People outgrow their homes for all sorts of reasons, from pure practicalities to aspirational dreams. Maybe your family’s growing, you're thinking about schools, or you can simply afford to go upmarket.
Whatever lies behind your story, upsizing is an exciting prospect. And, as the next chapter of your life begins to unfold, the eternal dilemma is: do you stay and improve, or sell up and move?
Given that both options take time, planning and money, your first port of call is getting complete clarity over the lifestyle changes you’re looking to make, with answers to questions like:
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What are your upsizing goals?
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Could you extend or rework your current home?
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What do building works entail?
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What should you consider when upsizing to another home?
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What are the immediate and ongoing costs of upsizing?
So whether you’re bursting at the seams or looking for new surroundings, this week’s blog has everything you need for successful upsizing and a home that's a perfect fit.
SETTING YOUR UPSIZING GOALS
Upsizing is different for everyone, and a great way to get the ball rolling is to write down everything you hope to achieve with a new home environment.
Start with a wishlist of these three categories:
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Inside: More bedrooms for children, a larger dining kitchen, your partner moving in, an annexe for an elderly relative, a place to work from home, or even a wellness space or cinema room.
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Outside: getting a garden or balcony for yourself; needing a place for children or pets to run around; having a place to park one or more cars.
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Lifestyle: upgrading to a more expensive neighbourhood, quieter street, school catchment zone, faster transport connections, access to shops, or improving your view.
Once you’ve compiled your unique combination of upsizing goals, you’ll know whether your existing home has the potential to fulfil your dreams, or if it’s time to find somewhere new.
UPSIZING YOUR CURRENT HOME
If you love the idea of upsizing where you already live, it's worth exploring any untapped potential in your current home, so here are some ways we’ve seen people upsize without having to move:
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Converting a loft into a primary bedroom suite and getting a great view into the bargain, or making it into two children’s bedrooms.
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Turning a garage or empty space to the side into an extra living room, an annexe for an elderly relative, or more bedrooms and bathrooms.
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Extending a kitchen to create a large family hub that opens out to the garden while freeing up a reception room for another purpose.
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Repurposing a cellar into a cinema room, music studio, children's play space, home office, utility room or even a guest bedroom.
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Adding a self-contained cabin in the garden for a place to work from home, a wellness space, or a guest suite.
BEFORE YOU GET THE BUILDERS IN…
As well as the inevitable noise and dust, building projects require detailed budgeting and planning to have complete clarity over what you're getting into, which means taking into account all of the following:
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Disruption: although a loft conversion might be less madness than a full-on extension, life will change when the builders are in, so get clarification on what will be out of bounds.
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Costs and time: fittings aren’t usually included in builders’ estimates, so make sure you budget for those bi-fold doors or posh switches and confirm how long the work will take.
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Permissions for work: you'll need either planning permission or building regulations approval from the local authority, which can take a couple of months even for a simple yes.
Finally, building works can and do overrun, so you may also want to budget for renting a home for the duration if the improvements you want to make will cause more chaos than you're willing to live with.
UPSIZING TO ANOTHER HOME
There's something about moving up the property ladder that feels like a real step forward, so if buying a larger home is part of your upsizing journey, here are some things to keep in mind:
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Stay focussed on your upsizing wishlist to ensure your next home makes the grade: a fantastic view, no matter how seductive, won’t make up for having less space than you need.
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Do you want a home that’s ready to move into, or would you take on a project (and how much work would you do)? Be as clear as you can with estate agents to help them help you.
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Think about timing. Whether it's the new school year, a new job role, or something else, work backwards from the deadline and aim to get your home on the market six months before.
GETTING YOUR FIGURES RIGHT
As well as all the excitement of upsizing, there are costs that come as part of the bargain, whether you're moving or improving.
Getting caught out with a nasty financial surprise can really mess with your plans, so remember to budget for:
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Stamp duty, mortgage arrangement charges (usually between £500 and £2,000), agency fees for selling or renting out your current home, conveyancing services, and a removals firm.
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The ongoing costs of running a larger home, including heating bills, council tax, and higher mortgage repayments.
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Any new furniture and fittings you want to buy, and any improvements you intend to make immediately or within the foreseeable future.
Which? estimates the average cost for buying and selling a home at £14,458, but this varies widely with higher and lower values, so use an online moving costs calculator to get your figures right from the start.
Are you thinking of upsizing?
We can help you identify the untapped potential in your current home or, if you're looking for another property, to find a new place that ticks all the right boxes.
Call us on 0118 912 2370 or message us at office@pauk.property to chat with one of our team, and let's start planning your upsizing dream!
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