When is the right time to upsize?

Could it be when your little darlings become “tweens”, or perhaps when they start to bring their friends home as teenagers?

It is good knowing where they are and if they feel that they can entertain friends at home surely that is something we all want as parents?

Knowing where they are is important isn’t it?

There are a lot of multigenerational households these days frequently consisting of grandparents, married couples and children, and often they will include parents and their adult children, ranging from their late teens to early thirties.

But no matter how many occupants in your home, “Should I buy a bigger house?” is probably a question that has crossed your mind at one time or another.

Making the decision

Reaching a decision on this isn’t always easy, especially in an ever-changing residential real estate environment with multiple market forces at work, like supply and demand factors.

With that in mind, here are a few ways to help you decide if upsizing is the right move for you:

  • You have to take showers in shifts, or a teenager takes too long in the bathroom and it causes an argument.
  • Your little garden is now too small for the family and their many pets and hobbies.
  • Your home looks like a constant mess with piles of laundry everywhere, sporting equipment, school books – so much so that you’re constantly struggling to organise the contents of your house, then perhaps you may need more room.
  • You dread having guests to stay as it is a juggling act finding a spare bed, with lots of negotiating when one of the children has to bunk down on the couch so grandparents can have their beds.
  • You are dying for an extra lounge, one where you can have some “me time”, and have a place for your special things that are not unbreakable, and you long for an extra room that the kids can have as their own rumpus room.
  • You no longer look forward to coming home, knowing that it is going to be cramped and messy because it is too small for your growing family.

Beginning the search

When upsizing, make sure that you look for a house with designated areas, like a second living room and loads of storage.

If you find a two storey, remember that if you have teenagers, whilst it is nice for them to have their own space, put them upstairs rather than downstairs  – that way you can be reassured that if they sneak out at night as teens through the ages have been known to do, you will wake up.

Location is important too. Bus and train routes need to be considered as well as education facilities. You don’t want to turn into the main unpaid taxi driver till they get their own cars.

Do your budget wisely, taking into account anything that you think you will need to spend moving forward.

Remember your utility bills will be higher than those in your previous home. Maintenance costs may also be elevated.

These are factors to consider when assessing the financial viability of upsizing your home.

If you are unsure about how to go about things then use a Buyers Advocate to help you navigate the way.

 

© 2020 e-propertymatters.com


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