Thinking of upsizing to a larger property? Going bigger can come with pros and cons. Here are a few of the most important questions that you should ask yourself before making the decision to upsize.
What do you need the extra space for?
There are sensible and not-so-sensible reasons to upsize.
One sensible reason could be that your family is growing, and you need the extra bedroom space. Perhaps you currently live in a one-bed property but are expecting a baby – in this case, you will eventually need a separate bedroom for your child. Alternatively, you may have two kids that are currently sharing a room, but who may not be able to share as they get older.
Extra space could also be useful in other situations. Perhaps you work from home but have no space to use as a home office? Or perhaps you regularly invite guests over but have no bedroom space for them?
A bad reason to upsize could be that you’ve accumulated too much clutter and have nowhere to put it. A bigger home could just fuel a hoarding habit and is not recommended.
While thinking about your motives to move, make sure to also consider your long-term plans and goals. If the kids are getting older and are likely to move out in a few years, consider whether upsizing is worthwhile – in a few years, you may not need all that extra space. Upsizing may not be worthwhile in later life either – many people suffer from mobility issues in old age and end up downsizing to a smaller home that they can more easily get around.
Can you afford to upsize?
Upsizing to a bigger home could mean a larger mortgage or higher rent. It could also mean larger energy costs. While the move itself could be expensive, you should also factor in these running costs.
Don’t be afraid to get some financial advice before making the decision to upsize. Have an initial budget and monthly budget in mind and take a look at larger properties in your area to see whether any sit within your price range.
You should also consider the factors of what upsizing your home means for you. It could be that you are looking to make this your final property purchase and buy your forever home. So the affordability factor will be more important than ever before. You can find out more online about some of the tips you will need to consider if this upsize is the last hurdle on the property ladder for you.
Can you add space to your existing home?
You may be able to add space to your existing home as an alternative to moving to a new home. Improvements such as building an extension or converting a loft could give you the extra space that you need. It could be cheaper than upsizing and you won’t have to worry about the hassle of moving.
By hiring residential architects you can plan out your improvements and look into the feasibility. The likes of planning permission and building regulations could be important aspects to look up beforehand.
Are there are other reasons to move?
While there could be benefits to upsizing to a larger home, there could also be elements of your current home that are worth staying for. Consider how big a priority ‘added space’ is. Will upsizing results in other sacrifices such as moving to a new area? Or are you eager to get away from your current home for reasons beyond size?
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