It usually starts small. The kids are sharing a room, the toys have taken over the living room, or you're working from the kitchen table again. Then one day you catch yourself scrolling listings at night and wondering, "Is it time?"
Buying your second home is a big step, and it's a very different experience from buying your first. You have a home to sell, equity to work with, and a much clearer idea of what you actually need. Here's how to plan your move up in Cochrane, step by step.
Signs you've outgrown your first home
Every family's reasons are different, but these are the ones I hear most:
You need more bedrooms, or a bonus room so the kids have somewhere to play.
You're working from home and need a real office with a door.
You want a bigger yard, a double garage, or a developed basement.
Your commute or school has changed, and a different part of town would make life easier.
You're ready for the home you'll stay in for the next ten years or more.
Step 1: Find out what your home is worth
Your current home is usually the biggest piece of your move up plan. The equity you've built, meaning the difference between what your home is worth and what you still owe, can go toward the down payment on your next home.
Online estimates are a starting point, but they can miss a lot. A proper home evaluation looks at what similar homes near you have actually sold for. My post on what your home is worth in Cochrane explains how I look at value.
Step 2: Talk to a mortgage professional early
Before you start touring homes, talk to a mortgage broker or your bank about what you can comfortably afford, what happens to your current mortgage, and your options if you buy before you sell, like bridge financing. I'm not a mortgage broker, but I can put you in touch with a local one.
Step 3: Decide whether to buy first or sell first
This is the big question for move up buyers, and there's no one right answer:
Sell first if you want to know exactly how much you have to spend and avoid carrying two homes. The trade off is you may need somewhere to stay in between.
Buy first if you've found the right home or the market is moving quickly. The trade off is the risk of carrying two homes for a while.
Line them up with a buying condition on the sale of your home, or by matching possession dates as closely as possible.
My post on buying and selling at the same time walks through each option in detail.
Step 4: Get your home ready to sell
Your home sells best when it looks its best, but you don't need to renovate. Declutter, deep clean, and take care of small repairs. My guides to home staging in Cochrane and how to sell your house fast have checklists you can work through.
Step 5: Know what you want this time
The second time around, you know so much more about how your family actually lives. Before you start touring, make a list:
Must haves: bedrooms, garage, yard, office, a walkout or developed basement
Location: schools, commute, pathways, and how close you want to be to downtown
Nice to haves: views, a bonus room, a main floor office, extra parking
Deal breakers: busy roads, steep driveways, or anything that drove you crazy in your first home
Cochrane neighbourhoods families love to move up to
Every family is different, but these are some of the neighbourhoods I often show move up buyers:
Heartland: a newer community that families keep choosing, with plenty of detached homes.
Sunset Ridge: one of Cochrane's most popular and well loved communities, with a mix of home styles.
Fireside: an established south side community with schools close by.
Heritage Hills: a newer west side community with big views.
GlenEagles: an established hillside community with larger homes, mature trees, and the shortest drive to Calgary.
Southbow Landing: a brand new community, if you'd rather move up into a new build.
For the full picture, see my guide to the best neighbourhoods in Cochrane, and check your designated schools before you write an offer.
New build or resale for your second home?
Both can be a great fit. A new build lets you choose your layout and finishes, but it can take months to build, which affects your timing if you're selling. A resale home usually means a finished yard, window coverings, and a move in date you can plan around. If you're torn, a quick possession new build can give you the best of both.
When is the best time to move up?
There's no perfect time, but a few things help: knowing what your home is worth, understanding the market for both the home you're selling and the one you're buying, and giving yourself enough time to plan. My Cochrane market updates and free Monthly Cochrane Market Report show how each type of home is moving, so you can time it well.
Ready to plan your move up?
The best first step is finding out where you stand. Fill out my client questionnaire for a complimentary home evaluation, and I'll help you build a plan for selling your current home and finding the next one.
I'm not a real estate lawyer, accountant, or mortgage broker, and this post is general information, not professional advice. Please speak with the right professional about your own situation. Market information is based on CREB® statistics and MLS® data for Cochrane, shared for general information only. Lauren Crouse, REAL Broker.
