Upsizing may appear to be a simple process. After all, it’s just a matter of finding a bigger place to live, right? In reality, it’s a lot harder than you think. While upsizing may be necessary, it can be time-consuming and complex. There are various reasons to upsize: growing families, accommodating ageing parents, and work-from-home lifestyles all necessitate extra room. To determine whether upsizing works for you and to get it absolutely right, there are several factors to consider. Here we have listed some smart tips for upsizing before taking the plunge.
Tips for upsizing
When thinking about upsizing your property, the first and most important thing to know is how much the current mortgage rates are. Mortgage deals do, in fact, change and adapt to market conditions. Therefore, if the real estate market is slowing down, you may find deals with low rates to encourage buyers. When the real estate market is saturated with demand, rates can be high to reflect the shortage of properties. So, it can be helpful to keep an eye on both the financial and the real estate markets, as the mortgage deals reflect the demand and offer principles.
Do you have to compromise?
Finding a bigger home is only one of your challenges. When you are looking for a new property for your family, you want to make sure that you are not forced to compromise on comfort or commodities for the sake of extra square footage. A bigger home in a remote location, for instance, may affect work commute, school runs, and grocery shopping. Alternatively, you don’t want to give up your modern appliances and cosy interior for an old property that will require extensive renovation. Upsizing without losing all the things you loved with your former home is not easy.
Cost is a big worry when you choose to upsize your home. Affording your mortgage repayments is only one small aspect of your financial responsibilities. Bigger homes inevitably need more upkeep for outdoor maintenance, indoor cleaning and managing utilities. If you are prepared to take on the extra maintenance, you’ll find upsizing your home to be of tremendous value. Be sure to identify the reasons why you’re upsizing and only upgrading when it makes viable social and economic sense for you and your family.
Consider your objectives
Before you upsize, it may be a wise decision to consider your property goals for the long term. Are you buying an upsized home because you perceive a change in your lifestyle? Do you have another reason? Some people may buy a home with a lifestyle change in mind, but others may be looking for greater financial return when they sell in the future. Understand your goals from the start to help you choose the right property that meets all your present and future needs.
Finally, you need to consider every factor imaginable in the current to long-term. For example, you may want to choose a home in a suburb close to a good school for your kids. You may also want easy access to public parks and playgrounds, so you’ll need to look for family-friendly neighbourhoods. You’ll also want to ensure that you have easy access to public transport. Before finalising your new home, be sure to visit the neighbourhood a few times to ensure that it meets your lifestyle expectations.
In conclusion, upsizing can be a daunting task, but use these tips for upsizing as the stepping-stone to putting your best foot forward when it comes to taking the plunge. If you’re considering upsizing and you’d like some more guidance, contact the experts at BeForward Real Estate today.