Whether you have a growing family or you just want more space, it’s crucial that you ask the right questions. This is everything you should consider when looking to up-size.
Why is it that you are upsizing your home and what do you hope to achieve from doing so? Before house-hunting, work out what it is you are looking to achieve from moving and what you do you need to do to manage those goals? Do you want more bedrooms? Do you require outside space? Are you looking for an office or workspace? Establish what your end game is going to be, to make the house-hunting process smoother and less stressful.
One of the first things you will need to consider is your budget. How much are you looking to spend, if you aren't a cash buyer how much are you able to borrow for a mortgage? Speaking with a financial advisor will give you a clear picture of everything that you’ll need to consider and Maskells can point you in the right direction for that.
Don’t forget that you’ll need to factor in future circumstance changes or market conditions as best as you can, as well as the costs associated with a larger home, considering renovation and maintenance costs involved in a larger property.
Size and space
What are your needs and what is the minimum amount of space that you require? Weighing out what you need against knowing what practical space you can live in will allow you to search for properties within a guideline. You know what you can manage with now and if you’re needing a larger property, then you know what not to look at – the smaller properties can be eliminated from your search. Only consider properties that are practical for your personal needs.
Consider the resale value in the future
Although this will not be something you’re probably thinking about now, the future holds the unknown and later on in life, you may look to downsize. With this in mind, think about the resale value for when that time comes and will it give you the profit or sum that you will be needing? The area, community, size of the property, the position of property, neighbours, local amenities etc can all be a factor when valuing a property.
If you’re looking to upsize your property, you may be looking to change your location to accommodate this too. Are you thinking about moving to an area with more family homes? Closer to family or friends? To an unfamiliar location or complete relocation?
Always research the location well and do as much investigating as possible to be confident that you’re making the right choice. Talk to Maskells for advice on where to move too, we’ve been based in prime central London for over 50 years so we know our local areas inside out.