Buying your first home may seem like a distant memory and now you need more space. Whether you want to add another member to the family, your kids are growing up or maybe you have a loved one to care for. No matter your reason for upsizing, there are challenges that go with it.
We recently spoke with Brisbane Lions Daniel Merrett and his wife Sarah about up sizing their home with a toddler and they both agreed that little Matilda made moving a lot harder.
“Moving is the worst job in the world. It is just an absolute nightmare” Dan proclaims.
Sarah states “Matilda was 6 months and she just had started to crawling so that was a nightmare. But we did it.”
So what are the challenges that everyone faces when upsizing a home? We have the answers.
Juggling time and energy
As we get older, spare time seems to become scarce, especially if you have a family, are a carer of a loved one or have a busy career. Between work, family and trying to maintain a social life it may seem like finding time to search for a new home is near impossible.
Searching for your new home online is the easy part. You can use your smart phone or tablet to search on public transport to work, on the couch in front of the telly or in bed right before you hit the hay. However, time becomes an issue when you need to go out and look at a property. Make sure you are clear with the real estate agent on exactly what you are looking for in a home. That way they won’t waste your time showing you houses that don’t meet your needs.
If you are unsure about your list of requirements, find time to write these down before starting your search. This will save you a lot of time in the early stage of the process.
You have decided you need more space but now you have to figure out where. Proximity to schools, shopping centres and other key points of interest will help determine where to look. Although your budget may also play a large part in that decision.
Think ahead. You may want a house that won’t just see you through the next few years but through the next few chapters of life. Maybe you want an even bigger family or your kids are only at pre-school but you want this home to see them through primary and even high school. Factor these things into your decision.
Understanding the auction prices in each area, where you are most likely to find the home you want and the distance to those schools and other places you need by doing your research online.
Selling your current home
To sell or not to sell? That is the question! Should you sell your home or keep it? And if you decide to sell it, should you do that first or buy a new home first? These are all tough questions and should be decided on a case by case basis.
Buying first and selling later means you can take your time, allowing you to find the perfect home and not rush the move. However, you risk purchasing a new home and not selling your current one for some time. This could affect your finances and the banks decision to give you cash.
Selling first and buying later is a better option for your cash flow, however puts a time constraint on your hunt for a home. You’ll have a settlement date and may end up buying a house that isn’t as perfect as you wanted, simply from a lack of time.
Understand the pros and cons of each situation, get your finances in order and then make the call.
At some point your first home may not cut it anymore and upsizing is the only option. Learn from your first home mistakes and do your research well in advance. Whether its research on the area, your budget or whether to sell your home first or at all, making a well informed decision on your new housing purchase could mean you won’t have to move again for a long time, if at all.