THREE THINGS TO CONSIDER BEFORE UPSIZING YOUR PROPERTY
- Written by Melanie Toye, June 22, 2014
Looking to upsize your property?
A new addition to the family, or wanting more rooms for far away family members to stay throughout the year, are just some of the reasons why one would look into upsizing. Perhaps it is simply, the first home feels too small and now you have the equity building in your property, and the market might be a good time to sell to make a good profit. Which can give you a good sized deposit for your next mortgage. Upsizing is a lifestyle choice. You have spoken with a Mortgage Manager from Australian Mortgage Managers and have an idea of how much you can spend on your next property. Let's look at 3 things you should consider before you upsize:
- The size of your next property
When deciding to upsize, how much bigger do you want to go? A couple of hundred square metres, enough for the dogs and kids to run around the backyard and possibly a swimming pool? Or maybe move from suburbia to acreage? This is just one of the decision processes you will need to take into consideration before plunging in.
And with bigger land comes bigger responsibility. More grass to mow. A bigger house to clean. Will you have the additional time to complete these tasks or are you able to afford paid services to do these tasks for you?
Let's not forget the massive benefit to a bigger home, is more space. More bedrooms, more lounge rooms and you can't hear the neighbours chatting from your kitchen window. Which also means, it provides more privacy.
- Your health and fitness
It sounds strange, but if you find it difficult to be mobile, walking up and down stairs in a bigger property, may not be viable. Same if you are wanting to start a family, walking downstairs pregnant or carrying a baby might be something you haven't taken into consideration. Many family's do have double-storey properties, just be sure you consider it before you commit.
On the other side of the spectrum, people who have stairs in their home, might find their stamina and fitness levels increase over time. Simply by walking up and down their stairs throughout the day. A great way to stay fit.
If upsizing to a single storey home, your fitness levels will still increase, when walking back and forth around the bigger space.
- You can create your dream home
Imagine a built-in closet or room filled with all of your favourite clothes and shoes. A long standing mirror and love seat to provide the ambience. Your wardrobe is no longer dull, you can literally spend hours playing dress-ups and walking the imaginary run-way. If you have the space, why not use it to make you smile?
An entertainment room anyone? When you have space, you have the ability to create the type of rooms you want in it. By creating the home you really want, you no longer feel trapped. You feel good in every direction you look. And that is what a home is, a place you have created to feel good from the inside out.
Why could upsizing be better financially?
Buying a bigger home can mean the value of the property will increase on a larger scale than a smaller sized property. Of course you should get professional advice before making any major decisions.
Who to contact?
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