As a moving company in Charleston, SC we know if you bought a property some years ago, it might be the case that you no longer have enough room to accommodate your growing family. In this instance, it may now be the right time to search for a larger property to suit all of your needs. However, there are many factors to take into consideration when it comes to upsizing which include location, budget, future plans and what your main reasons are for making the big move.
So, if you require some help and advice to make the right decision when it comes to upsizing your home, you may find the following tips rather helpful.
1. Budget
The very first thing you must think about is how much you have to spend in terms of your savings and how much you’re able to borrow. It can be difficult to know whether you’ll be able to pay back the monthly sum, which is why it would be best to talk to a financial advisor who can break down the costs for you and work out a realistic budget.
You’ll also need to take into consideration any changes within the housing market which may affect the overall cost. Also be sure to set aside a certain amount of cash to pay for any home maintenance and repair costs, to make the house your home.
Budget will become a major factor if you’re looking to upsize your home, as it’s likely that you’ll need to apply for a larger mortgage. If you do happen to be struggling financially at the current time, you could always refinance your home so that lower payments can be made towards your new property.
Taking all the above factors into account, you need to be happy with the budget for your new home without sacrificing your quality of life and not feel as though you’re living to work- just to keep a roof over your head. Ensure the amount you’re paying out each month still gives you a comfortable sum of money to live on.
2. The reason
Once you’ve determined how much you can spend on your new home; you need to think of some of the main reasons why you’re looking to upsize. It may be a necessity if you have a growing family that needs the extra space, or perhaps there are some aspects of your current home that you’re not completely happy with. Establishing your main reasons will allow you to come up with a tick list of what you’re looking for in a new home and you can then go on to search for properties within a specific guideline. This will help you to prevent making any rash decisions and save valuable time during the search.
3. Consider the resale value
Although it may not be an aspect you’re considering right now, it’s always something to keep at the back of your mind. When the time comes to sell your property in years to come, will it give you enough profit to live your life comfortably in your later years? There may come a time when you need to sell the property for health reasons or to be closer to your family members. Therefore, it would be wise to look into factors such as location, the size of the property, neighbors, community and local activities on offer to determine whether other property buyers are likely to be interested once you decide to sell up and move again.
4. Location
Choosing the right location should be one of the main factors of your property search. In fact, many people compromise their dream property for the most suitable location, as the place where you live is most often very important in maintaining a happy lifestyle. If you have small children for example, always take a look at the local schools beforehand, check out whether there are many job opportunities in nearby town and cities that are within a commutable distance, and the type of social activities on offer.
Always do your research to be sure that the location will suit your family’s needs, but if you do have any doubts, make contact with an estate agent who knows the area well. They will be able to provide you with exact details about the location to help you make a well-informed decision.
5. The right time
Quite simply, there is no ‘right’ time to move house, but there are some aspects you could take into consideration to time the move well. If you have any specific dates in mind, such as the start of a new job or a school catchment cutoff date, then work backward from the deadline and see if you can get all of the steps completed early on. This way, when the time comes to move, you’ll be able to start fresh without worrying about the implications of what will come next.
6. Future plans
If you’re purchasing a new property with the intention of carrying out future building work, for example extending the kitchen or adding extra bedrooms for guests or new family members, make sure you think of the plans and implications before purchasing the property.
- Is the land large enough to build an extension?
- Would you be sacrificing too much of your garden space if you did extend?
- Will your neighbors be affected?
If in any doubt, speak to the local authorities about whether your ideas are achievable and also be sure to make contact with neighbors to see whether they would be happy for the building work to take place.
6. Neighbors
It may not be a serious consideration for many people when it comes to upsizing, but nobody wants to live next door to demanding or awkward neighbors. Sellers should give a truthful answer so be sure to ask any questions you may have about their experiences, so you won’t get stung once you have made an offer on the property. For example, did they mind living next door to children or were they infuriated by any home maintenance projects?
Once you have purchased a property, take the time to meet your neighbors properly and give a good first impression. Making contact soon after you move in may work in your favor if there were any issues in the future.