Upsizing: Should You Stay or Should You Go?

There are many reasons behind the decision to upsize when it comes to property. Factors such as needing more space if you work from home, you plan to start a family, or your existing young family are growing. Sometimes it’s just as simple as needing some extra living space to allow you to live more comfortably. So the choice usually boils down to two outcomes: An extension or renovation in your existing property, or putting your house on the market and moving to a larger one. Here, we will outline the considerations of each choice to help you better make a decision on which is best for you.

Moving to a larger property:

The appeal of a new home can be quite strong, but it can also be overwhelming. Whether or not you choose to bring your property to the market in order to upsize with a move will depend on your circumstances. The first, if you have already considered alternative options, is whether or not you have the existing space or planning permission needed to renovate. If you don’t, then that’s quite a strong decider because, if it’s extra space you need, you leave yourself with no other option than to look for a larger property. So, alternatives are the first thing to consider. Next, look at lifestyle circumstances and whether you have at your disposal the time and energy you will need in order to put your home on the market and jump back onto the property chain. Of course, if you already have a new home in mind, this might be an attractive incentive but, if you are still weighing up your options, it is worth considering the impact that selling up and moving can have on your life. There is a significant amount of work involved with moving house – so, if this is the option for you, be prepared and give yourself the time you will need to take things step-by-step. Finally, budget. One of the simplest places to start with budget is with these two questions: 1. Can we attain the extra space we need with the budget we have? 2. Will the budget go further with a renovation, or with a move? If you have the budget for a house move, and you are ready to make the leap, potentially this could be a great option in terms of upsizing. However, take a look at what we have concluded about the option to renovate before you make your decision…

Renovating

Following on from the above – renovating could potentially kill two birds with one stone. What we mean by this is that adding an extension or conversion to your existing property could act as a stepping-stone to a house move at a later date. Firstly, you get the extra space you need for the time being, without the stress and dedication of time/uncertainty that often comes with a house move, next – you allow yourself more time to keep an eye on the property market for the future, and thirdly, you add value to your property. So, when it does come to the time when you decide to move, you have a more appealing, more valuable property to offer to buyers. Of course, you may have different motivations for moving house. So, for example, if you want to be in a different type of area, closer to a school etc, a move might need to happen sooner rather than later, and you might want to get the ball rolling. But consider how much time you have to play with and how much budget you have. It could be a smart choice to renovate first, utilise the space in the way you need it, and then look to move – even start the ball rolling in order to set your sights on a move within the next 12 months.