Things to think about before upsizing

Dream-HomePeople’s property needs change throughout their life. Often when we’re young we only need a small space to call home, however after getting married or having children many of us find that we want more room to spread out and enjoy family life.

Deciding to upsize is a big decision though (and often a costly one), so if you’re thinking that you need a bit more space then there are a few things you should consider first.

Why do you want to move?

Why do you want a bigger house? Is it because you need more room for your family or are you looking for a bigger property as an investment strategy? The reasons you want a bigger property should help guide your choices. If you need more rooms or land then obviously this will form the basis of your new search, but if you’re looking to make a profit then research the area you plan on moving to and ask yourself if a bigger property is likely to make a significant difference in capital growth.

Do you have to sell before you buy?

Trying to buy and sell at the same time can be difficult. It’s a less risky strategy to sell first so you know how much you have to work with when looking for a new home. If you find your next dream home before you sell though, you may be able to arrange a bridging loan with you lender.

Could you extend your current abode instead?

Sometimes it’s cheaper and easier to extend your current home rather than buy a new one. Compare the costs between raising and/or extending your current property with how much it would cost to buy a new home that meets your requirements.  

Can you afford it? 

The biggest consideration with any new home purchase is how much you can afford. Low interest rates make for a great time to buy however property prices are competitive in some areas. Talk to a real estate about a property appraisal and to your current lender to try and figure out how much you will have to spend on your next purchase and then start house hunting!

If you’re looking to upsize in the Bacchus Marsh area then you can checkout our properties for sale on this website, and if you need any advice about buying or selling then don’t hesitate to give our team a call.