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Hi lovelies,
You spend your youth sharing houses with friends or stuffing your entire life into a small apartment that feels on the verge of toppling over on top of itself at any time. Eventually, you save up enough money to move out and get a place that gives you room to breathe, and you can start living your life with a little more comfort.
And from there? You meet your partner; you start to build a family. First, with a goldfish, cat, or dog, and later, when you feel financially capable, children. But a growing family demands more space. The apartment or house you have right now may not be enough to accommodate an extra family member, and certainly not several more family members. So what can you do?
Upsizing is what most people think about. They consider themselves done with their starter home and are now ready to move onto a home they will live in for the rest of their lives. It will be the place they settle for good and where their children can grow. Before you start making moves towards upsizing, you need to ask yourself several questions to make sure it is the right decision.
Do You Really Need to Upsize?
The first and most important question you need to ask yourself before you upsize is whether or not it is necessary. It’s understandable. A lot of people will, eventually, get bored with their current scenery. Their home, whether owned or rented, does not spark the same passion that it did when they moved in.
And this is why many people consider upsizing as a viable option. They want to move and get a change of scenery. However, this is not always needed.
Still, if you are expecting a child and need more space for them to grow, or your career situation has changed recently, then this could be a sign that upsizing is right. Perhaps you need space to create a home office. You might want to give the new baby a room all to themselves. These are legitimate reasons for upsizing rather than just being bored with your home and needing a change of scenery, so be honest with yourself when asking if this is what you need.
To Extend or Buy?
Still, even if you recognize that upsizing is an appropriate choice, it might not be exactly what you need. While you can look for your perfect home, and if you can’t find the ideal home, there are other options available, including creating the house of your dreams, you can also consider extending your current property.
This comes with some issues, of course. You might need to upsize as soon as possible, and extensions can take a long time. Similarly, you can only arrange for an extension if you own the property. Considering that homeownership amongst millennials is not as booming as it has been in previous generations, this can be challenging.
However, if you are only flirting with the idea of upsizing and know you have a few months or even a year to decide whether a move is right for you, then an extension could be ideal. This will give you the chance to expand the space in your home, giving you somewhere to work while also repurposing another room for whatever reason.
What About Your Mortgage?
Your mortgage is always a tricky thing when considering moving out and then into a larger property. How much of your mortgage have you paid off already? Can you even afford to put down a deposit on a new property?
There are solutions to this, though. You can look at services that help you to calculate discount points on your mortgage, giving you a cheaper rate across the next 30 or 50 years, depending on what you can afford. This could be beneficial for your new house, especially when considering that it’s almost certain that the mortgage rate for a larger property will be higher if you decide to upsize.
If you determine that it is not affordable right now, you may need to exercise some patience. As moving house is a serious decision, you mustn't jump into anything too soon, as you want to be entirely sure that the home you choose is the right one for you and your family.
How Will It Impact Your Family?
Moving house does not only impact you. It can also have repercussions for your family. Your partner may not be able to move to the other side of the country because of work commitments. Likewise, if you have kids, it isn't ideal to tear them away from their friends. If you live near your parents or your partner’s parents, think about how your move will affect them, too.
The impact moving will have on your family is always something you need to think about. You can’t make these decisions on a whim, so it’s important to sit down and discuss the move with your family. You might find out that everyone is happy to move house, but they might have reservations about moving too far away.
Consider The Long Term
Too many people decide to move house while only considering the short-term implications of doing so. Moving to a bigger property will give you more space, but this is not the only thing you need to consider.
There are also factors such as easy transport links or how close the new house is to the best schools in the area. As this new property will be a family home, you’ll need to think about getting your kids into the best facilities.
You should also consider the space in the backyard, as your kids will need somewhere to play. Furthermore, what about mobile signal strength or wifi? If you plan to work from home for the foreseeable future, these are both an absolute must.
A Bigger Home Is More Expensive to Run
Finally, it should be obvious that a bigger home is more expensive to run. You will spend more on electricity and energy bills, you will need to spend longer keeping it tidy, as there are more rooms to clean. Furthermore, garden care and maintenance is something you can’t forget, especially if your neighbors expect you to keep up appearances.
Before moving, it’s also important to think about other maintenance costs. New homes should come ready to live in, but there are always a few teething problems you need to fix. The same goes for older properties. You may need to upgrade utilities or even replace water pipes, windows, and doors.
All of these can add up, and if you are not as financially stable as you hoped, it could cause some severe problems. Most people are shocked at the increased costs when moving into a larger property, so make sure you don't get caught up in the same web. Before you decide whether upsizing is the best choice for you, carefully consider your budget and overestimate potential costs. This should help you manage any problems early on, and give you a buffer for any later issues.
Moving Up
Upsizing gives you an exceptional chance to find the home you and your family will spend the rest of your lives in until your kids move out and start the cycle all over again. However, before you decide to upsize, you must consider the financial and social implications. There are always other options when looking for more space at home, and even if you decide that upsizing is not right for you at this moment, it doesn't mean that it won’t be later.
