Upsizing to Cater for an Expanding Family
When you think back to the day you first bought your home, it probably felt like you had all the space you needed. One bedroom and one bathroom is likely all you needed for you and your other half. Of course, as you family began to grow, you probably noticed that your single-bed flat started to burst at the seams.
If you're tripping over the kids, a selection of four-legged friends, and possibly even an in-law in need of extra support, then there's a good chance you're thinking about up-sizing. In fact, a growing family is one of the main reasons why people decide to upgrade the size of their home. Whether you've got a new family member on the way, or you're planning on expanding your existing group, a bigger home can make for more comfortable living arrangements.
According to recent studies, around one in ten Australians say that they want to move to somewhere larger during 2018. The question is, how do you make the transition to a larger property as safely and efficiently as possible? The decision to trade up is a significant one and something that requires a great deal of careful planning and consideration.
The following tips could help to protect you from any costly mistakes.
Know Why You're Upsizing
The first step in a successful move is knowing why you're going to upsize in the first place. Is it because your mother in law needs somewhere to stay to avoid going into a care home? If so, you might want to look for a property with its own mini guest house, and you'll need a couple of bathrooms.
If you're planning on growing your family, or you have a little one on the way, then you might want to look at homes with plenty of room for a nursery, and a lovely garden for your kids to play in as they start to grow up. Knowing why your upsizing forces you to address which features your current property is lacking, and which you need your new home to have. Rather than being swayed by every small factor that catches your eye, create a list of goals that you want to achieve when moving to your new home such as:
Separate dining room space
A yard or garden
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Find Out How Much You Can Afford to Borrow
Before you get carried away with your list of must-have additions to your new home, remember that having a bigger family doesn't necessarily mean you have a larger income. There are plenty of factors that can affect how much you can afford to borrow from a home loan company, including your standard monthly expenses, your annual income, and the number of dependents you're caring for.
An online mortgage calculator can be a handy way to get an insight into your borrowing power, but the truth is you won't know for sure until you speak to a professional. Talking to your current mortgage lender, or a mortgage broker will give you the budgetary guidelines you need to start shopping around.
Worried about not having enough cash? Now could be a great time to go through your budget and see where you can afford to compromise on things like gym memberships, daily coffees, and more.
Don't Overlook the Power of Location
While there are plenty of things you'll want to look for in your new property, it's important not to overlook the importance of "location". Not only does the location of your new home help to determine how happy you'll be in a safe and thriving neighbourhood, but it could also be the key to setting yourself up for future opportunities.
For instance, ask yourself if there are plenty of available jobs going spare in the area you plan on moving to. This could be crucial if you decide to cut down on your commute by changing your career. Another thing to consider for a growing family is the proximity to high-quality schools and attractions for the kids.
The right location makes your life more convenient while improving your chances of a quick sale later. If future buyers can see that they'll have easy access to great schools, beautiful parks, and surrounding amenities when they buy your home, they'll be keen to make an offer.
Consider the Various Costs of Upsizing
If you have a tight budget to work with, it's important to remember that there can be more costs involved in upsizing than just a change in your mortgage expenses. For instance, if you're moving further away from your job, will you need to pay more on petrol or commuting fees?
At the same time, you may also need to think about the additional expenses that surround your new home loan, including legal fees, and stamp duty. Add everything from mortgage expenses to packing and moving costs together, and you might find your budget is smaller than you thought.
Create a list of everything you might have to pay for - besides your new mortgage. For instance, look at things like:
Repairs and decoration
Stamp duty and legal fees
Utility transfer fees
New furnishings and fittings
Handle the "Lag" Between Selling a Home, and Buying One
Finally, one of the biggest issues that homeowners face when they decide to upsize into a new property, is that things don't always happen according to schedule. In a perfect world, you'd have a buyer for your existing home lined up before you put an offer in for something new. However, things don't always work out that way. If you've found your dream home and the other one hasn't sold yet, your lender might help you to explore some alternative options for finance.
Make sure that you consult with a broker or loan expert in advance, so you know what you can do if you need to manage the gap between buying a new house and selling an old one. The last thing you want is for you and your family to be stuck "between homes".
Upsizing to a Bigger Home
The more you know about upsizing to a larger home, the more prepared you'll feel when the time comes to making the move. With a good plan of action in place, you can avoid buyer's remorse, and enjoy the comfort of living in a more spacious property with your loved ones.
For more information be sure to contact Vision One Homes.
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