There may come a time in your life when you discover that you may need to upsize or upgrade your home. This could be because of an increase in family size, or maybe you want to move closer to a particular suburb, or school. You may even want to move closer to the beach or upgrade to a home with a pool, or need more space for a home business. Whatever your reasons may be, I want to share my knowledge on some things to consider when considering upsizing your home.
Consider your lifestyle
Starting a business from home is becoming a more popular occurrence which requires more space and possibly a separate entrance. If you require additional space, like a studio out the back to work in, Mornington Peninsula properties often boast large backyard spaces that can cater to these home upsizes.
The change to the increase in family size whether it be ‘blended extended’ family or a parent moving back to be cared for by adult children, requires somewhere big enough to consolidate kids and possessions. With the increase in the ageing population, it is becoming more prevalent for grandparents to move into their adult children’s homes. This arrangement is beneficial as working parents are putting in long hours and rely on their retired parents for domestic help. An upsize in your home would be required for these types of family size increases.
If you desire your children to attend a particular school, for example, you may need to upgrade and move into an area which is zoned appropriately. The value of these types of school-zoned properties has soared over the last few years, and this often results in this type of home purchase being a valuable one financially also. You may currently be living in the CBD and are looking for a sea change. The Mornington Peninsula is blessed with large properties close to the water with a fantastic quality of life.
Make the logical decision
I think the first step to making this happen is to make the conscious logical decision that this is what you need to do. Writing a list of pros and cons and understanding your budget will allow you to streamline your search in finding a shortlist of homes to view and consider. Property tends to have an emotional impact on people, it is in our human nature to feel connected to the places we live, and it’s also an emotional response that triggers us to make the decision for such a large purchase in the first place. Look at the needs of your family or lifestyle, and make the decision to investigate upgrading your home if you have considered the need is there.
Understand your borrowing capacity
There are several factors you need to consider that may impact you borrowing capacity from a bank. Some of these include your credit card limits, living expenses, assets, income, and any other unsecured debts like personal loans or car loans. The type of income and employment you have is also an important consideration for yourself and the bank if you are a full-time or casual employee, business owner, or subcontractor will all entail different borrowing capacities and risk assessments from the lender. Another consideration is whether you sell before you buy? Be wary of buying at the high end and then not getting the price you have hoped for, for your current property. Make sure you speak to a broker or bank to get your affairs in order to ensure you can fit the budget of home you are looking for.
If you have further questions about how to go about upgrading your home or finding a home that suits your needs don’t hesitate to reach out to me.