Is it time to upsize your home?

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Is it time to upsize your home? It's time to find out.

Do you find yourself daydreaming about upsizing? Maybe while you’re in the queue for the bathroom and are wishing you had an en-suite. Or perhaps when you’re relaxing with your spouse and you’d like a “No kids allowed!” lounge. Maybe it’s as simple as wanting a bigger garden or more bedrooms. Whatever your reason, upsizing is always an exciting, but daunting, experience. It’s quite different to the process of buying your first home but similar in a lot of ways.
 
If you find yourself thinking about upsizing, we’ve put together a list of things you should consider before upsizing your home:
Remortgage

How much space do you need?

Knowing how much space you take up in your current home and how much more you might need is very important to know when upsizing. Do you need extra rooms? Maybe you just want them to be bigger? Understanding your current situation and your desired one will make finding your new home a whole lot easier.

What do you need in your new home?

Is there anything in particular you’re looking for in your new property? Maybe you want good soil to start a garden, or a big tree to build a treehouse in. Whatever it may be, make a list of everything you need and want and rank them by importance. This will help you find the perfect upgrade for you without lowering any of your standards.

What's your budget?

This will be familiar from your first time buying a home. Knowing your budget is very important to finding a home at any time in your life! When upsizing, however, there are other costs to consider as well as the fact that you might be selling your first home which will incur costs itself but will also provide some financial support to the move.
 
There’s a lot to consider when it comes to budgeting for a house upgrade but your previous experience should help you tackle this with ease!

Where do you want to move to?

As well as carefully considering what you want from your new home, you must also consider where your new home is going to be. This is also an important step when purchasing your first home but can be even more so when upsizing.
 
Really take the time you need to explore the area and what benefits it might have. Do you want to be close to good schools? Perhaps you would enjoy a quiet neighbourhood? Does it matter to you that you’re close to local amenities? All of these must be dutifully considered before making the commitment to upsize.

What are your must-haves in a property?

This is similar to one of our points earlier but is less about wants and needs and is far more focused on the deal-breakers. What makes and breaks a property for you? It would be a good idea to get all residents’ opinions on this as you want to ensure that everyone is happy with the upsize and no one is left dissatisfied.

What will you do with your current property?

Knowing your plans for your current home can help you prepare and budget for your move. If you’re planning to rent it out then understanding your role as a landlord and being able to find good tenants are very important parts of the process.
 
If you’re planning to sell then finding a good real estate agent, knowing your desired selling price and lowest selling price are important factors to figure out.
 
Whatever your plans for your current home, it’s important to have that figured out before committing to an upsize as trying to figure out what to do with your property while moving is just an added stressor to an already high-pressure situation!

What are your mortgage options?

You might think it’s easy to go back to the same mortgage provider as you did with your first home but that isn’t the case. As your lifestyle changes and your home grows, so too do your mortgage requirements. Really take the time to shop around and find what works for you. The mortgages you look at will likely be different to ones you looked at for your first home as upsizing often means a longer commitment and so requires different considerations when choosing a mortgage.

In Summary...

 Mortgages can be confusing and there’s already so much to do when you decide to upsize, which is where we come in. At JWD Mortgages we’re committed to making your dreams come true. We’ll help you find the right mortgage for your needs so you can focus more on upsizing and less on the finances.
 
If you’re considering upsizing, get in touch with our team for bespoke financial advice and make the first step towards your dream home today!

Contact Us

enquiries@jwdmortgages.co.uk

03330 067 802