Church & Hawes guide to buying a larger home!!
Outgrowing your current home is a natural process, but how do you make sure you get the best deal on a larger property, and how do you choose the right one for you?
Need extra space for a growing family? Working from home and need that home office? Maybe you just want a garden or a guest bedroom?
If these questions resonate, it sounds like it is time to upsize. It is important to be aware that you may find this move more complex as you will have to organise your sale and purchase while being involved with a chain.
Upsizing does not have to be difficult though! We have listed our top tips below to help you get organised prior to booking in your property viewings.
Look into your finances.
The first step when considering a larger home is often seeing whether it is feasible and that you can afford to move. Addition space is of course always appealing but is often likely to take you into a different price bracket.
It is likely given the current climate that a lender will ordinarily look for a minimum of 10% deposit on your next property. You will find that the higher the deposit you put down the more favourable rate the lender is likely to be able to offer.
Your deposit can often rest on the value of your existing home and how the markets have progressed since you purchased your property. We would suggest a valuation of your property at this stage in order to determine the likely selling price of your property. You can then compare the value of your home with your remaining mortgage to see how much equity you have available, to use as your next deposit or to help with other costs.
If you are not planning on an immediate move, it may also be an option to overpay your mortgage in order to build equity into your home more quickly.
Other costs (aside from your deposit) to consider when assessing your options will include elements such as conveyancing, surveys removals, stamp duty (applicable to your purchase) and agents fees. (We can supply further content regarding the detailed cost of moving if required).
Consider the property’s location.
Location, Location, Location should certainly be considered when upsizing. Following on from affordability you cannot always afford to upsize in the area you are already living in. You may consider moving further out to find a property offering better value, or even starting over in a nearby area where you can get better value for money.
Certain towns will always have space as a premium, and so it is worth considering what compromise you are willing to make for the additional space.
If the extra room is essential, moving further out or into a more affordable area is likely to yield better results. If, however, you would like to stay in your current area, a “fixer upper” (property requiring modernisation) or a property with scope for a loft conversion may well be, a more practical option.
Look to the future.
Although at this stage it is unlikely that you will be immediately on the move again, choosing a home with good resale value in mind just makes good sense. Choosing an area that may have increased transport links and improved facilities that will make a good family home is likely to provide additional value further down the line.
Assess your future and consider whether you intend to stay at the property for a long time and whether it will fit your medium and long-term needs. No one can predict the future but if you plan to have multiple children, are looking to add pets to the family or have family which are likely to visit from afar, you will of course need a place for them to stay.
Staging your existing home.
Whether you are a seasoned mover or are selling your first home; presenting your home in the best way possible will make a difference to the price you are able to achieve. Consider your potential buyer (a family or a flat for a first time buyer) along with it’s key selling features (proximity to amenities, transport links and local schools) highlighting these will help you sell.
Stage your home in neutrals to allow your potential buyers to imagine themselves in the space. Now could be the time to “spruce up your property” by identifying any easy fix issues such as fixing wobbly door handles, given the front door a fresh coat of paint or even keeping on top of the weeds on your drive. These minor things can often reassure viewers that your home is well maintained and make a big difference to that all important “first impression”.
It may seem obvious but one of the most important elements of achieving a successful sale is pricing it correctly. An estate agent may originally suggest an inflated price to secure your business, but it is important to be aware that a property priced too high will sit on the property portals for longer and leaves potential buyers asking questions as to why it remains unsold.
What could be different about a larger home?
Whilst it is easy to believe that a larger property would solve all your problems, it is important to be aware of all the elements of your move. The advantage is more space for your stuff, so make sure when you are packing that you label your boxes with the room you would like the box placed in.
A bigger property may come with more responsibility and extra costs. How will the increases in energy bills and council tax effect you? Will you need a gardener to assist with the larger garden or do you need additional tools to help you tend to it?
Upsizing can feel complicated in comparison to being a first time buyer so ensure you stay organised. When you have decided on your purchase budget the rest should take care of itself. Some people find “Property Viewing Checklists” very useful, and these can be found online. Choose a property which won’t put you under too much financial pressure.
Finding the right property for the next chapter of your life can be so exciting, so take the time to enjoy the process and get excited about all the additional space, you will have!!
CLICK HERE for our guide to preparing your home for sale.