Lots of us will consider downsizing towards the later stages of our lives, but at the very beginning of our home-owning journey, it’s likely that upsizing that will be on the cards.
Whether it be extra funds coming your way because of a new job, or because you’ve decided to start a family, there are many reasons why it might be the right time to think about buying a bigger home. If you fall into this category, here’s what you need to consider – welcome to our guide to upsizing your home…
Should you buy a bigger home? Things you need to consider
A lot of thought needs to go into upsizing your home, and before you even start to shop around, you should consider several factors. Let’s run through them one by one…
What’s your budget?
What will your budget be? Take a realistic approach, as people can often be wowed by more space and find themselves trying to purchase a home that isn’t realistically affordable. Take your budget and try to pair it up with what you may get for your money, in terms of number of bedrooms or bathrooms, for instance. You’ll also need to factor in monthly mortgage costs and bills, which will of course be bigger in a bigger property.
What type of home do you want?
While it’s important to understand budget, you should also be clear on what you want from a bigger property. This will give you a firmer focus when exploring homes to view. Modern? Traditional? Lots of outdoor space? A roomy playroom? Two extra bedrooms? These are all things you should make a mental checklist of in advance.
What type of location are you seeking?
Upsizing may require you to live in a new area – particularly if looking for a larger, family home. So, consider things such as local amenities, schooling, and the facilities of any hobbies or interests you may have. Just because a home may seem like the perfect match at viewing stage, doesn’t mean the neighbourhood will tick all your boxes.
What type of costs are associated with buying a bigger home?
Budget for the home itself aside, you’ll need to consider the additional costs that come with just purchasing a larger home. We’re talking conveyancing fees and stamp duty, along with all the usual fees for services such as removals and storage.
Stamp duty (officially known as Stamp Duty Land Tax), in particular, will need to be factored into your budget in a big way, as it typically runs into the thousands of pounds mark. How much stamp duty will be applicable? It depends on the property price, and where in the UK you live.
Is it the right time to upsize your home?
Consider whether it’s the right time to upsize. This is no easy task and there’s a lot to think about, from your own personal circumstances to the state of the housing market.
A good place to start is thinking about both your present and future plans. For example, when looking for a larger home, consider things such as whether you’re potentially going to have more children, or whether an elderly relative may need to move in at some point.
When it comes to children, there’s also schooling to consider, which can play a vital part in timing. Few parents want to pull a child out of school during the middle of a school year, so relocating during the summer ahead of a new school year may be necessary, to ensure a smooth transition.
Then there are finances. Is your employment stable? Can you see any major changes happening in the foreseeable future that may put this into question? These are all key questions that play a major part in the upsizing process.
Alternatives to upsizing
If upsizing doesn’t seem like a viable option for you (at least right now), then the good news is, there are alternatives. You can consider things such as renovating your home, opening up spaces and rooms, as well as adding an extension.
Alternatively, if you’ve got a large garden, there’s the option of building an outhouse or large shed, which could operate as an office, guest room, or gym, for example.
Whether you’re moving to a larger home or making some new additions to your current property, call on Rezigo’s vetted tradespeople for home. Click here to check out the services on offer and make a booking – we’ll email you up to three free quotes to compare, too.