When you move from an apartment to a house, there is a unique shift that happens. There are a few crucial factors to take into account before you upsize, whether it’s for more room, an increasing family, a more permanent neighborhood, or simply a change of scenery.
What Does Upsizing your Home Mean?
You move into a new, larger home when you “upsize” your current one. If your family is expanding and you are having a kid or children, you may have outgrown your current home and need to find a family home. Another possibility is that you need to take care of an aging parent who needs to live with you.
Is it Wise to Invest in a Larger Home?
When determining whether purchasing a larger home is a wise investment, there are several “ifs.”
Your home’s worth is probably going to increase over time because the local real estate market has generally generated strong returns over the medium to long term. When the time comes to sell, you may receive a sizable windfall as a result, providing you with financial security for retirement.
This is not confirmed, though. Like any investment, real estate has risks, and markets do have ups and downs. But by carefully studying the market and being aware of your financial capabilities before you purchase a new, larger property, you can make sure you maximize your chances of getting a good return.
We’ve produced a list of our top six recommendations for you to keep in mind before moving from an apartment to a house.
1. Make a list of home improvement tasks to finish before moving
Before you move your possessions in, make a note of any adjustments that may need to be made if you know that your new home will need flooring, painting, or other interior renovations. If you have access to your new home, you might even try to finish a few of the tasks before the move to avoid further stress.
2. Keep in mind your savings
Long- and short-term maintenance requirements differ between houses and apartments, especially if you are purchasing the home. It’s crucial to plan for move-in emergencies because unanticipated incidents are certain to occur, frequently requiring you to pay out-of-pocket and sometimes costing somewhat more than you are used to.
3. Note the additional space
You could require additional furnishings to furnish your new house since homes are often larger than apartments. Before you move in, make a list of the dimensions of the main rooms in your home. You may also position your furniture using an online room planner.
4. Consider your outdoor work
Since apartment dwellers are typically not responsible for yard upkeep, you might need to purchase a few new tools before moving into a house, such as lawnmowers, rakes, sprinklers, gardening equipment, and any other outdoor things.
5. Think about getting new locks
It’s possible that previous homeowners sent keys to friends, housekeepers, or other people without getting all of them back. If you want to be extra safe, think about getting new locks installed for your house. It’s a simple, inexpensive project that you can take on yourself (if you’re the DIY sort).
6. Complete a home inspection
A thorough home inspection is arguably the most critical thing you can do before moving into your new house to determine whether there are any structural, electrical, or systemic problems. Get a home inspector to visit your house before you move in to give you some piece of mind. You can also ask your friends or neighbors for expert suggestions in your neighborhood. When buying a home, this is typically needed by law and financial institutions. If you are going to rent a home, especially long term, this may not be obvious.
Don’t forget to set up utility services at your new location, forward your mail, and update your address on any crucial online services you use, like your bank, credit cards, or insurance, while you prepare ready for this exciting process.
What Should I Think About Before Purchasing a Larger Home?
The first step is to examine the financial effects of moving up and purchasing a larger home. There are a lot of unaccounted expenses that could affect your choice. You should consider the following up-front fees when purchasing a new house:
- Stamp duty
- Real estate agent fees
- Refinancing fee
- Title transfer fee
- Bridging loan (if you choose to buy and sell at the same time)
- Legal and conveyancing fees
- Mortgage registration fee
- Building and pest inspection reports
Additional costs associated with a larger house include greater mortgage payments, more expensive insurance, and higher utilities bills on a monthly basis.
You also need to be aware of the best time to purchase a larger home.
There are 6 Indications that it’s time to Purchase a Larger Home
Is it worthwhile to purchase a larger home, you may be questioning. Several elements or occurrences could be indications to think about purchasing a larger property, including if:
- Your family is expanding, and your existing home is insufficiently spacious.
- You need an office space because you work from home.
- With a reliable salary (or two) and sufficient savings in the bank, you can afford it
- You have enough equity in your existing house to use as a down payment or as a starting point for a larger property.
- Interest rates are low or constant, and the real estate market is expanding.
- Moving to a new area might improve our quality of life or give us access to better amenities, such a good school.
If you opt to upgrade, be sure you do it properly. To improve your chances of success, pay attention to the advice we’ve provided below.
Prime advice for resizing your house
To ensure your big move goes smoothly, it makes sense to have a strategy to guide you. The following tips can help this process and give your project some structure:
- List the reasons why you are upsizing first: When you initially begin to consider, “Do I need a bigger house?” Ensure that your short-, medium-, and long-term financial goals are taken into account.
- Compile a list of all the features you desire in a new home: For example, the size, location, and features it needs to have.
- Examine all the associated costs: You must decide if you can afford to upsize because purchasing a larger home comes with a lot of costs.
- Contact your lender or bank: This will make it clear to you how much you can borrow and whether it makes financial sense to move up.
- Prepare your home for sale: It’s also essential to determine what has to be done to your property in terms of any upkeep or repairs in order to have it ready for sale.
The experts at Empire Movers & Storage are prepared to help you with your relocation endeavors. For a free estimate, give us a phone or send us an email so that you can spend more time organizing your housewarming party and less time moving.