When is the right time to upsize?
How do you know when the right time is to move on up the property ladder and what are the key benefits in doing so? Whether you’re looking to start or expand a family, upscale based on a growing career or have realised greater housing needs, there are many stages in life that might prompt the decision to upsize to a bigger home.
We’re looking at some of the key considerations around upsizing to help you know when the time is right.
Assess your current situation
It’s easy to feel like the grass is greener on the other side, so make sure you have a clear idea of why you want to upsize. What do you need in your living space that you don’t currently have? How important are these features to you now in this point in your life?
For some, it might be the idea of having a spare bedroom for frequent guest stays or another room that could be transformed into a home office, additional WCs on different levels or perhaps separate kitchen and lounge spaces.
This five-bedroom home in Mile Oak Road benefits from a large open living and dining space that is separate, yet easily adjoined to, the kitchen.
Do you have a budget in mind?
Just as you would have done when considering buying your first home, you’ll need a realistic budget in mind to consider your next move. When looking into upsizing, you’ll likely need to apply for a bigger mortgage, so it’s important to make sure you’re in a good place financially – as this will be assessed by potential lenders.
As well as a bigger mortgage, you’ll also need to consider the potential increase on your monthly repayments and utilities, as well as other moving costs such as stamp duty – which you may have been exempt from previously, so this could come as a bit of a shock.
Our independent mortgage advice partner, Seico Insurance & Mortgages, can advise you on your eligibility for a mortgage and access a range of products from across the marketplace.
Plan for the future
Your first home is most likely not your forever home, so it’s important to consider what your plan is for your next home. How long do you plan on staying in it? Are there any factors in your life that are likely to change in the next two or three years, such as having children or moving for a new job?
As well as considering these possibilities, you should factor in current and future need for local amenities, such as transport links, good local schools and proximity to other facilities you might deem important, such as local shops and cafés or parks and green spaces. For example, right now a central town or city location may be ideal for you, but is this likely to change in favour of a more open, suburban area?
Perfect upsizing properties
Perhaps you’re a professional couple looking to upsize from your first apartment home? This central two-bedroom house is a short walk from Brighton centre, Brighton train station and the North Laine area, with independent shops, cafes and restaurants all on the doorstep.
This beautiful, double-fronted cottage contains three bedrooms, a good-sized outdoor space and private parking in a peaceful setting close to Preston Park train station.
Patcham is a popular area for families. This spacious, four-bedroom home has large, modern open spaces, ideal for a growing family home.