Upsizing - Not always straightforward

Rule number one - don’t go it alone! Some enterprising souls think they can save money by cutting corners and carrying out their search for a larger home on their own. Not a good idea. Always ask a reputable estate agent to guide you through the process. It’s a property jungle out there; seek out the guidance of a friendly expert.

Why are you upsizing in the first place?

It seems like a simple question with an obvious answer but when it comes to choosing the right property, having a clear idea as to ‘why’ is crucial. Take your time to define what your current property is lacking and what features you need your new home to have. Before beginning your search, think about not only your prospective new home’s square footage but also the layout. Before speeding ahead, make sure the rooms or features in the larger house will actually be used.

Financial impact - more than just the purchase price

From increasing your mortgage to maintaining a larger property, there are many factors to take into account before you upgrade. Of course, bigger homes come with bigger price tags. But the sale price isn’t the only inflated cost you’ll face when upsizing.

• Property maintenance
  From the house itself to the grounds and garden, you’ll be responsible for caring for a greater area. This means a higher spend on maintenance.
• Higher bills
  Heating and lighting a larger home will inevitably be is generally more expensive
• Buying and moving costs
  Not only must you think about the removal fees, but there’s also the time you have to take off work, new furniture that’s needed to fill the home, stamp duty, and legal and estate agents fees.
• What happens if I want to buy before I sell?
  Here at Privilege Homes, we understand that upsizing and purchasing a new property can be stressful. We make the home-selling process as easy as it can possibly be.

Settling on a budget

Whenever you’re buying a new property, it’s vital to be clear in your own mind about your price range. When you find a bigger place that you really like, you’ll need to think beyond its asking price to understand the true costs associated with your purchase. If you want to get a sense of how much more you might be paying for a particular home, our advice is to talk to its current owners. Many sellers are happy to let buyers take a peek at their recent bills for major repairs and monthly utilities. Remember - they want to sell the property, so it’s in their interests to be as co-operative as possible.

Timing - when to upsize your home

Try and plan ahead. If you have school-aged children who are approaching their secondary years, you will find that they will become more demanding about their own space. Maybe they’re sharing bedrooms, or you only have one living room for the family. As the children get older these space issues will become increasingly challenging. But don’t wait till the rows start. Try and think a year or two ahead, well before the issue raises its head.

With a new baby, don’t leave it too late. All the elements of a house move - the move itself, arranging the mortgage, buying new furniture - all this can be incredibly stressful. They’re the last thing you need when your focus needs to be on the new family member. Much better, to have the move done and dusted many months before your new baby’s due date.

Your trusted partner

At Privilege Homes, we’re the West Midlands’ premier estate agent for luxury homes. We’ll be your trusted partner in all matters relating to property upsizing.

Why not get in touch and find out for yourself?

Call us - 0121 7054040

Or send us an email - privilege@simonburthomes.co.uk

Or call in. The kettle’s always on -
Malvern House
New Road
Solihull
West Midlands
B91 3DL