Reasons to upsize your home. We all may want a big home in theory, but a bigger home doesn’t always solve your problem. There are however four (4) valid reasons why you’d want to upsize your home.
As buyers advocates, we have helped many buyers make this decision. There is a lot to look beyond the design of a home such as lifestyle, schools and public transport to name a few. The excitement and build up for families looking to upgrade a home is a very exciting experience and we share some of the reasons to upsize your home.
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Our family is getting bigger: The most common grounds to upsize is the fact you’ve outgrown the home. A younger couple may have bought a beautiful townhouse in a blue chip suburb before they were married. Now, they have three children and short of bedrooms. It is also common to witness families with older children. At this point teenagers start having a need for their own space. This is also needed for the entire family. Some families prefer an upgraded home that feature two living areas, others appreciate a double storey, while some find a liking to having a rumpus room or alfresco. When searching for a larger home, focus on the functionality of the floor plan. No one family live in the same dynamic, so spend time reflecting on your individual needs.
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Reducing clutter: Choosing to upsize your home does not always mean you’ve outgrown it due to a bigger family. You may also find over time, you increase your personal belongings and clutter becomes an issue. You may need more cupboard space, a study/study nook (for a home office), a larger kitchen (including bench and pantry space), a larger block of land for a pet or you may have accumulated collectibles and/or furniture over time. We have seen people find a passion in art, astronomy, movie theatres etc. At the time you bought your home, your lifestyle and interests may be entirely different in the future. Clutter can quickly creep up and can reduce your new living standards.
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Kids room: This is similar to both of the above reasons, however both increasing clutter and a bigger family often start with having too many toys! (Legos, teddy bears, doll houses, figurines etc) Your home can quickly turn into a toy shop before you know it. A bigger home will provide a dedicated play area and storage space. Before making the move, also think about how long you may keep these toys and will a bigger home be worth your while.
- Increasing your privacy and security: Many people will upsize a home for the extra privacy. You may have purchased a home you can afford a decade ago, but it may not offer the privacy you now desire. As a younger adult, you may enjoy the fast pace lifestyle and hardly acknowledged the neighbourhood. As your personal needs change, you may start to enjoy more private time. It doesn’t have to mean quite time, but you may want more privacy. You may want a garage where you can store items, you may want the garage to work on a motor vehicle. A study/home office may be the drive to having more privacy, particularly if you are consulting clients and having private conversations. You may have a new born baby and want to raise them in a safer or quitter space. You may want more security where you aren’t sharing communal spaces such as car basements, courtyards or other outdoor facilities. Entertain guests in a more private setting may become a preference. The reason to upsize your home can be for many reasons. Privacy and security are among the most wanted when it comes to living independently.
What should you do before you upsize your home?
The first step is to understand your financial situation. Seek lending advice, practicing a budget before committing to a purchase and then speaking to a property adviser will navigate and source a property aligned to your budget and circumstances. Taking careful steps will ensure you buy the right property while enjoying the buying process.
If you’d like assistance in making the right investment property purchase, please feel free to contact us. You can also learn obtain more tips around property investment on our YouTube channel or Market Insights section on the website.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
March 2022
