Upsizing may sound simple − the process of finding a bigger home. In reality, it’s a lot harder than you think. While upsizing may be necessary, it can be time-consuming and complex. There are several reasons to upsize − growing families, accommodating ageing parents and work from home lifestyles require more space. To determine whether upsizing works for you and to get it absolutely right, consider these smart factors for upsizing before taking the plunge.
Bigger Homes, More Maintenance!
While the idea of bigger homes sounds fascinating, you may want to remove your rose-tinted glasses. Bigger homes inevitably need more upkeep for outdoor maintenance, indoor cleaning and managing utilities. If you are prepared to take on the extra maintenance, you’ll find upsizing your home to be of tremendous value. Be sure to identify the reasons why you’re upsizing and only upgrade when it makes viable social and economic sense for you and your family.
Consider Your Objectives
Before you upsize, it may be a wise decision to consider your property goals for the long-term. Are you buying an upsized home because you perceive a change in your lifestyle? Do you have another reason? Some people may buy a home with a lifestyle change in mind, but others may be looking for greater financial return when they sell in the future. Understand your goals from the start to help you choose the right property that meets all your present and future needs.
Know the Costs Involved with Upsizing
Upsizing is an excellent idea for people who need to make changes to their lifestyle, but it also comes with an added cost burden that you must be aware of before taking the nosedive. Consider these costs involved in upsizing and be sure to factor them into your budget.
Stamp duty can add a large sum to the property’s price tag. Stamp duty rates in NSW will vary based on the value of the property.
If you borrow over 80 percent of the value of the property, you will need to pay Lender’s Mortgage Insurance.
Costs of moving will include removalists, packaging and transport.
Consider costs to transfer utilities.
The cost of repairs or renovations.
Ongoing maintenance costs − backyard cleaning, pool cleaning, outdoor painting and interior modifications, local council taxes etc.
New household purchases − furniture, furnishings, window treatments and much more.
Decide Your Location Appropriately
You need to consider every factor imaginable in the current to long-term. For example, you may want to choose a home in a suburb close to a good school for your kids. You may also want easy access to public parks and playgrounds, so you’ll need to look for family-friendly neighbourhoods. You’ll also want to ensure that you have easy access to public transport. Before finalising your new home, be sure to visit the neighbourhood a few times to ensure that it meets your lifestyle expectations.
Upsizing can be a daunting task, but use these smart considerations as the stepping-stone to putting your best foot forward when it comes to taking the plunge. If you’re considering upsizing and you’d like some more guidance, contact the experts at Murray Property today.