There are times in life when you are likely to outgrow your home. Your family could have expanded, you might be working at home more and need extra space, or you might just want to have a larger place to spread out and relax. There are many reasons why you may want to upsize your home.
Whatever the reason, embarking on the journey to find a larger home is a significant decision that involves various considerations, from personal needs to financial implications.
A larger home brings more advantages on top of extra space. Larger properties generally hold more value than smaller ones, which makes them an attractive long-term asset to invest in.
Whatever the reason behind your move, here are a few things to help you navigate the process.
What to look for in a larger home
The quest for a larger home should begin with a deep understanding of your needs. Gather your family or partner to discuss the reasons behind the decision to upsize. Consider factors such as:
- Bedroom requirements: Assess whether you need additional bedrooms for existing family members or potential children.
- Elderly relatives: If accommodating elderly relatives is part of the plan, consider features like accessibility and comfort.
- Work-from-home opportunities: With the rise of remote work, having dedicated spaces for a home office is a pertinent consideration.
- Investment potential: Explore the property as an investment, assessing its potential for financial returns in the long run.
- Outdoor space: If more section space for children or pets is crucial, factor this into your search.
Once you've established your reasons, ask yourself if there is anything you can do to make your current home tick all the boxes. And will the renovation investment to extend your home add value to your home?
Should I buy or sell first?
While the allure of a dream home might tempt you to buy before selling your existing property, the conventional wisdom is to sell first. Selling first provides a clear understanding of your budget, enabling a larger deposit and avoiding the complexities of juggling two mortgages.
If you do sell first, you may need to find temporary accommodation before you can move into your new home.
There are those times when you may set your eyes on a property that you don’t want to miss out on. If you are going to put in an offer before you have sold your home make sure it is a conditional offer. In this instance, your offer can be subject to the sale of your home before it goes unconditional.
Before this, you will want to seek guidance from a real estate agent and get an appraisal to understand what your home may be worth in the current market.
Preparing your home to sell
Maximising the chances of selling your current home involves strategic planning. Property styling plays a pivotal role in attracting potential buyers. This encompasses:
Decluttering: Create an inviting space by decluttering and depersonalising your home.
Professional cleaning: Invest in professional cleaning services to showcase your home in the best light.
DIY upgrades: Undertake DIY upgrades such as landscaping, window cleaning, and freshening up paint to enhance the property's appeal.
Consider these steps as essential investments that can significantly impact the selling price and attract a broader pool of potential buyers.
Managing the upkeep of a larger home
While the allure of more space and comfort is undeniable, upsizing comes with increased responsibilities. Cleaning and maintenance tasks multiply with a larger property. Before making a decision, carefully assess whether you're ready for the added responsibilities. Consider the option of hiring professional cleaning and landscaping services to help manage the workload.
Settling on your dream home
The decision to upsize is not one to be rushed. Take the time to compile a comprehensive list of must-haves, ranging from the number of bedrooms to section space and floor plan. Align these requirements with other considerations, including location and price point. Think long-term about your new home, considering potential family growth and whether this is a "forever home" or a stepping stone in your property journey.
Alternatives to upsizing
Exploring alternatives to upsizing is a prudent approach, especially considering factors like moving costs. Renovating your current space, building a granny flat, or expanding vertically can offer additional space without the hassle of moving. Assess the financial implications of each alternative and weigh them against the benefits of enhancing your existing space.
Resale value and investment considerations
Understanding the resale value of your current home is vital, as it may contribute significantly to financing your larger home. If you're upsizing for investment purposes, align your goals with potential rental income and resale profits.
The decision to upsize involves multifaceted considerations. LJ Hooker is here to guide you through the process, offering expert advice to ensure that your move to a larger home aligns with both your personal and financial goals.
Before making any decision, it’s important to get a good overview of your current financial status and to meet with an agent to discuss your goals along with getting an appraisal of your property.
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