We’ve guided prospective buyers and sellers for over a decade now, and as a local estate agent within an area so popular with families, every day, we meet lots of local people who’re looking to upsize their home with their next move. Of course, there may be lots of different reasons for wanting to upsize, from second steppers, mostly couples and young families who’re moving on from their first-time buyer flats to new baby arrivals, to established families coming together, we’ve even met the needs of three-generation households.
But, all these prospective buyers enjoy something in common, they’re seeking more space to accommodate their growing needs. And whilst accommodating a growing family and more room appear as key drivers in upsizing, reflected by research conducted by Lloyds Bank where some consider the ‘dream property’ a detached four-bedroom house with a garage, driveway, and kitchen/diner, upsizing doesn’t always mean you have to technically buy a larger property for more money.
When upsizing you could also look for a property that grows with you, and we’re not only talking about homes that have space for extra growth, like the potential for extensions, and conversions, we’re talking about looking at homes with more potential than your current home, from a garden if starting a family might be on the distant horizon, to a home that better accommodates a new home business venture or maybe you’ve decided now is the time to go for that aspirational home you’ve always had your heart set on, now that you’re financially capable.
Whatever the reasons for upsizing, the quest for more space, in particular, will usually mean the need for more money and household budgets can often become squeezed. Here are some of our top tips to get the best value for money from your upsizing move.
Secure the best price for your existing house first for the least cost
This concept may seem obvious, but investing a little of your time (and sometimes money) to prepare your existing home for sale can pay dividends. It also pays to choose your estate agents wisely, so, consider online estate agents such as Check 4 Houses, who’ll sell your home for as little as £699 or 0.5% + VAT, saving you thousands, leaving you more to spend on your new home.
Consider your priorities
Choosing a new home often requires some form of compromise. So it’s useful to sit down and decide what you consider a priority. For example, is it the number of bedrooms, overall space, garden or driveway parking, or even the catchment area of local schools. Consider your reasons for moving so you know upfront what you’re looking for and also think about which criteria you’re prepared to compromise on and which are non-negotiable. Interestingly, according to the same report conducted by Lloyds Bank, over 28% of people surveyed, confirmed they’re unwilling to compromise on their own list of must-have features, and those that were willing to compromise, listed the conservatory, closely followed by a garage as the first features to go.
Get to grip with your budget
Now is the time to sort out your budget. Go through your finances so you have an understanding of what the costs might be when running a bigger home. Things to think about include council tax rates, utility bills, as well as an increase in mortgage payments. Find out in advance what the maximum mortgage you wish to take is and confirm a lender will offer it to you so that you’re in a position to move forward.
Consider the costs of moving, agency fees to sell your existing home, solicitors fees, and stamp duty for buying your new home, so you’re able to set a realistic budget for your new purchase. Also, remember when viewing a property to think about the amount of work that may be required and the extra costs involved in this, and simple practicalities involved, like by increasing in size, comes additional furnishing and maintenance costs.
Keep an open mind
You may have always loved the charm of a character property or the spaciousness of open plan living, but if schools and the number of bedrooms are now your biggest priorities, then you may need to consider different styles of home. Viewing a wide range of properties will give you a realistic expectation of what’s affordable to you and what is the right next move to meet your needs.
If you’re looking for more advice or a free valuation of your home, then please give us a call on 01252 8197725, and we would be delighted to help. We pride ourselves on our local knowledge and highly personalised service, helping you through every step of the moving process. Make the right next move with Check 4 Houses by selling your home for just £699 or 0.5% + VAT and save thousands.