Your home may have been the perfect size for you when you bought it, but life changes quickly – maybe some kids came along or the in-laws moved in – and then all of a sudden your charming little home starts to feel like it’s bursting at the seams.
But selling your current home and moving into a new one is never an easy decision to make and there is a whole lot to consider, like how much extra room you need and whether or not your bank account will be able to cope.
- Determine what you want from a home
You may want more space from a home, but what specifically would you like to get from a new property? It’s worth asking yourself whether it’s just an extra bedroom or two you need, extra living spaces or perhaps a bigger kitchen, garage, land or other storage areas.
Put together a shopping list of home features you’re after to help you on your property hunt.
- Find out what your current home is worth
You’ll want to get as much from your current property as possible to give you a decent amount of capital to put towards your next home purchase. Get an appraisal done!
It’s a good idea to start talking to real estate agents even before you decide to sell. Discuss what your home is likely to sell for in the current market. This will put the wheels in motion to sell quickly if you need to.
- Look at what’s for sale
Many people want to stay in the same neighbourhood when they upsize, but there’s a chance you’ll have to look at a different area to find the space you need.
Sometimes there are trade-offs that need to be made to find a larger home. Don’t discount moving a few suburbs away – you may experience the same lifestyle but at a much more affordable price – do your research!
- Future proof your property
If you’re hoping that your next home purchase will be your ‘forever home” then try to future proof it as much as possible. Make sure there is room for your growing family or permanent house-guests, with enough living spaces to keep everyone happy.
For example if there are elderly people moving in then you may want to think about accessibility, which may discount multi-story properties. Put your list together and start the ball rolling, there’s no better time than now!