Upsizing is a common reason for selling homes.
There are advantages to downsizing, just as there are advantages to downsizing.
However, upsizing your home is less of a ‘no-brainer’ than it seems.
There are several considerations to make.
Upsizing vs. better use of existing space
This is an essential consideration before you jump head-first into upsizing.
You should discuss with other people (your family and friends) if they have any opinions on how your property space could be used more effectively.
You may be surprised to find that someone in the house is willing to move into a smaller bedroom… which opens up a larger room for storage.
If you are looking for an innovative and experienced perspective on the matter, you can also consult an expert.
The costs of upsizing
A recent study by comparemymove.com found that the average cost to move house in the UK is £8,885.66.
Furthermore, property prices are continuing to increase across the UK. This means that the longer you wait to upsize your property, the more expensive it will be.
The percentage increase in property price is also the most significant between semi-detached and detached houses (including link-detached homes).
Therefore, if this is the upsize you want to make, it will be expensive.
The cost of upsizing will also vary depending on the interest rate when you sell.
Is this a long-term move?
You must think about the long-term future before deciding to upsize.
For example, some families have upsized their homes when a friend comes to live with them for six months… however, once the six months are over, they are stuck in a house too big for their needs.
Make sure that your decision to upsize makes sense in the long term. It is best not to be reactive and make sure you think far ahead when making significant property decisions.
What to think about if you decide to upsize
Although it depends on who else is affected by your move, it is important to consider not only the financial repercussions but also the emotional ones.
Other people in your family may have developed strong attachments to your current property – and will be upset to move it.
In this case, you may consider passing the property along to someone in the family who can afford it so it isn’t lost completely.
It is equally important that you think about how the move will affect you financially.
Consult with a financial expert to ensure you can afford the move. If cash is tight, explore ways to secure the money you need.
Alternatives to upsizing
Before you jump straight into upsizing, there are alternatives which you may wish to consider.
Install an extension
Firstly, you may be able to get an extension on your current property.
Depending on the circumstances, this may be less expensive (and cause less upheaval) while still providing you with the larger house you seek.
Re-asses your living arrangements
Another alternative to upsizing is re-assessing your existing living property.
For example, many parents decide not to upsize – even if they want to – if they expect one of their children to move out within the following year.
In this instance, you may wish to discuss this option with your child – or anyone else moving out – while trying not to cause financial or emotional upheaval.
Sell your house quickly with We Buy Any Home
If your property is becoming unbearable because it is too small, you may want to sell it quickly.
This is particularly important if you have already bought the larger property you will be moving into.
In this instance, We Buy Any Home can help. You can sell your house to us for a cash sum within 7 days.
Fill in the form below for your property’s no-cost, no-obligation valuation.
