If your kids are screaming at each other in their bedroom and driving you spare, it may be time to upgrade your home. Separate bedrooms – or even sections of the house – can be good for family life and help maintain your sanity.
As an experienced local agency, we’ve found “family” is the most common reason for homeowners deciding that it’s time to upsize.
And while the idea of a more peaceful home is hugely appealing, you mustn’t forget that it’s a big financial decision.
We work with many families to step through the challenge of upsizing, so they not only find a larger property but one that meets their every need. It’s amazing what a family wants from a new home once they start considering the possibility.
Upsizing makes great sense now the real estate market has eased. While you might sell for slightly less than 12 months ago, you’ll make a much larger saving when you upgrade to a bigger home.
So below, we’ve highlighted some key topics to consider, including some of the expenses.
Value your property – We need to be clear on the likely sale price for your home. As your agent, we can appraise its value. Alternatively, you can hire an independent valuer, who’ll be a little more conservative. (Good agents know what they can sell a property for in the current market.)
Why upsize? – To avoid buying the wrong house and crystalise your thinking, consider not just floor space but the number of bedrooms, location, size of garden and how you’ll grow in to the house. Be clear on this. You want a home that solves problems now and into the future.
Do you need to buy? – You could rent your current property and lease a larger one. It’s a definite possibility, but with rents are on the rise, it can be difficult. And renting is likely to involve more upheaval if you’re not able to renew the lease. That creates a lot of inconvenience.
Can we stay and renovate? – This is another viable alternative, but it’s not without its drawbacks. The construction industry is going through a historic labour shortage. Worse, the cost of materials has gone through the roof. Some builders are going broke because of the stress. So, renovating is tougher than a few years ago.
What can I afford? – Your target homes are edging down in price as the market mood swings from boom to more normal behaviour and may now offer good buying. However, mortgages are more expensive, so be clear on what you can afford and are prepared to pay and how long you intend to live in the property for – the longer the investment, the better.