Your first home might have been an ideal place for two people. Now, you may find yourself with children, pets and plans to expand your family. The property is now too small for your family, especially if you have more children on the way. It means that the time to move to an upsized property has arrived.
Older generations are more likely to upsize their home. However, more families and young couples are looking to invest in a more spacious property.
If you are looking to upsize your property, these are a few factors worth considering.
Evaluate The Cost Of Living
Look at living costs, such as fuel and transportation costs, healthcare costs, utility rates, food prices, and miscellaneous taxes. These are crucial factors that will help you in your decision making.
You can use this information to decide on potential areas. It will help you to create an idea of what your budget will be should you move there.
Obtaining A Loan
Knowing what you can afford is crucial before starting the home buying process. You want to look at properties that are within your budget.
Home buying to a more affluent area when upsizing can require a bigger loan. There are jumbo home loan options available to help purchase a property. Ensure that you have pre-approval before looking at upsized properties.
Job Opportunities Available
Look into the job market in the area of your new potential home. See if any sectors are booming. It indicates that there is likely to be numerous job opportunities available. You may choose to relocate to a larger property that is closer to these opportunities.
See What Transport Is Available
A shorter daily commute, or at least a more productive one, is likely to be at the top of your list of transportation concerns. You want somewhere that is close to schools, grocery stores and work.
Upsized properties are often in more remote areas. If you or any family member relies on public transport, ensure that the properties you look at are well-connected. You know that you will all be able to travel around the area. It also reduces wasted time looking at properties that are not suited for you and your requirements.
Avoid Miscalculating Space Needs
Be realistic about how much space you need. Assess your current home and the space available. Look at what is missing or what needs improving. See if you are utilizing space in your home. In your new home, you should maximize usability by carefully arranging your furniture.
Moving to a new community can be a bittersweet experience. There is the chance to explore a new area, meet new people and experience new opportunities. It comes at the cost of leaving friends and loved ones behind.
Living in a new neighbourhood with the right community can help to minimize the stresses of moving. You can enjoy the process of moving into an upsized place to start the next chapter in your life.