Do you feel like you are bursting out of the seams of your current home? Do you feel like you need a home that has more room for the life you want to lead? Upsizing can seem like a simple solution, but it’s an important one to think through to make sure you get it right.
Here are some things to consider when you’re looking to upsize:
Will you need to make any trade-offs so you can upsize? Maybe you’ll need to move further away from work to find somewhere you can afford. Is it worth lengthening your commute? If you have children, will you need to change schools? If so, what are the schools like in the area you’re looking to move to? Will it be harder to get support from family and friends in your new location?
It can be easy to underestimate the extra upkeep and cost that larger homes require. Lawns, gardens and pools are wonderful additions to your life, but day-to-day maintenance can take up a lot of time and money.
There’s also the maintenance for bigger ticket items that a more substantial home may require, and they are not always expected! Things like roofs, hot water systems, plumbing and guttering are all items that need to be maintained and periodically replaced.
The most obvious cost of upsizing is usually the increased price of the house itself. Your bills and maintenance costs may also increase with a larger home. For example, it may be more expensive to run your air-conditioning, and an increase in the number of rooms may mean having to spend money to furnish them.
An alternative approach to buying a larger home is to expand the one you already have. Renovating or adding a granny flat may be a lot of work, but it means you can stay put in the home and area you’re in. You also get to create a home that reflects your needs and style.
There are no right or wrong answers when it comes to upsizing, but it is crucial to think through all your options before committing.
We can help with expert advice; whether it be a market opinion on the value of your home, or advice on how you can renovate and improve your current property without overcapitalizing. Please feel free to get in touch.