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Should You Upsize Your Home? Everything You Need to Know

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Should You Upsize Your Home? Everything You Need to Know
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There are many reasons why you may decide to sell your home – and an extremely common one is upsizing. If you are living in a property which isn’t big enough for your needs, then selling it and moving into a bigger one seems like the logical option.

This scenario often presents itself when your living circumstances have changed. For example, perhaps you and your partner are expecting a new child, and want more bedrooms to accommodate a growing family.

However, upsizing your home is not as much of a ‘no-brainer’ as it seems. There are several considerations which may influence whether it is the right decision or not.

And once you’ve made the decision, contact us to discuss how we could help you sell your house fast.

Do you really need to upsize or could you better use your space? 

This is an important 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 else in the house is willing to move into a smaller bedroom… which then opens up a larger room for storage.

You can also call-in an expert for their opinion about this question, if you are looking for an innovative and experienced perspective on the matter.

The costs of upsizing 

A recent study by comparemymove.com found that the average cost to move house in the UK is £8,885.66

Furthermore, property prices are continuing to increase across the UK, which means that the longer you wait to upsize your property, the more expensive it is going to be. 

The percentage increase in property price is the also most significant between semi-detached houses and detached houses. Therefore, if this is the upsize you are looking to make, then it is going to be an expensive one.

The cost of upsizing will also vary depending on the interest rate at the time you sell.

Is this a long term move? 

It is critical that you think about the long-term future before deciding to upsize. For example, some families have upsized their home when a friend has come to live with them for 6 months… however, once the six months is over, they are stuck in a house too big for their needs.

Make sure that your decision to upsize makes sense in the long-term. It is best not to be reactive, and to make sure you think far ahead, when making such significant property decisions.

What to think about if you decide to upsize 

Although it depends on who else is affected by your move, it is important that you not only think about the financial repercussions, but the emotional ones too. Other people in your family may have developed strong attachments to your current property – and will be upset to move it.

In this case, you may wish to consider passing the property along to someone else in the family who can afford it, so it isn’t lost completely.

It is equally important that you think about how the move will affect you financially. Consult with a financial expert to make sure you can definitely afford the move. If cash is tight, then explore ways to secure the money you need.

Alternatives to upsizing

Before you jump straight into upsizing, there are alternatives which you may wish to consider.

Install an extension

Firstly, you may be able to get an extension on your current property. Depending on the circumstances, this may be less expensive (and cause less upheaval) while still providing you with the larger house that you are looking for.

Re-asses your living arrangements

Another alternative to upsizing could involve re-assessing the living arrangements in your property. For example, many parents decide not to upsize – even if they want to – if they are expecting one of their children to move out within the next year. In this instance, you may wish to discuss this option with your child – or anyone else who may be moving out – while trying not to cause financial or emotional upheaval.

Sell your house quickly with WeBuyAnyHome

If your property is becoming unbearable to live in because it is just too small, then you may wish to sell it quickly. This is particularly important if you have already bought the larger property which 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 a no-cost, no-obligation valuation of your property.

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