A Guide to Property Upsizing: All You Need To Know

A Guide to Property Upsizing: All You Need To Know

There are many reasons why you might need to upsize when it comes to moving home. You may be wishing to start a new family, you may simply need some extra space. Whatever the reason though, there are many things you should take into account when you are looking to upsize.

Below you’ll find our complete guide to property upsizing and the key considerations you should have to ensure you do so in the smoothest possible manner.

Financing

The first thing you need to think about is whether you can afford to move to a bigger home. While even just one extra bedroom may seem like a small increase in budget, it can make a whole lot of difference when it comes to selling.

Consider how much you will get for your current home and even consider a valuation. Here at Fast Cash Property, we can make you a free, no obligation offer on your home, which could give you a clearer idea of the budget you have to play with, while you should also consider what you can afford in mortgage repayments moving forward.

Also think about the cost of moving. As well as a deposit, you are also required to think about conveyancing, surveys and stamp duty, which can be significant, even with the current savings in place.

Location

When it comes to upsizing, thinking about location is always important. And that’s for many reasons.

If you’re upsizing due to a growing family, you may have to consider things such as schools and local amenities, for example.

What you may also find is that you’ll get more for your money by moving to a completely different area, particularly if you’re currently living in a city. In built up areas, space comes at premium prices, while out in the suburbs or rural areas you may find that the cost of a four-bed family home is much cheaper.

Filling A Bigger Home

While it’s always nice to have that bit more space in a home, you also need to consider how you’re going to fill it.

If you’re moving into a house with a significant number of rooms more, you need to think about the costs that come with that, as you’ll be required to decorate and furnish these rooms, as well as pay for the electricity and heating costs of them.

There may also be a rise in council tax, as well as considerations such as gardens, which you will have to tend for yourself.

Of course, it could prove exactly the right choice for you to upsize, but ensure you know what you’re getting into from the very off to ensure a smooth sale and a move into a new dream home.