Living in your current one-bedroom apartment might not be ideal if you are starting a family. Having limited space is also much more challenging if you have a baby on the way, or is looking to having your ageing parent back with you at home.
A change in your current lifestyle and set-up is one of the most common signs that upsizing is due and necessary. However, moving to a bigger place is not as easy as finding home and land packages in Melbourne West. There are a lot of things worth considering to ensure that you make the right decision. Asking yourself these questions can help you better evaluate which kind of home to move to.
Questions to ask before upsizing your home
What is your goal in upsizing?
People move to a bigger home for a variety of reasons. It is important to have a goal and understand it. This can help you better decide whether or not you need a home with a bigger kitchen, more rooms, a patio, or something with a huge playground for your kids. Your goal will be your basic foundation in finding the right house for you to move in.
How much space do you need?
Homeowners often make the mistake of having too much space just because they need to upsize. If you are a family of 4 with almost grown-up kids who will be moving to college in a few years’ time, investing in a 6-bedroom house might do you more harm than good. But choosing a house with a huge kitchen and a dining/living area is a wise choice if you are into hosting parties regularly. Knowing how much space you need is essential in choosing the right home.
Are you financially ready for it?
More often than not, upsizing means bigger financial responsibility. Aside from buying a new house, you would also be consuming more utility bills and can possibly pay more taxes. Thus, before deciding to make the move, make sure your bank account is ready for it.
What is the resale value in the future?
A home is an investment. Therefore, it is important that the home that you will invest in now will be able to give you ample returns in the future. Your home’s value a few years or decades from now is an important factor that you should consider to make the most of your investment.
When is the best time to move?
Deciding which season of the year to move is important. But so is basing such decisions on your life events. Are you moving before the baby arrives? After it finishes playschool or elementary? Will the move be done after your children have left for college? Deciding when to move based on your life’s timing of events can help you better choose the right home.
Upsizing your home is a decision that you cannot make overnight. Take your time in choosing the right place for you and your family in order to make the most of your investment.