Upsizing is a common reason for selling homes.
There are advantages and disadvantages to it, just as there to downsizing.
Read on to learn more.
Upsizing considerations
Your needs
If you anticipate your household growing, a bigger house is ideal. Perhaps you intend to have more children, or have parents or friends move in.
Conversely, if you anticipate it shrinking soon (i.e., children moving out), it might not be worthwhile.
Costs
Upsizing often (but not always) costs money. If you can’t get a mortgage to fund a larger house, then there may be not much else you can do in the short-term.
Market timing
Consider whether it’s a good time to sell your current house. If you are not going to get a good deal for your current property, upsizing may not be worthwhile.
Location
You can upsize to a cheaper property by moving locations. This might mean changing city/town or moving to a more rural or less desirable area.
Upsizing advantages
Space
A bigger house usually means more space. In houses, this increase will be in:
- Number of rooms
- Size of rooms
- Size of garden.
This gives everyone living in the property more privacy. And it adds potential for utilising spaces for special purposes.
Better investment
Bigger houses are better investments. They are usually worth more to begin with, so they increase by a higher total than smaller property.
Scope for extensions
This could include extending upwards and outwards. And building a granny annexe or other properties on your land. All of these measures add value to your property.
Upsizing disadvantages
Purchase cost
Larger properties are usually expensive.
They require larger deposits, monthly mortgage payments, and taxes.
Maintenance
The average three-bedroom UK house costs about £20,000 a year to run. This price goes up as the house increases in size.
This maintenance also takes more time and effort. More cleaning, repairs, decoration is required.
Harder to sell
Larger houses can be harder to sell. There are fewer potential buyers and selling times are longer.
Alternative to upsizing: Utilising existing space better
This is an essential consideration before you jump head-first into upsizing.
You should discuss with other people (your family and friends) if they have any opinions on how your property space could be used more effectively.
You may be surprised to find that someone in the house is willing to move into a smaller bedroom, which opens up a larger room for storage.
If you are looking for an innovative and experienced perspective on the matter, you can also consult an expert.
Sell your house quickly with We Buy Any Home
If your property is becoming unbearable because it is too small, you may want to sell it quickly.
This is particularly important if you have already bought the larger property you will be moving into.
In this instance, We Buy Any Home can help. You can sell your house to us for a cash sum within 7 days.
Fill in the form below for your property’s no-cost, no-obligation valuation.
