The "Lateral Upgrade" Myth: Moving Up Usually Costs More

So you want a lateral upgrade: a better home in a better neighbourhood, for the same amount or less than you’ll sell your current home for.

News flash: it doesn’t really work that way.

Why the math doesn’t add up

When you sell, your home is priced against similar homes in your area. When you buy, the “better” home you want is priced against homes like it: bigger, newer, more updated or in a more desirable neighbourhood.

If it’s better, buyers value it more, and it costs more.

What sellers often expect

Veronica Murphy hears it a lot: sellers expect top dollar for their own home, and a super good deal on a home that’s better than the one they’re leaving. Both rarely happen at once.

How to plan your move up

1. Get an honest value for your current home.
2. Get pre-approved to see what you can afford next.
3. Decide what “better” means to you: size, location, condition or lot.
4. Budget for the difference, plus closing costs, moving and any updates.

If you’re looking for something even a bit better, expect to dust off the wallet a little.

Is a lateral move ever possible?

Sometimes, if you’re moving to a more affordable area, or trading features you don’t need for ones you do. Your REALTOR® can help you find where your money goes furthest.

Planning your next move?

Call Veronica at 289-768-9968 or get your home value.