Moving homes to size up is a common goal, particularly among young families. It can be challenging to afford such a move, so you’ll need to plan ahead and be smart with your finances. Upsizing your home also doesn’t necessarily mean that you’ll be getting more for your money if the new property is not structurally sound.
It is vital to do your research and look for the right home. Here are some of our top tips for anyone wanting to size up their property.
Consider Why You Want A Larger Property
Ensure you’re buying for the right reason. Large houses are more expensive to run and buy, so buying for a good reason, such as a growing family, is essential.
Ensure You Making The Best Use Of The Property You Have
Find ways to use the space in your current home more effectively. Buy furniture that doubles as storage and use shelves to take advantage of the vertical space. Declutter frequently and recycle, donate or sell items you don’t use.
Look Into Renovations
Find out the cost of renovating. Consider whether you can build the extra space you need onto your current home. Cut costs by doing some of the construction work yourself. Get qualified professionals to help with tasks you cannot do.
Choose A Property With Potential
Invest in a fixer-upper. Choose a large property that’s structurally sound and commit to fixing it up. Restoring the property will boost its value while giving you the bigger home you want.
Figure Out Funding
A larger home means a larger mortgage. Ensure you can afford the monthly payments and additional expenses of a bigger property. Consider specialist loans like VA loans, which offer mortgages without down payments for qualifying veterans. Find out more about applying for a VA loan from leading provider Hero Loan.
Go To Property Auctions
Attend auction sales to find deals on properties. Learn about the risks and the process of buying at auction. Some auction houses do not allow inspection of the properties before purchase, making them a significant risk.
Check Prices In Various Cities And Neighborhoods
Look in various areas to identify where house prices are lowest. Consider relocating for your dream house.
Cut down on your monthly expenses to save more for your dream house. Switch from branded groceries to generic. Avoid eating out and plan your meals ahead. Make a budget and stick strictly to it.
Save A Significant Down Payment
The larger your down payment, the better terms you will get on a mortgage. Consider waiting a year or two longer to save more.
Be Prepare For The Cost Of Running A Larger Property
Larger properties come with higher running expenses. It will cost more to heat, light and secure. Learn about the additional costs and ensure you can afford the expense with your current family income.