Most people consider upsizing when they are starting a family, a new job or a pay rise. Upsizing refers to a larger home and this can be through expanding your current home or by moving into a larger home. As a lot of factors are concerned in upsizing, here’s a look at some factors to keep in mind:

Buy or Renovate?

Sometimes, it’s cheaper to just renovate your home and extend it to include extra rooms. However, this is only possible with villa homes and not apartments, thus upsizing is a personal choice.

Budget

Upsizing will involve getting a larger home loan as a bigger property will cost more. It also means the stamp duty and registration charges will be higher. Aside from this, consider the cost of moving and settling down. With a bigger home, your utility bills will also go up. Once you have hit on a budget, you can start house-hunting.

Family Home

Upsizing to a family home is exciting and should include at least one more bedroom and bathroom. You should have a clear idea of what additional features you need in your new home. Is it a larger kitchen, more rooms, a study or a playroom? Knowing what you need will help you stay focused when searching for a larger home.

Location

As always, research the locality of your new home. It should be well-connected with good roads, public transport options and viable social infrastructure. Having access to good schools will be a major plus point too. Do ensure there are no sources of air or noise pollution nearby either.

Stamp Duty

When upsizing, your next home will cost more and so will the associated stamp duty and registration of property. It usually turns out to be a substantial amount, so keep this additional cost in mind too.

Resale Value

When upsizing, do consider the resale value of the home you are planning on buying. Aside from this, would you need to sell your current home to buy a new one? This will mean careful planning of the timeline too.

Hopefully, the above information has given you a better idea of what is involved in upsizing and how to plan for it.