It has become increasingly difficult when deciding your next house move - be that upsize or downsize.
When you’re upsizing, it can be easy to get carried away and start dreaming of huge homes with massive gardens. Even when downsizing, it can be easy to find yourself viewing properties that aren’t really any different in size to where you live at the moment. Many buyers fail to remove their rose-tinted glasses when downsizing their home, which can leave you out of pocket and right back where you started.
Be clear on what you need (not what you want)
This point follows on from letting your emotions rule when looking for a new home. Sit down and create a list of essential criteria when you’re downsizing/upsizing. You need to look at this from the point of view of what do you need, as opposed to what you want: How many bedrooms should the house have? What sized living room/kitchen/garden suits your needs? What are your reasons for moving? For example, are you downsizing to reduce your mortgage repayments?
By being clear – with yourself about the kind of property you’re looking for, you can make the right decision for you and your family. It can be difficult to look at something like a home objectively, but remember the reasons why you’re upsizing/downsizing and focus on these to avoid disappointment.
Know your budget
Especially when upsizing, it can be easy to forget your budget and start looking at houses that are way out of your price range. And while you have the added benefit of selling your current home to fund part of the property; you still need to keep the figures in mind. Work out exactly how much you have to spend, and how much over this budget you’re prepared to go.
You should also look at the increased costs of upsizing and work out if you’ll be able to meet the mortgage repayments. Even if you’re looking to downsize, you should still think smart with your money. What are the reasons you have for moving to a smaller property? If you’re looking to cut your expenses, find out how much things like council tax and bills will be in a new area. You may cut the cost of your mortgage, but increase everything else.
Sell before you buy
Many homeowners wonder whether they should wait until they’ve brought a new home to sell, or if they should sell first and then start looking. We would recommend selling before you buy, as this will give you a significant advantage when making an offer on a new home. You won’t be pressured by time constraints to accept an offer that is below market value, and you can buy your next home with ‘no strings attached’.
To give yourself some security, we suggest selling with a long settlement which gives you plenty of time to find a new home.
Improve your home before you move
Everyone wants to get the best possible deal when they sell their home. By spending a little now and making some smart improvements, you can really boost its value.
Speak our team to find out how much your property is worth now, and what changes you should make to improve its value. Do what you can preparing your home for sale and you will certainly reap the benefits; whether you’re upsizing or downsizing your home.
We always suggest getting a full building report early so if there are minor defects noted you can fix this prior to coming to the market. A LIM Report is also very useful so if there is anything that needs sorted it can all be done. This means when less barriers for any prospective purchasers.