Have you outgrown your current home?
Are you looking for a bigger place to give your family, your pets, and maybe even your cars and belongings some much needed space? There’s nothing like spreading your wings after being in a tight space for too long.
Before you make the move though, here are a few things to consider:
Think about the reasons
There’s a big difference between wanting to upsize and needing to. Ask yourself why you want more space and write a list of exactly what you’re looking for and why. A checklist will help you and your real estate agent find the time that ticks all your boxes.
Think about the costs
Don’t forget that a bigger home brings with it bigger bills. For starters, your stamp duty and insurance costs will be higher if your new home has a higher value. Then there are the higher utility bills, council rates, and maintenance and repair costs, which leaves less money for the fun stuff. And of course you’ll spend more of your weekend cleaning, mowing and vacuuming.
Think about the future
There’s no point moving into a home that’s perfect for you now but not next year. There are financial restrictions sometimes of course, but you’ll want a home your family can grow into, not outgrow. Things like school zoning, a change to working from home and an elderly parent who may need care down the track are all things that might influence the home and location.
Think about the capital growth
Even in a real estate boom, some suburbs increase in value more than others. The suburbs you like will usually be the suburbs other people like too, so demand for properties may be high. Buying into a good suburb will be worth it though if you ever want to sell or use the equity in your home to buy an investment property.
Think about your existing home too
Aligning the sale of your existing home with the buying of a new one can be tricky, so it’s a good idea to ensure your home is ready for selling. Does it need maintenance or repairs before you put it on the market? A coat of paint perhaps? Once your home looks the goods, think about having it styled by a professional. The cost of styling is usually less than the extra money you’ll receive in the sale as a result.