Upsizing in Rancho Cucamonga's Down Market
My Clients live in what you would euphemistically call a “starter home.” I sold it to her and her husband and new baby about 3 years ago. It's an adorable, affordable Rancho Cucamonga house that fit their lifestyle perfectly back then. Quite frankly they still have not outgrown it in my opinion.
However, back then they figured they would eventually outgrow it when they had more kids, which they had really planned to do. But as I have kept up with them over the past couple of years, their work schedules, this economy and life has gotten in the way of those baby plans. So for the moment, their house is still working great.
This past weekend, I got a call from them asking about a larger house that had just gone on the market for a really good price in a 
neighboring Rancho Cucamonga community that they had originally wanted to buy their house in. They both agreed that it’s way more house than they needed right now, in addition to being more money than they are used to paying. But it's definitely a house that their little family could “grow into” as it expands.
They have called me every day this week. They are really torn about going for the new house. They are both very budget-minded, level headed people and tend to live well within their means. Unlike most of my younger Clients.
As per the Lender, the bigger house is within their budget, but just barely.
They are really nervous about upsizing in this economy. On one hand they are rationalizing that their current house would be way too small when (and if) they have more children, and on the other hand they keep mentioning that the bigger 5 bedroom house is really beautiful and a perfect size for having more children – plus it’s such a good deal in comparison to what it was.
Tonite they called and asked me a very candid question. “Mykel, We looked at the Pros and Cons you sent us, but we’re so torn, we need you to tell us what you would do?”
Oh Lord, they asked me . . . The Costco Shopping Queen!!!
Is it wise to leap and take advantage of a great deal on something you're betting you’ll eventually use? (Like buying two sets of Cutlery on sale, in anticipation of needing to replace something if a piece goes missing, or buying 3 pair of your favorite jeans in one size larger and one size smaller just in case you lose or heaven forbid you gain a few pounds.)
OK, I'm asking you . . .
It's our advice, but ultimately it will be their decision!
Should they make do with the cute little house they have for now, even though there are so many good buys out there?
Should they should buy more house than they need right now just because it’s a good deal and they may need the room someday?
Have any of you ever bought a bigger house than you needed at the moment, with the feeling that you’d grow into it?
To Upsize Or Not To Upsize In a Down Market . . . That Is The Question!
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