it doesn’t have to be stressful. When you understand your financial situation and have a strategy in place, the process can be surprisingly doable, even with a busy family schedule.

So if you’re ready for more room to grow, let’s talk. We’ll walk you through your options, help you explore financing, and make sure you’re set up for a move that fits your family’s future. https://www.primaryresidentialmortgage.com/