Upsizing to a new property

Thoughtful planning is crucial to a successful outcome

Making the decision to upsize to a new property is a big one. Have you outgrown the current family home? Is there a queue to get to the shower every morning? Do you dream of an ensuite all to yourself or grown-ups lounge free of the kids’ clutter? If so, then maybe it’s time to upsize.

It may ultimately mean more space, more privacy and often a better location, but there is much to think about. Do your research and make sure you’re making the right decision for you and your family.

Outgrowing your current home is a natural process, but how do you make sure you get the best deal on a larger property, and how do you choose the right one for your requirements? When looking to upsize your home, thoughtful planning is crucial to a successful outcome. Start by listing the reasons why you need to upsize and how this fits into your short- and long-term goals.  

If you’re considering upsizing to a new property, do your homework first.

Here are some things to think about before upsizing:

How much space do you need? Make sure you measure the space you currently have and the space you need. This will help you determine if upsizing is right for you. What do you need in your new home? What do you want? Once you have a clear idea of what you’re looking for, it will be easier to focus your search.

What are your budget restrictions? Upsizing can be expensive, so make sure you know what your budget is and what type of property you can afford. Consider how much you can afford to spend on your new property. Don’t forget to factor in moving costs, renovation expenses and any other associated costs.

What kind of neighbourhood do you want to live in? Consider factors like schools, public transportation and amenities. Do you require somewhere with a lot of green space or a vibrant nightlife? Narrowing down your search parameters will make it easier to find the right property.

What are your must-haves in a property? Make a list of the features you need in a property and make sure the new property has them.

How will you sell your current property? If you’re upsizing to a new property, you’ll need to sell your current one. Talk to an estate agent to get an idea of how much your house will be worth and how long it could take to sell. But remember, not all estate agents are the same, especially when it comes to the price they charge for selling your current home.

What are your mortgage options? When you’re upsizing, it’s tempting to remain with your existing mortgage provider. But it always pays to shop around. Even a mortgage with only slightly more favourable terms could save you thousands in the long run, or give you more (and cheaper) options for repaying your mortgage early if you find the means. That’s where we can help you.

Ready to start exploring your upsizing mortgage options?

So you’re looking to upsize and want to get an idea of what you could borrow to move on up. To discuss your requirements, complete the form below and an Independent Mortgage Broker will be in touch.