Thinking about moving to a larger home? Whether you need more room for family, a dedicated office space, or just want to stretch out a little more, upsizing is an exciting next step!
Here’s a quick guide to help you plan and make the most of the process.
1. Do you need to upsize?
Before starting your home search, it’s helpful to clarify your reasons for wanting a larger space so that you know what to look for in your next house. Understanding your priorities will help you find a home that truly meets your needs. Some common reasons for upsizing include:
- • Family growth: Maybe you need an extra bedroom or a playroom as your family grows.
- • Work-from-home needs: Many people are looking for extra space to create a comfortable, productive home office.
- • Lifestyle changes: A bigger garden, a larger kitchen, or even a separate space for hobbies can add to your lifestyle.
- • Future flexibility: Upsizing often means planning for the future, ensuring your home suits you for years to come.
2. Plan for extra costs
It’s important to remember that upsizing often comes with extra costs, both upfront and long-term. Here are some key expenses to include when planning your budget:
- • Stamp Duty: For many buyers, stamp duty is one of the biggest costs, so it’s worth budgeting for carefully.
- • Conveyancing fees: You’ll need to pay a solicitor to handle the legal side of buying your new home.
- • Moving costs: Hiring a professional moving company can make the process smoother, but it’s another cost to add to the budget.
- • Repairs and maintenance: Larger homes often come with higher maintenance costs, especially if you need to tackle any repairs or renovations.
- • Council tax: A bigger home often means moving up a council tax band, which can increase your monthly outgoings.
- • Increased utility bills: More space generally means higher utility bills and increased upkeep. And with more rooms, you may find yourself needing to buy extra furniture to fill them.
Find out what other hidden expenses you didn’t anticipate when selling a property.
3. Determine your budget
With these extra costs in mind, you’ll need to work out what you can afford. It’s not just about the mortgage payments but also about ensuring you can cover the upfront and ongoing expenses comfortably. Don’t forget to think about:
- • Equity in your current home: If you’re selling your home, estimate how much equity you’ve built up that can go toward your next property. Find out more about equity in a property.
- • Monthly costs: Calculate your expected monthly payments.
- • Room for surprises: It’s smart to set aside an additional budget for any unexpected costs that might pop up once you’ve moved in.
4. Research the market
Once you know your budget, start exploring the housing market to get a feel for what’s available within your price range. Keep an eye on homes in your preferred neighbourhoods to get an idea of prices, trends, and availability. Browsing listings and speaking to your local estate agent is a great way to get a sense of what’s out there.
5. Prepare your current home for sale
If you’re selling your current home to fund the upsizing, make sure to present it in the best light possible. Consider these steps:
- • Declutter and clean: Clear out unnecessary items and do a deep clean to help your home shine.
- • Make minor repairs: Fix any small issues, like leaky taps or chipped paint, to make your home feel well-cared-for.
- • Stage for success: A little staging, like rearranging furniture and adding fresh flowers, can go a long way in helping buyers visualise the space.
6. Coordinate the sale and purchase
Selling and buying at the same time needs a bit of coordination, so it’s best to work with an experienced estate agent who can help you navigate both transactions. As the largest independent estate agent on the South Coast, Jacobs Steel has six branches and over 45 dedicated property professionals ready to help make your move as seamless as possible. You can trust us to be there every step of the way.
Once you’re in your new, bigger space, enjoy the fresh start, plan your new layout, and have fun personalising your new home!