Do you want to upsize your property? Check them below
So, why do you need to upsizing property?
It may seem like a simple question but when it comes to choosing the right property, having clear ideas are very important.
Well, you need to spend your time to decide what is lacking in your current property and what features should be owned in your new home? Before starting to look around, you do not only consider the square footage, but you need to think about the layout as well.
Before you begin to fasten your upsizing plan, you need to ensure that features and rooms in your larger home would be actually used as well.
There is much talk about moving into the smaller ones as you grow older. However, if you just start to see a family grow, the upsizing would be more relevant.
Understanding the financial impact in your upsizing property
There is much talk about moving into the smaller ones as you grow older. However, if you just start to see a family grow, the upsizing would be more relevant.
When your family, assets, and needs are increasing, you may find that your home is too big and need more spaces inside.
Come from the increasing of your mortgage to keep your larger property, you need to know several factors to consider before you start to upgrade your home.
We all know that the bigger homes come with bigger price tags as well. But the selling price is not the only cost that you will face when upsizing property.
So, you have to know that the purchase price was not the only expense that you need to spend. There are other things involved in your cost while upsizing property would upset your finance if you do not realize it.
If you have a school-aged kid who is close to their secondary years, you will find out that they are more interested in having their own space.
We all know that the bigger homes come with bigger price tags as well. But the selling price is not the only cost that you will face when upsizing property.
- Higher bills, the lighting, and heating in the bigger home is usually more expensive
- The maintenance of the property, come from the house itself to the garden and grounds, you will be responsible to take care of bigger areas means that you spend higher for maintenance
- The buying and moving cost, instead of spending the fee for the moving van, then you need to calculate the time taken off to set up your move and any new furniture which was needed to fill your home, estate agent, stamp duty and so on.
So, you have to know that the purchase price was not the only expense that you need to spend. There are other things involved in your cost while upsizing property would upset your finance if you do not realize it.
When do you need upsizing property?
If you have a school-aged kid who is close to their secondary years, you will find out that they are more interested in having their own space.
Maybe they share a bedroom or you only have one living room for a family. As your kid gets older, the space issue would be more challenging.
Another condition like you have a new baby, then you need more changes in the household. If your space was already tight, then an extra family member will add the strain inside.
You can consider the dynamic range with your existing family members. Here are things when you want upsizing property.