Are you a resident of Central London who wants to relocate?
Most individuals eventually outgrow their houses or want more space for home offices, which is more than common at the moment. If you are considering of upsizing your Central London house, here are some pointers to consider.
Perhaps your London property was the right size for the two of you when you first purchased it. But things may have changed: you may have grown your family and now have a couple of children, or you may want more room for a home office. You may also find yourself constantly tripping over one another. It is not very unusual for individuals to outgrow their houses, whether they have an older kid who wants their own bedroom, are welcoming an extended family member into your home, or are just ready for more space.
Upsizing is something that most homeowners would contemplate if they have reached a point where the property that they are currently living in is no longer suitable for their needs and those of their family. When you work with Greater London Properties, we are devoted to assisting you in finding the ideal property for your needs. We’ve compiled a list of considerations to keep in mind while upsizing your house in Central London.
Take a look at your objectives.
The first step is to think about what you want to achieve through upsizing. You may be aware that you want a home with greater living space, but have you given any consideration as to why? Preparation is key before you begin your search for the ideal house. Take some time to analyse what you really need before you begin your search. Consider things such as how a bigger kitchen would help you, how many bedrooms you’ll need, and what sort of garden you’d want to have, as well as what you’ll do with it. Are you considering purchasing a bigger home in order to accommodate your growing family, or do you need to create space for ageing family members such as your mother or older children who have returned from university? Working from home is becoming more popular – what type of scenery would you prefer?
Is it true that bigger is better?
Before you begin your search for a bigger house in which to upsize in London, it’s a good idea to not just evaluate the square footage of the home but also the layout of the property. Keep in mind that just because a home is large does not always suggest that it is well-suited to your family’s needs. If the space you are given seems to be enough, it could end up being cramped and you won’t be able to use it in the way that you need to; therefore, you may not be able to reap the full benefits. Consider the fact that, in certain instances, the higher the number of bedrooms in a house, the smaller the rooms will be.
Become a landlord
Consider renting out your property if you have the opportunity. This enables you to rent a bigger space while you try out a different neighbourhood. Give our GLP team a call now and we’ll provide you with an accurate rental assessment for your property.
What is the difference between selling and renting?
We are seeing an increase in the number of customers who are selling their present house and renting a larger place further in Central London, providing them with more freedom and room. As an added bonus, this choice allows you to become a more flexible buyer in the event that something fantastic comes onto the market and will be able to move quickly!
Determine the amount of space you’ll need.
While it may be tempting to purchase a large home, think about the financial ramifications of doing so and aim to choose a property where you will be able to make full use of the available space. While it might be convenient to have additional rooms for storage or office space, or even a second living room, it may not be worth it if you aren’t planning on utilising any of these rooms in the near future. Keep in mind that, after you become the owner, you will be responsible for paying for the heating, lighting, and maintenance of the rooms that, in this circumstance, you would seldomly use.
Take into consideration the resale value
The decision to upsize your house today might result in a significant return in the future provided you chose your property and its location carefully. While a bigger home may be the best option for you right now, it’s crucial to consider the possibility that you’ll find yourself in a situation where you’ll prefer a smaller home again in the future. Consider your future new property from the perspective of any potential purchasers who could be interested in buying it from you.
Take into account the additional expenses.
The majority of individuals who opt to upsize their house are aware that there will be a significant amount of money spent on the purchase of the property. If you’re upsizing, it’s likely that you’ll need to take out a mortgage since the proceeds from the sale of your present home may not be enough to pay the costs of purchasing a bigger property and therefore a more costly property. However, it’s also vital to consider the long-term expenses and how they can affect your day-to-day finances, such as increased council tax charges, higher energy bills, and greater maintenance expenditures, among other things.
Keep an open mind to new possibilities.
There is some good news about purchasing real estate in London: travelling around is typically simpler no matter where you purchase. As a result, you have some leeway to investigate other neighbourhoods to the one in which you are now residing. Make a list of the things that are most important to you about your current location, such as proximity to green space or being within walking distance of a tube station. If you have children, it is worthwhile to evaluate the distance from their present schools to the new location, as well as to spend some time looking into schools in the region, to determine whether or not it will be useful to relocate. Would you be interested in foregoing public transportation altogether and walking to work?
There are a variety of reasons why you may want to consider expanding your living space. Our Sales team receives new houses on the market on a regular basis, so it is worthwhile getting in contact with them either through email or by phoning us on 0207 734 4062. Alternatively, you may register with us to get our immediate property notifications.
Warmest Regards,
Greater London Properties
Central London Estate Agents
