If you have outgrown your current home, are planning to expand your family or simply want more room to accommodate guests, then it might be time to upsize. Here are 5 considerations you need to make when upsizing your home.
Upsizing your home refers to moving to a larger house than the one you currently occupy. Whether that’s a property with more square footage, a larger backyard or a multi-storey home, the main benefits of upsizing is more space and comfort.
However, there are additional advantages to upsizing other than extended space. Larger homes generally hold more value than smaller properties, meaning they are a good long-term asset to invest in.
Whatever your current circumstance, here are a few things to consider when upsizing your home.
What to look for in a larger home
When it comes to buying a property, knowing what you want or need in a new home will help make the decision-process easier.
Before you start looking up properties, sit down with your partner or family and discuss why you are choosing to upsize. Reasons can include:
- To have more bedrooms to accommodate existing family or additional children
- To accommodate an elderly relative
- For work-from-home opportunities
- As an investment property or hopes of potential financial return
- More yard space for the kids/pets
If you still think upsizing is the right choice, then it pays to also factor in how much space you really need. Are there possibilities of staying where you are and simply extending? For example, if your home is feeling a little tight due to older teenagers inviting friends over, is there a possibility that they may move out in the next few years? Will you still need extra space then?