When you first bought your London home it might have been the perfect size for the two of you. But now, perhaps you’ve expanded your family and have a couple of kids and a few pets and feel that you’re always tripping over each other. It’s not uncommon for families to grow out of their homes, whether you’ve got an older child now who needs to have their own bedroom, are moving in an extended family member, or are thinking about expanding your family. Upsizing is something that most homeowners are going to consider if they get to a point where the property that they are in just isn’t enough for them and their family anymore. Here at GLP, we’re committed to helping you find the right property for you. We’ve put together some tips to consider when upsizing your home in London.
Consider Your Goals
The first thing to do is consider your goals for upsizing. You know that you want a house that offers more space, but have you given much thought to why? Before you start hunting for the perfect property, it’s a good idea to take some time to consider what you really need. Think about specifics, such as how you will benefit from having a larger kitchen, how many bedrooms you need, and what kind of garden you want along with what you’ll do with it. Are you thinking of buying a larger property to increase your family, or do you need to make room for older family members like your mum or older kids who are coming back from university?
Is Bigger Actually Better?
Before you start searching for a larger property to upsize to in London, it’s a good idea to not only consider the square footage of the home but to also think about its layout. Bear in mind that sometimes, a large house won’t mean that it’s set out right for your family. Maybe you are getting enough space, but if that space feels tight or it can’t be used in the way that you want, you might not benefit much in the long run. Consider that in some cases, the more bedrooms in a house, the smaller those rooms will actually be.
Decide How Much Space You’ll Use
While it can be tempting to buy a huge property, consider the cost implications of this and try to buy a property where you are going to utilise all of the space. Of course, it can be handy to have extra rooms for storage or a second living room, but if you can’t see yourself using some of the rooms in a property, it might not be worth it. Remember that once you are the owner, you’ll be responsible for paying to heat, light, and maintain rooms that you barely use in this situation.
Consider the Resale Value
Upsizing your property now could help you make a nice profit in the future if you choose the property and its location wisely. While a larger home might be an ideal choice for you now, it’s important to think about the future, where you might find yourself in a position where you want a smaller house once again. So, it’s a good idea to look at your potential new property through the eyes of any future buyers that you might sell to.
Consider the Extra Costs
Most people who decide to upsize their home are aware that there are going to be a lot of costs involved in buying the property. If you’re upsizing, chances are that you will need to get a mortgage as the sale of your current home might not provide you with enough to cover the cost of buying a larger and usually more expensive house. However, it’s also important to think about the long-term costs and how this might impact your day-to-day finances including higher council tax charges, bigger energy bills, and more maintenance costs.
Be Open to Different Areas
The good news about buying in London is that no matter where you buy, getting around is usually easy. So, you have some room to consider different neighbourhoods to the one that you are currently living in. Consider what’s most important to you about where you live, such as being close to green space or within walking distance of a tube station. If you have kids, it’s worth considering the distance from their current schools or spending some time researching schools in the area to see if moving will be worth it.
There are many reasons why you might be thinking about upsizing your property. Whether you’re bursting out of your current home, need more space to expand your family, or need to make room for elderly parents and other adult relatives who are moving in with you, get in touch with us at GLP and we’re happy to help answer any upsizing questions you have.
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