When it comes to purchasing your first home, you might have a particular criteria. As time goes on you might find that you outgrow your first home. This might be because you had children, or your children have grown up since you bought your property and you simply need your own space. You might have found that covid has left you working from home, and you now need a bigger property to have a home office or space to work. Today we’ll be going over when to upsize your home, and some tips and tricks to help you with getting a new morgage.
You Can Afford It
You might find you’re in a good financial position and you want to upsize, so you do. Many people buy their first home simply to get onto the housing market. It’s worth checking out a mortgage calculator to see what you can really afford when upsizing. A lot of homeowners think that they need a specific reason to upsize, but wanting to live somewhere bigger is a perfectly valid reason and one that millions of homeowners have acted upon to upsize their property when it suited them. While a mortgage calculator is going to be important for giving you an idea of what you can and can’t afford, you’re still going to need to go a bit further than this too. You’re still going to need a mortgage broker to help you out, even if you can afford to get a new home.
With interest rates set to continuing rising in the UK it’s worth checking to see Is Now A Good Time To Sell Your Home? Here’s What To Consider.
Your Home Is Cluttered
If you have children and can no longer look after and maintain a space because your home is so cluttered, it might be time to look at upsizing. You might find yourself getting frustrated and overwhelmed and this is a sign it’s time to look at moving. As children grow you will need more space around the house. The children will have space to play and amuse themselves, giving you some well-deserved peace and quiet every now and then.
If you can never find what you’re looking for, it’s time to get a larger home with more storage space for your growing family.
You Work From Home
Before the pandemic you might have had an office job in the city or in your local town. If you swapped to hybrid or home working you might find that you now require more space at home to have a professional work environment. Most people can’t work successfully in their lounge and require a dedicated space or office to work day in day out. Even when you don’t have clients walking in and out of your home, it’s important to have a room where you can shut the door and focus on work without distractions.
You Want To Be Able To Host
Larger homes will have space for entertaining, and maybe even a spare bedroom so that you can invite friends or family members to stay. When you bought your first home this might not have been something that you considered.
If you have your own family you may want the space to host social events for your children, or for birthday parties or holidays such as thanksgiving.
Relocation
Sometimes with a promotion, relocation is unavoidable. But, relocating also poses as the perfect opportunity to be able to upsize and move into a bigger home.
You might be looking to move to a better neighbourhood, for a sense of community or to be closer to family and this might be a reason why you wish to find a bigger home.
Do you really need to upsize?
Even if you can afford to upsize your home, you might not need to. It is worth taking the time to think, are you just bored of your current space due to being confined inside during lockdowns or because you work from home? Or do you need to move to have more space for a growing family? Or because you need more space due to lifestyle changes?
You might decide that you just enjoy the idea of a new home, rather than actually need a new bigger property. This might require you to get back to a pre-covid lifestyle where you spend more time outside of your home doing activities you enjoy. You might find that overpaying your mortgage gives you more freedom, so that you can decide to upsize later in your life!
Ultimately upsizing is something you find yourself looking at. Remember to not live “house poor” where you are making just enough to pay off your mortgage when upsizing your home but are unable to enjoy the comforts of life. Let me know in the comments if you’re thinking of upsizing your home.
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I have these five signs. Maybe I need to upsize my home. Hehehe… just joking ^_^ Thank you for sharing btw.
All valid points! You can always make your space different and refreshed.
Very straightforward and helpful tips here to evaluate the situation. Thank you for sharing this is a good one to save!
I just need more storage and a good declutter (plus a new shed)
I think the working from home is a perfect reason to upsize. When working from home you need space for your technology, files, etc. No one wants to use their dinner room table to work on all the time. You need a separate space from your family so you can focus.
Great points! I agree with upsizing if you’re working from home, especially if you don’t already have a dedicated office space. It makes your days much more comfortable and easier to focus. Thanks for sharing!