What to consider before upsizing your home 

Everyone wants a lovely home comfortable for many people and a convenient area for work and family.

Photo by Sidekix Media on Unsplash

It always starts with a tiny abode, and then as time progresses, more members, be it kids, extended families even pets, become a part of your clan. 

That brings them to decide to upsize their home. However, upsizing your sweet abode is both an emotional and a financial decision.

It’s also important to remember that real estate prices are tied to the local market and will vary depending on where you live, how much space it has, how fast the area is growing, and so forth.

Let us share some recommendations to help you save time and money for upsizing.

Set your goal

It is advisable to list your goals while working with a real estate franchise agent before you start house hunting, whether you want a big kitchen, living area with a backyard, or more room for guests or kids. This will help you in shortlisting and prioritizing accordingly.

Space utility

If you’re looking for a new home, the first thing to consider is how much space do you need? 

Answer this question by visiting every room in your house and determining what you need for each, then add 10-15%. 

This will be the most amount of space you should purchase for each room. So, if you have a master bedroom that is 14 feet X 14 feet (140 square feet), your goal would be to find a new home with a master bedroom of at least 160 square feet.  

Bigger isn’t necessarily better; as a buyer, you should consider how efficiently the room has been used.

More extensive storage and small bedrooms or a large back garden are both viable options, but a small dining space is not one of them.

So, choose the area you’ll use and avoid paying a high price for a large property with a lot of wasted space. 

Calculate and then decide 

It will help you be farsighted and think of the long-term impact of buying a house. It is not only the present price tag that you are going to incur. 

It comes with taxes, maintenance, interior decoration cost, etc. So, the bigger the space, the more the expenses. 

Therefore it is highly recommended that you not get carried away and let emotions shadow your rational decision-making. 

Treat it as an investment

When upgrading your home, there are many factors you should consider. Your new home is a fixed asset that you have invested in, so do your research and discover the latest buying trends to benefit you in the future.

More and more people are upsizing their homes for reasons such as work and family, often leading to financial spending.

Experts believe that purchasing an average-sized house that suits your needs without going overboard is a smart investment when relocating and upsizing. However, this also implies that you have to check out the future worth of your new home if you wish to sell it later.