How to upsize to a bigger home

15th July 2024

Are you looking to buy a bigger home? But still deciding if it's worth it?

Upsizing, in the property market context, is simply moving to a larger home to accommodate your growing needs. Some may consider buying a bigger home due to an expanding family, desire for more space or just the appeal of a more luxurious lifestyle - all are excellent reasons to consider moving!

In this article, we'll discuss the reasons for upsizing your home, the pros and cons of getting a bigger house, financial considerations and the practical steps on how to upsize to a bigger home.

Contents

• What are the reasons for upsizing house?
• Is a bigger house worth it?
• What are the financial considerations?
• How to find the right property
• What are the practical steps for upsizing?
• Ready to buy a bigger home?

Reasons for upsizing

There are many reasons to think about getting a bigger house. From growing families who need more space to couples looking to find a “forever home” they are less likely to outgrow, there are several scenarios in which upsizing may be the best option for you.

Let’s explore some of the most common factors that influence this decision.

Expanding families

As families grow, the need for more space becomes apparent. As your kids become teenagers, they naturally want their own bedroom space for studying, socialising with friends or pursuing hobbies.

Upsizing to a home with enough bedrooms and dedicated living areas can create a more comfortable and functional environment for everyone under one roof.

Searching for your "forever home"

Some couples seek a place to settle down and establish roots for the long term. Upsizing to a larger home can fulfil this desire by providing ample space to grow, raise a family, and age comfortably without feeling cramped for space.

Finding a home with all the features and space you need for the foreseeable future eliminates the stress, hassle and expenses of potential future moves, as you'll already be set with your dream property!

Lifestyle improvements

Why upsize? Not only are there various personal factors which may convince you, but did you know that you can benefit from some significant lifestyle benefits with upsizing? Upsizing is not solely about having bigger living spaces; it can significantly enhance your daily life.

For instance, the rise of remote work has created a demand for dedicated home office spaces. Upsizing allows you to create a designated workspace that promotes productivity and clearly separates your work and personal life.

A larger home is also great for socialising – with more space, you’ll be able to entertain family and friends more easily, whether you’re planning on dinner parties in the kitchen or having all the family around to stay for Christmas.

Furthermore, a larger home provides the opportunity to create more recreational areas. Imagine having a home gym, movie room, game room or art studio. The possibilities are limitless when you have space to choose! These dedicated spaces can easily enhance your enjoyment with spaces for free time and hobbies.

Upsizing often means a larger garden as well. This opens doors for landscaping projects and creating a relaxing outdoor space for entertaining guests or enjoying nature. A well-maintained garden can also add value to your property.

Deciding to upsize your home can be motivated by practical needs and a desire for an improved lifestyle. Whether it's to accommodate a growing family, create a dedicated workspace, or establish a recreational haven, there are many reasons why upsizing could be the best choice for you.

Is a big house worth it?

If you are still considering buying a larger house, here are some advantages and disadvantages of moving to a bigger home and whether it suits your personal circumstances.

Pros of upsizing your house

• More living space: Enjoy the comfort of spacious rooms, reduced clutter, and dedicated areas for hobbies, work, or relaxation.
• Increased property value over time: Bigger homes in desirable locations often increase in value, potentially offering a good return on investment when you sell.
• More recreational areas: The options for dedicated recreational spaces are endless; you can allocate rooms for spending quality time.
• A larger garden: Expand your outdoor living with space for gardening, entertaining, or creating a peaceful retreat for yourself and your family.
• High potential for long-term happiness: Moving to a bigger home can improve your quality of life by providing space for your needs and fostering a sense of comfort and security as your dream home.

Cons of upsizing your house

• Higher purchase price: Be prepared for a larger mortgage payment, potentially impacting your budget and financial goals.
• Increased utility bills: Heating, cooling, and lighting in a more prominent space will likely lead to higher utility costs.
• More maintenance and cleaning responsibilities: Maintaining a larger property requires more time and effort for cleaning, repairs and gardening work.
• Potential for overextending financially: Carefully consider your financial situation to ensure a more prominent home doesn't strain your budget and limit your ability to save or invest.
• New furniture costs: Filling a bigger home with more furniture can be expensive. Consider your existing furniture and explore cost-effective options like buying second-hand or waiting for sales.

Moving to a larger home can be an exciting opportunity. It can provide more space, potential for increased property value, and the ability to create dedicated areas for your interests. However, it's essential to carefully consider the pros and cons to make sure it fits your lifestyle and finances.

Ultimately, moving to a bigger home is a personal decision that should be thoroughly thought out and prepared before confirming a property. Carefully assess your needs, both financial and lifestyle-related, before making the leap to find your new property. We urge all prospective homeowners to evaluate whether the additional space will truly improve their quality of life and if they can manage the ongoing expenses and responsibilities of owning a larger home.

Financial considerations

Upsizing to a bigger home can be an exciting prospect, but it's crucial to consider the financial implications carefully. Here's a breakdown of critical factors to keep in mind.

Building a realistic budget

• Start with your current financial situation: Analyse your income, expenses and existing debts.
• Factor in all associated costs: Don't just focus on the purchase price; also consider closing costs, moving expenses, potential renovations and increased utility bills.
• Use online calculators or talk to a financial advisor to estimate your affordable monthly mortgage payment and ensure it aligns with your financial goals.

Hidden costs of a bigger home

Beyond the initial purchase, owning a bigger home comes with ongoing expenses you might not initially consider:

• Higher council tax charges: Larger homes typically fall into a higher council tax band, leading to higher council tax bills.
• Increased insurance premiums: Homeowners insurance is often based on the value and size of your home.
• Maintenance and repairs: Bigger homes require more upkeep. Therefore, be prepared for unforeseen repairs should they arise and set aside a dedicated maintenance fund.
• Higher utility bills: Heating, cooling and lighting a larger space will likely increase energy consumption.

Understanding mortgage options

• Fixed-rate mortgages: These offer a consistent interest rate throughout the loan term, providing predictability for budgeting.
• Adjustable-rate mortgages (ARMs): The interest rate on these mortgages can fluctuate over time, potentially impacting your monthly payment.
• Down payment: A larger down payment reduces the loan amount and can result in a lower monthly payment as well as potentially lower interest rates.

Choosing the right size

Here's some practical advice on choosing the right-sized property for you:

• Consider your current and future needs: Will your family continue to grow? Do you plan to work from home permanently?
• Think long-term: Can you comfortably afford the ongoing costs of a larger home throughout your ownership?
• Prioritise wisely: Would a smaller home with desirable features like a larger garden or a finished basement better fit your budget and lifestyle?

Upsizing is a significant financial decision. However, you can secure your dream home without straining your finances by carefully considering your budget, potential hidden costs, mortgage options and long-term financial goals.

Finding the right property

When searching for a bigger home, it's essential to consider all your options for finding the best large property for you. From working with estate agents and searching online resources to considering new builds versus existing homes, you should consider all these options during your search for higher chances of property success.

Here are the elements to look for in a larger property and the proper steps to take to find the right property for you:

• Number of bedrooms - How many rooms would suit the size of your household? Would you prefer also to have a spare guest bedroom?
• Layout – Does the layout of the property work for you? Open-plan layouts may suit your lifestyle better than lots of individual rooms, for example.
• Outdoor space - Do you imagine yourself spending your free time there? Would you be able to manage a larger garden yourself, or would additional gardening support be required?
• Location - Does the location have many local amenities (such as schools, shops, hospitals, or towns), or would you be happy to travel to the nearest amenities? Is the location commutable from work areas, or is there some distance between them?
• Potential for future expansion - Are there opportunities for personalisation in your potential new property? Is the property a new build or an old home?

Practical steps to upsize

From planning the move and selling your current home to buying your new one, we at Marchand Petit can assist with all the moving and sales practicalities so you can get the right upsized home for you. There are certain legal aspects of buying and selling property with us, including contracts and inspections, which our professional estate agents can happily assist you with.

Firstly, upsizing to a bigger home involves more than just packing boxes. It's a logistical journey requiring careful planning and execution. Here are some critical steps to consider:

Prepping for moving

• Declutter and organise: Before you start packing, go through your belongings and remove or donate items you no longer need. This will reduce the number of items you have to move and make unpacking in your new home easier. You may also need to buy more furniture for your new place, so you may wish to try a different style to match your new property.
• Research moving companies: While you can do your own move, or bring in family and friends to help, using a moving company is much more hassle-fee. Get quotes from reputable movers and compare services and costs. Consider factors like insurance coverage, packing assistance and the overall estimated timeline for the move.
• Schedule utilities and services: Contact your new area's utility companies and service providers to ensure a smooth transition. Make arrangements to update your current address, disconnect from your current place, and connect to your new home.

Selling your current home

• Work with a reputable estate agency: Choose the best estate agent for selling your home. Working with an experienced estate agent can help you determine the right listing price, stage your home for showings and navigate negotiations with potential buyers. An estate agent can also handle all the necessary paperwork for you.
• Prepare your home for sale: Make minor repairs and cosmetic improvements to enhance your home’s appeal and attract buyers. Consider the best time to sell your home and professional cleaning and staging services to showcase your home's full sale potential.
• Be flexible with showings: Be prepared to accommodate potential buyers' viewing schedules during selling.

Finding your new home

Identify your needs and wants and clearly list the essential features and amenities you want in your new home.

This will help narrow down your search and ensure that you find a place that matches your lifestyle.

• Research the local property market: Stay informed about current market trends and pricing in your desired location. Consider pre-approval for a mortgage to demonstrate your financial readiness to potential sellers.
• Work with an estate agency specialising in upsizing: An estate agent who understands the specific considerations for upsizing can provide valuable guidance throughout the buying process.

Choose Marchand Petit – your partner in upsizing

At Marchand Petit, we are well-experienced with the process of upsizing and know what it takes to find the best property for you.

When you work with our estate agents, we go beyond simply finding your dream home – we offer comprehensive support throughout the process.

Our team of professional estate agents can handle:

• Legal aspects of buying and selling: We'll help you navigate through contracts, inspections, viewings, and other matters related to property transactions.
• Expert negotiations: Our skilled agents represent your best interests and ensure you get the best possible deal on your new home.
• Seamless move coordination: We can work with trusted moving companies and service providers to ensure a smooth and stress-free transition.

Let our expert property team at Marchand Petit take the worry out of upsizing. Contact our local branches, and use our expertise to help find your perfect, bigger home for sale in Devon.

Discover the benefits of moving to the countryside, and our range of luxury property listings available now.

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