It could be time to upsize!
Remember when it was just you, and your studio apartment was sufficient? Maybe now it’s two of you and you need a two-bedroom apartment? Or perhaps your small family is growing and your once comfortable home is now stretched at the seams. In this article, we discuss all the things you should think about before you decide to upsize your home.
What does upsizing mean for you?
Upsizing will mean different things to different people. There are the newlyweds who want to move from a one-bedroom apartment to a two bedroom; the family of three who are about to become a family of four and desperately need some more space; and let’s not forget the people who want to capitalise on the equity in their current property by selling and moving to something bigger. Perhaps your upsizing motivator is the fact that your once small children are now teenagers (with lots of stuff and friends who love to come over) and you all need extra space. Whatever your upsizing picture looks like, it’ll generally mean a move to a larger home.
Are you really running out of space?
Do you remember when you never thought you’d own enough stuff to fill your home, and now you have to stop yourself from making another purchase for want of a place to put it?
Before considering an upsize, it’s worth having an honest look at your situation. Are you and your family really running out of space, or are you in need of an urgent de-clutter and cull of excess items from your home? Or perhaps you have enough space, but you haven’t made the best use of that space with the right storage solutions?
How big is big?
Do you simply need an extra bedroom, or do you need to move from an apartment to a house with a backyard? Maybe it’s a move from the city to the suburbs? Doing a serious inventory of what you need and what you want is a must before taking the plunge into a bigger home.
Have you done your sums?
Maybe you have enough equity in your current home to move without too much of a change in your mortgage. Or maybe you’re taking the plunge from renting a two-bedroom flat to buying your first home – either way, you need to do the sums.
Can you afford the mortgage on your new, larger home? Can you afford the rates, insurance and maintenance costs of this bigger space? Are you moving to a house twice the size of your current home – if so, can you afford to furnish your new digs?
Will the bank even let you have a larger mortgage? Even though interest rates are lower than ever, perhaps your personal situation has changed and the bank won’t lend you the money you need to buy bigger and move. (And don’t forget, moving costs money – from removalists to stamp duty, it quickly adds up.)
Same-same but different?
Do your upsizing dreams mean staying in the same suburb? If so, can you afford it? Or maybe your upsizing dream might mean a cheaper suburb or a total tree-change. How will this decision impact on your family, their education and social life? These are all important factors to consider before you put your current property on the market.
Quick upsizing tips:
- Location! Location! Location! Make sure the area you choose keeps you in close contact with your social interests and your kids’ school and extracurricular activities.
- Make sure your new home will grow with you and your family – you don’t want to have to move again any time soon.
- Do the math and make sure you can afford a larger home (and the larger mortgage that comes with it).
Is this your chance to create your dream home?
Perhaps your upsizing adventure is your chance to build your dream home. Built in wardrobes, en-suite, an outdoor entertaining area and a chef’s kitchen? Your imagination is only limited by your budget when building from scratch.
Benefits of upsizing
- You could capitalise on the low interest rates and buy bigger.
- Your family has room to grow.
- More storage options.
- All the kids get their own room, and the grown-ups might even have their own lounge/parents retreat.
- Maybe you’ve built solid equity in your current home, and upsizing won’t necessarily add too much extra expense to your weekly mortgage repayments.
Cons of upsizing
- A larger place often means larger maintenance expenses.
- You’ll need more furniture to fill your larger home.
- Often an upsize means an upsize in mortgage repayments, too.
- In some cases, a larger home may also mean relocation to a suburb that may not be ideas for your current schooling and social network.
- A bigger home often means more time cleaning.
Over to you
Have you recently upsized? Was it a good move for you? Are you currently thinking about upsizing? What is motivating your decision? We’d love to hear your thoughts.
Are you ready to sell your property?
If you’d like to arrange an obligation free appraisal, please give Smile Elite a call on 1300 712 712, or contact us
Disclaimer: The information here is provided on a general basis. You’re encouraged to consult with an expert who can consider your individual situation.
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