Moving into a large home is often the natural progression when it comes to homeowners, and many people often feel like they need to move on to a bigger place to live – whether that be a new build house with an increased amount of useable living area, or a more spacious, pre-owned property.
It might be the common path for many property owners, but is moving into a bigger home always better? There are many aspects that should be carefully considered, and it is vital to assess if a bigger home is really what you need. We’re sharing our top tips and things to consider before upgrading to a bigger house, to help you decide if it really is the best move for you.
Think About Your Reasons
It can be easy to get sidetracked by feeling like you need to upgrade your home just because it seems like the next step. It is essential that you are moving to a bigger property for the right reasons. Otherwise, you can find yourself in further debt and more space for no real reason.
There are only a few reasons why you might consider upsizing to a bigger property, with the most common being a growing family. If the number of people in your household is on the rise, then you might need more space to accommodate for this.
You may need extra rooms if you work from home and need dedicated workspace, or perhaps a designated space for your hobbies or interests.
The only other reason you might decide to move to a bigger home is if it will benefit you financially in the long run. A larger home is often a larger investment and can leave you with greater capital growth. If you aren’t looking to upsize for either of these reasons, then consider if your reasons are really necessary.
Consider Your Existing Space
For those who are thinking about moving simply because you feel that you need more space, then it is worth taking a good look at the space you really use. It is not very often that we look carefully at our homes and take inventory of what space we are using. When you take the time to do this, the chances are you will find many areas of your home that are not being used to their full potential.
Many of us have a spare bedroom which doubles as storage space, which could easily be used to create more living space. Think carefully about how much of your property you are truly using for living as opposed to storage. Once you have done this, you might see that upgrading to a larger property isn’t your only option, and your current home is a perfectly adequate size for your family.
Remember The Consequences Of Larger Homes
Bigger homes are certainly not always better, and it is important that we are aware of the downsides of larger properties. One of the main consequences is that large houses take more time to maintain. When you move into a bigger home, you need to take into consideration the added cleaning time and costs, as well as additional maintenance to the property itself. Not only can it become time-consuming for yourselves, but costly if you are required to hire staff to keep on top of everything.
The more rooms you have, the more you have to have to consider aspects such as decorating, furnishing and maintaining. Moving into a new home can be costly enough, but when you add in extra refurbishment costs to ensure all of the property is in keeping with your style and design ideas, then the costs can be exorbitant.
The fees for purchasing a larger house can often increase too. Furthermore, you have to think of the tax and utility bills that will usually increase when you have a larger space to consider.
Keep Long Term Goals In Mind
You might want to upsize your home because you are looking to embrace a different lifestyle. Many people who have been living in flats for years decide to move into a bigger property with some outside space or more storage. While these reasons for upsizing are important, your long term goals should be considered carefully. If you have clear long term financial goals, then these will ultimately influence your property decisions.
A large home in the countryside might be ideal for your lifestyle, but might not gain the same capital growth as a small home in a city centre. Bear in mind that capital growth does not always match your investment, and smaller homes can sometimes fit better with your long term financial plans.
So, before you jump straight into your property search, think about what you own home can provide you with. From a garden office, extension, loft conversion or even a basement conversion, there are lots of ways to add space into an existing home without the expenditure of buying a new, larger property.