Fri 18 Oct 2019
written by naomi baron
Important Considerations when Upsizing to a Bigger Home
Starting a family, a new job or a promotion are all factors which could lead to you deciding to upsize your home. However, there are some important considerations before doing this to make sure it’s completely the right move for you.
Do you Need a New House?
Does your current house have potential for being extended? If you are happy where you currently live but it’s just the size that’s the issue then this option should definitely be explored.
Sometimes simply making a change to the shape and size of room can make all the difference e.g. making a kitchen / dining room open plan. There may also be a loft space that could be converted. Read our blog on loft conversions here.
For larger changes you may decide to extend the space you have by adding extra room or rooms. Sometimes this can be done under permitted development or it may require full planning permission. This will need to be checked with your local authority.
One other consideration is using outside areas to create extra space. You may be able to install a large shed or garage space which may be all that is required.
Budget & Costs
It’s important to have a realistic budget to make sure you will be financially comfortable following upsizing. Important questions to ask yourself are:
- Can you afford your new mortgage?
- What will the utility bills be? These are usually always more with a larger home
- Do you need to set money aside for any upgrade work?
- How much will the conveyancing and moving costs be? Don’t forget stamp duty and land tax which can be a significant chunk of money.
- Will you need to buy extra furniture or equipment for the new house?
By asking yourself the above questions you should be able to work out how much you can actually afford to spend on your new house.
Is now really the right time to be moving house? How is the housing market performing? Be aware of prices rising and falling to make sure you are buying and selling in a good market- be sure to check with a local agent first.
Are there any upcoming important changes or events in your life that would make upsizing more difficult or stressful?
Do you have to think about school timings for children? If you are moving areas then important consideration may need to be given to making sure your children have a smooth transition into their new school.
Are there any potential future changes which could affect things?
Is there potential for more children or perhaps another person living with you in the future such as an elderly relative? If so you may need to consider buying bigger to future proof.
Are you settled in your current job? If you can foresee a potential job change then you may need to consider timings just in case there is a relocation or a period of adjustment.
Whichever path you take with your next house move then make sure you do your research.
If you would like to discuss your potential move and require expert local advice then we would love to hear from you. Please contact one of our local offices here.