What to know before upsizing to a bigger property
Going ahead with deciding to upsize your property is certainly not something that should be done lightly, but it is a decision which may be essential depending on your current housing situation, and how you want it to look in the future.
Homeowners may choose to upsize their property for various reasons. Perhaps you have a growing family that needs more space, such as another bedroom or a garden? Or you’re looking for a property that meets your future aspirations. Whatever your reason for upsizing is, making sure you know about the process and what it might involve is key to a smooth transition. In this blog, we share what we think you should know before upsizing your property to make the process easier.
Whilst upsizing may be something you’re heavily considering, making sure it’s the right move with your current financial situation taken into account – should be the first thing to consider.
Although you may only wish for your new home to feature somewhat minor upgrades, perhaps with an extra bedroom or slightly more garden space, small changes can come with big price tags. Carefully considering your mortgage options if you are looking to move will put much of the financial side of things into perspective.
With the increased floor space in your upsized home, you’re likely to be requiring more furniture to occupy it. This is something which may be overlooked in this process, in addition to an increase in utility bills – so make sure you’re financially prepared to take care of these.
Think about the future
Most of the time, upsizing means that we’re looking for a bigger home – often with the features we need already there once we move in (for example, more bedrooms or more garden space). But before upsizing, you should also think about how your next property will accommodate for any expansions in the future.
Upsizing should be part of your long-term plan, so making sure that you find a relatively future-proof house (perhaps for any new family members or pets to move in) should be something to think about. If you upsize to a house with little to no scope for expansion, you’re likely to find yourself repeating the process, so it may be worth considering this before you upsize.
You may have picked your current property for a variety of reasons, such as being close to work, being near family, or close to the town centre. Unless you plan to move (literally) down the road, you may have to sacrifice some of the convenient features of your current home to upsize.
We suggest weighing up exactly what it is your looking for in your new property with reference to what your current one offers. Is adding on 30 minutes to your commute every day worth an extra bit of garage space? Although it may be a case of finding the perfect property which ticks all the boxes, make sure the pros and cons of the location have been planned out before you go through with upsizing.
Selling your home
If it’s your first-time upsizing, it’s also likely that it’s your first time selling. Selling a home can be a long process, so make sure that you know exactly what you’re signing up for as a seller. Although the expertise of an estate agent plays a large role in making sure your home is attractive to buyers; you know your home best.
To increase your chances of selling, and in turn, upsizing faster, do as much research as possible on selling a home. Some key tips are to make sure your home is presented in the best way possible (in both marketing photos and for house viewings), knowing your target market and highlighting the homes main selling points. Preparing yourself before you begin the upsizing process and making sure your home is ready for the market is key to a successful and efficient upsize.
We hope you have enjoyed our blog! If you are looking for a bigger home, you can view our current listings here.