Victoria Real Estate Board

Moving Up in the Housing Market

You may be surprised to learn that the cost of moving up is within your means. The equity you have already built up in your current home can often be sufficient for the down payment for your next home; and with today's attractive mortgage rates, carrying charges need not be much larger than what you are paying now. A REALTOR® can help you calculate the carrying costs on a “move up” home.

Changing needs

The desire to move to a larger home is often the result of changing needs for you and your family. A new child is on the way and you need a nursery; the children are growing and need their own rooms and more space to play; you're tired of scrambling for a place to park on the street and want your own driveway; you need more space to build a home office now that you are self-employed; maybe you just need a change of scenery.

A practical result of moving into a better home is that the equity in your home will continue to grow and the value of a bigger and better home will ultimately be greater over time.

Ask a REALTOR® for help

As with every major decision, the key component is thoughtful planning. Enlist a REALTOR® to help you during this process.

Location, of course, will be one of the first choices you will need to make. If you want to move closer to the urban core you can be sure that there is somebody out there who is just as eager to move to the suburbs. If you want a house on a bigger lot to enjoy gardening, there's someone looking for a smaller lot which requires less maintenance. With access to the Multiple Listing Service® (MLS®), a REALTOR® can not only help you sell your present home for the best possible price, but also provide you with a customized list of homes for sale that meet your needs, wants and budget. He or she can then arrange for you to view the homes that appeal to you the most.

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