Your first home purchase might have been perfect for you and your partner. Its size is just right, it is easy to maintain, and fits your budget. But as your family grows bigger, you eventually realize that you need a bigger space. You slowly identify the things that you want and need in your home – a bigger kitchen, additional bedrooms, bigger yard, etc. Upgrading to a bigger home suddenly becomes an essential task that you won’t be able to ignore.
But before you go ahead and upgrade your home, these tips for upgrading to a bigger home can surely help make your upsizing journey easier:
1. Identify your objective.
Upsizing your home is nice but what exactly is your objective for buying a bigger home? It is most probably because you want more space but have you thought about why you want to have a bigger space? Pin down specific reasons why you want a bigger home. Having a criteria will make it easier for you to assess your options when actually looking for a new home.
Determining what you are looking for in a bigger home will keep you on track and ensure that you are making a correct purchase. Think about what you wish to change in your current home. Do you need more bedrooms for your growing family? Do you want a larger yard for the kids to play in or for hosting backyard dinner?
2. Assess your finances.
Once you’ve identified your reasons for upgrading to a bigger home, determine if you are financially-capable of covering its long-term costs. A bigger home doesn’t just mean higher purchase price. It also entails higher property taxes, higher utility fees, and requires more maintenance. A lot of space also means that you need to acquire more furniture.
Aside from a higher monthly mortgage rate, furnishing your big home, utility and maintenance expenses are the additional costs that are often overlooked when upgrading to a bigger home. Keep in mind that the purchase price isn’t the only thing that you need to consider when buying a bigger home, the monthly payment and all the associated costs are bigger liabilities.
3. Consider the resale value.
Are you thinking of purchasing a bigger home and making it your forever home? Think again. A big home might feel too much once the people in your home start to move out. Your children will eventually move to their own homes to build their own families. With this, you would probably consider downsizing and selling your big home in the future.
With your home upgrade, consider the possible resale value of your new home. Do your research about what home buyers want. You are not just buying for the sake of staying in a bigger home but you should also consider the possibility of reselling. Choose the type of home and its location wisely.
4. Decide if you are willing to move to a different neighborhood.
Bigger houses are usually located in farther locations, those that are away from the city. Most properties in the city are perfect as starter homes as they are smaller, close to the city, and are accessible through public transportations. Although bigger homes are located farther from the city, in some cases, its price is almost the same with smaller houses in the city. If you are able to find a great deal, you could probably get a bigger space without spending too much. Will you be willing to have an additional 20- to 30-minute travel time to the city? Assess the pros and cons of moving to a different location.
5. Consult the right people.
Aside from following these tips for upgrading to a bigger home, make sure to consult the right people. Although this is not your first time purchasing a home, upgrading to a bigger home can also be overwhelming. Like your first home buying journey, it is also best to have someone who will guide you throughout the process.
Good thing you have the experts at Buying Perth Real Estate. Our experienced buyer’s agents can definitely help you find the perfect deal for your home upgrade. Feel free to give us a call at 08 6215 0200 or send an email to firstname.lastname@example.org.