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What to do when you out-grow the family home

Does your home feel smaller and suddenly more cramped than before?
 

Does your home feel smaller and suddenly more cramped than before? Have you welcomed a new baby or plan to add to the family in the near future and now you need an extra bedroom for the nursery? Or would you like to cut the commute and work from home more and now you need the added space for an office?

Whether you’re needing an extra bedroom or more space in general, making the decision to upsize your home can be one that causes many headaches and worries. Here are a few things to have a think about;

-  Make a list of everything you are looking for in your new home – does it have the garage space you desire? Is it close to the right schools and amenities for you? Does it have the garden space you want? Is there enough space and the right number of bedrooms you require?

-  Will this new house stand the test of time or will you outgrow this new one in a couple of years? Perhaps think long term and this could save you more moving stress.

- Upsizing your home will often mean that you require a bigger mortgage. Taking into consideration your income and extra expenses (especially if you are adding to your family) can be a big factor in whether you can afford a bigger home or not, or whether a lender will consider you for a larger mortgage amount. Another thing to think about is the amount of stamp duty that will be due on a larger property!

- Will you need to put your property on the market? Often upsizing comes with a property chain which can cause unwanted delays and extra stresses as you wait for one property to sell before the chain can move on.

Our property experts at your local Belvoir office can help you answer these questions and give you the advice you need to make the best decision for your situation. Find you nearest Belvoir office here.

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