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Life slows down for no one. We get married, have a child, adopt a pup from a local shelter, have another child, change jobs — it never stops. For Missoula homeowners, all that change can lead to one big realization: You’ve outgrown your living space, and you are ready to begin the process of upsizing your home.
But upsizing your family home is never as straightforward as buying a bigger house and circling a move-in date on the calendar. There’s a lot to think about. If you’re considering upsizing your home in the Missoula area, here are five key factors to keep in mind.
Do you like your current neighborhood?
Missoula has no shortage of neighborhoods with incredible amenities and a sense of community. From the bustling downtown area to family-friendly spots near parks like Bonner or Greenough, each part of the city has its own charm.
For instance, maybe you enjoy walking to local breweries or catching live music at The Wilma, while your kids love playing at Caras Park or visiting the Missoula Public Library. If your current neighborhood checks all the boxes for your family’s happiness and convenience, it’s worth prioritizing staying in the area.
Studies have also shown that where you live can directly impact your mental health, leading to higher levels of happiness in some people. So, if you and your family love your neighborhood and can’t see yourselves living anywhere else, then staying in the area should be a top consideration when upsizing your family home.
What do you want to change?
If you’re thinking about upsizing, it’s probably because your current home is no longer meeting your family’s needs. Maybe you want to add a third bedroom for your growing family. Or perhaps you want more outdoor space for hosting barbeques and backyard picnics. Whatever the case, it’s important to first know what you want to change before you can even consider upsizing your family home.
An easy way to do this is to make a checklist about what you’re looking for in a new home. For instance, is a place with central air-conditioning essential for those warm Montana summers? Or maybe you can do without a back patio or deck. Make a list of what you need, and what you can easily do without. Doing this can help you stay focused while house hunting, and make the process a whole lot less stressful.
Is it a good time to upsize your family home?
When deciding on the right time to upsize, you should always consider factors like housing prices, mortgage rates, and the overall state of the economy. But you don’t want to rely on them too much! Because even in a housing market as competitive as the current one, what’s true today may not be the case six months from now. Mortgage rates drop, economic factors improve, and prices come down.
The reality is that there’s never going to be a perfect time to upsize your home, as market conditions are constantly changing. So, consider talking to a Windermere agent today. They’ll have insider knowledge of Missoula’s neighborhoods, current trends, and opportunities to help you make informed decisions.
How much can you afford?
Missoula housing prices may feel steep at the moment, but that shouldn’t deter you from upsizing your family home. Relocating to a quieter neighborhood just outside the city, like Lolo, might offer more space at a lower cost.
But first, you’ll first need to know how much you can afford. Start by estimating your potential monthly payments using an online mortgage calculator. This simple tool can help you get a rough idea of how much home you can afford based on the listing price, interest rate, and your down payment. Consulting a financial advisor could also be helpful at this stage. Once you know your budget, it will be easier to determine how much you’ll need to live in your desired area.
Is this a forever family home?
Since life rarely acts on our chosen timeline, planning for the future can be challenging. But if you’re thinking about upsizing, it helps to think ahead. For instance, do you see yourself moving again in five years? Or are you looking for a “forever home” in the Missoula area that you and your family can grow old in?
These are important questions to ask yourself when considering an upsize. If you see yourself moving again soon, you might not need to check off every box on your wishlist. However, if you find your dream home, you may be ready to stretch your budget a bit. Whether you’re looking for your forever home or just need more space, carefully weighing these factors will make the process of upsizing a whole lot smoother.
Looking for a bigger home in the Missoula area? Windermere can help! Contact one of our agents today and let us help you make your home-buying dreams a reality.
