Oct 13, 2021
3 min read
When you moved into your current house years ago, it was big enough for your student belongings or budding relationship. Now you have a couple of kids, roaming pets and maybe an in-law living down the hall to accommodate. Whether you're already bursting out of your home, about to expand your family or want to hop on the urban flight for more space in the countryside, the time to move to a bigger house may be on the cards. Before leaping into a larger home, here's what to put on your radar.
Perhaps your house is a bit cramped now you have a partner, children or more pets. Maybe you're remote working and need more office space or want to be closer to friends/family or the office. Whatever your reason for upsizing, you've got to consider the process. Second-time buyers (or 'second steppers') may find their second home move is more complex than their first. They're part of a chain now, which requires synchronising buying and selling at the same time (https://www.boomin.com/property-advice/selling/buying-and-selling-at-the-same-time).
Outgrowing your current home is a natural process, but how do you upsize without depleting your bank account? While moving to a bigger house will cost more upfront and down the line, it's an investment you need to be smart about. The question of affordability is one to consider (and one we'll address later on).
We get it: you want more space. But have you thought specifically, why? While you may think you want a bigger house, you may only need a ground floor extension and a spare room reconfiguration in your current home to get the space you need. Are any areas of your home unused? Could a professional help return function to these dead zones?
Before you speed forward with upsizing your house, make sure that the extra bedrooms and square footage you'll be purchasing will be used by your family.
Are you financially prepared for the responsibility of upsizing? Beyond the home's sticker price are the long-term costs associated with it, from upkeep to higher utility bills, more maintenance and the expense of filling more rooms with furniture and décor. So, while you may ask yourself, "Can I afford to live in a bigger house?", you need to figure out how much you can stretch the pounds by talking to your lender to get the bigger picture.
As much as we can't predict the future, if you know you plan to have multiple children, animals that need outdoor space or move ageing parents in with you – you'll know to choose with the future in mind. Moving house costs money each time, so aim to find a property that will satisfy your long-term goals as well as more immediate plans.
Perhaps your student or starter home is in the ideal location: it's close to the city and public transport. Yet having more space to spread out often means moving further away from the city centre. While you could get more house for your money, are you prepared to leave your neighbourhood? If you want to stay in your current area, look for fixer-upper properties or ones that have space for extensions.
First and foremost, your new home should be a place you love to life. With that said, buying a new home can also be a great way to store and grow wealth. But to make the most of that opportunity, you'll need to consider a home's potential future resale value before you buy.
Dig into the historical movement of property prices in the area and how the home’s value has increased in the past. Keep the latest buying trends in mind as you scope out listings – and your new home could pay off down the road.
Finding the right home for your next stage of life is exciting. Whether you're upsizing or not, keep this house viewing checklist handy to maximise your search. Get ahead of the competition with our wider buying experience – see homes currently being valued and those not yet listed. Search the vast range of properties for sale today.