The family home is a place where lifelong memories are made. It’s where you seek refuge after a hard day’s work, it’s where you raise your kids and love your partner. But there comes a time when your treasured family home begins to lose its luster and stops feeling like the home it should.
While you should never underestimate the effect of a deep clean and a lick of paint here and there can have in making an old home feel like new, there may be circumstances under which renovation or remodelling just doesn’t cut it.
Only you know if it’s the right time to move your family to a larger property, but these are some scenarios in which families find themselves needing to upsize that indicate that your home may no longer be fit for purpose.
Your family’s about to grow. A new baby needs a space dedicated solely to them to grow, often necessitating a move. If this isn’t your first child, it’s important to note that while siblings can share a room, it’s generally better for their development to have a room to make their own.
You need to accommodate another adult- Perhaps you need to bring an elderly relative into the home so that you can care for them while giving them dignity and privacy. This can rarely be done in smaller homes.
Your income is growing- Maybe you bought your current home when you and your partner were at the start of your career. After a few promotions and some growth in your household income, it may be that you can comfortably afford a new home.
You’re working from home- Telecommuting is on the rise, and if you’re joining their ranks you’ll find you’re far more productive if you can do some from your own home office.
Preparation is the key
Whether you’re upsizing because you’ve outgrown your current home or buying your first family home with your partner, the financial considerations are fairly similar. In both cases it’s important to plan the move meticulously before you commit yourself financially to the new property. Keep in mind that if you’re currently in a chain, it may take a while to sell your property before your dream home becomes available. In this instance you may need to keep your stuff in safe and secure storage facilities and let your property out for a while if you are unable to sell straight away.
Consider the costs carefully
When one’s financial situation improves, it’s easy to get a little overconfident in our ability to manage the financial commitments that will come with a bigger home.
Of course, your mortgage will be your prime concern, and it’s important to know what your current equity on your home, along with any savings, can afford you. A mortgage calculator can give you a rough idea of what you can expect your monthly payments to be, but remember that your tax, utilities and insurance bills will likely increase to match your new property’s size. Factor these in to get a realistic picture of your monthly outgoings, as well as the inevitable fees that come with the move itself.