Most people simply want to get a foot on the property ladder, so they purchase smaller homes or flats that they can afford. However, over time, as their situation changes, their family gets bigger, or they simply need more space, it becomes necessary to upsize. Making the decision to upsize requires a lot of careful consideration and planning because it is a big financial decision. Keep reading to learn more about upsizing.
Signs That it is Time to Upsize
There are several signs that it might be time for you to move your family to a bigger property. The most obvious is that you have decided to or begun to grow your family. While a two up two down home might work for your family initially, you will soon find that it feels cramped once you begin to add to your family. In addition, moving is not a quick process, and so by the time moving becomes necessary, it can then take months before you have everything in place to move, which is why planning ahead is essential.
The size of your family isn’t the only thing that dictates your needs in terms of the size of your home. Some people run businesses out of their home, or they work from home, and they need to the room to do so. Perhaps you don’t necessarily need more indoor space but more outdoor space instead. Upsizing doesn’t always mean looking for a bigger home; sometimes, it is about needing more land. However, if you feel like you are living on top of the other inhabitants of your home, or if you are struggling to find enough room for your lifestyle, then upsizing could be the way to go.
Where to Upsize to?
Oftentimes – especially in more urban areas – upsizing will mean that you need to look for a home in an entirely new area. Bigger properties or places with gardens or other bigger outdoor spaces are incredibly hard to find for those living in a central city spot. You will need to look further away from the city to find somewhere suitable. If you live in a rural area or a smaller town or village, then you should be able to upsize without going too far because they tend to have a wider range of home sizes to choose from. If you do need to relocate, then make sure that you consider things like your commute to work, the kids commute to school and the local amenities.
The Benefits or Upsizing
The main benefit of upsizing and the whole reason behind upsizing, to begin with, is to get more room to live. Having enough space as a family is important both physically and mentally. Everyone is entitled to their space; privacy is important. You will also have more room to host friends and family too. Having the extra space for entertaining can boost your social life. You will be better able to work from home; you may even now have enough room to set up a home office which can promote productivity and help you to get ahead at work. Finally, if money gets a bit tight, you could always find a lodger and rent out the extra space to bring in a bit of money.
Financial Factors to Consider
This may seem obvious, but large properties often cost more than smaller properties. That is unless you move out of the city to a cheaper suburb, in which case you might find that your money goes further. So one of the first steps to working out what you can afford is to know what your current home is worth. Selling your home is the most important element of the upsizing process because it significantly affects the timeline of the process. To ensure that the process continues as quickly as possible, you could consult a company like Fastbuyproperties. They buy properties in any location and any condition. They also ensure that the seller has the money in their account within seven days.
The next thing to take into account is the fact that stamp duty land tax increases with the property value. Selling a home comes with costs like agent or legal fees but so does buying, so be sure to factor this in. Earmark some funds within your budget to go towards these fees. The final financial consideration you need to make is the potential increase in your bills. A lot of people tend to think that the increased expenses stop at the sale of the house, but this isn’t the case. It might cost more to heat a bigger home, for example. Are these potentially higher bills something that you will be able to afford long term?
In Conclusion
The process of buying and selling a home is incredibly stressful, and it can take a while too. If upsizing is in your future, then it might be worth getting a jump start on the process sooner rather than later. When looking for a home, don’t just think about your immediate needs; try to consider the future. Look for properties that have longevity.
