Should I buy a bigger property?
While it is a very personal decision, some common reasons include
- Growing family, as a family grows they may need more space for children and additional bedrooms.
- Home office or workspace, with the rise of remote work, many people may need a dedicated space to work from home.
- Entertainment space, a bigger house may have more room for a home theatre, game room, or other entertainment spaces.
- Guest accommodations, a bigger house may have more bedrooms and bathrooms to accommodate guests.
- Storage, a bigger house may have more storage space for items such as professional equipment, sporting equipment, and other household items.
Here are things to consider when Upsizing:
- Timing: Consider the current real estate market and the best time to list your home for sale.
- Pricing: Get a realistic idea of the value of your home by getting a professional home appraisal or by comparing it to similar homes in your area that have recently sold.
- Research the local area where you intend to buy the bigger property. Look at amenities and transport quality.
- Get a handle on how realistic your budget is. Extra costs can mount: utility costs, relocation costs, property repairs, property tax, a bigger house can mean more decoration, furniture and fittings.
- Condition: Make any necessary repairs and improvements to your home to increase its appeal to potential buyers.
- Staging: Present your current home in the best light possible by decluttering, deep cleaning, and staging it for showings.
- Marketing: Work with a real estate agent with a proven track record of selling homes in your area. Be prepared to negotiate with potential buyers and be willing to compromise on certain items.
- Ideally, be ‘Sale Agreed’ on your current property to put you in a stronger position to place a booking deposit on the bigger property.
A Note on House Sale Money Transfer Time Scales:
- It takes two to four months after the ‘sale agreed’ to come into possession of the money from your house sale.
- It takes two months typically for money to come through from a cash buyer after the ‘sale agreed’.
- It takes up to four months after the ‘sale agreed’ for a mortgage buyer’s money to come through.