Are Joanna Gaines and Chip Gaines thinking about trading in their life on the farm in Waco to be closer to the glitz and glamour of Hollywood? The HGTV couple has been teasing the idea of “expanding their property portfolio” to Montecito, an insider exclusively tells Closer.

“They’ve fallen in love with Montecito and have looked around a couple of houses that are up for sale in the area,” the source shares in August, revealing Joanna, 43, and Chip, 46, “want to invest” in a home that will be perfect for their five kids: Drake, 16, Ella, 14, Duke, 13, Emmie, 11, and Crew, 3.

Courtesy of Joanna Gaines/Instagram

“Ideally, they want [it to be] within close proximity to the beach and over two acres in size,” the insider continues, noting the longtime couple is specifically looking for “a place that needs renovating.” With their expertise, “they’ll use their DIY skills to flip it and deck it out in [their brand] Magnolia.”

The We Are the Gardeners author and the home renovation guru are considering buying property in the Santa Barbara community because they “want their children to be able to enjoy beach life and ocean air over the summers,” the source explains. However, having a residence in California will only help their business too.

“They feel that having a base in Montecito will allow them the freedom and flexibility to boost their brand in Los Angeles and the rest of California,” the insider says.

Whether or not the Fixer Upper stars end up purchasing an abode in Montecito, “there’s no need for Waco fans to worry,” the source shares, insisting the couple “would never abandon” their gorgeous residence in Texas. “Chip and Joanna will remain true to their roots,” the insider adds.

Courtesy of Joanna Gaines/Instagram

It’s no surprise Chip and Jo have no plans to put their Waco home on the market considering they’ve lived in the lovely pad since October 2013. The couple — who wed in 2003 — initially purchased the residence in 2012, but they spent almost two years renovating the dwelling.

The Victorian-style estate, which sits on more than 40 acres of land and is nicknamed “The Farmhouse,” has several bedrooms, three bathrooms, a country-style kitchen, multiple living areas, a craft room and more. Thanks to their huge plot, Jo and Chip also have a sprawling backyard with a massive garden, chicken coops, farms, a greenhouse and more.