Market analysis
Selling a home is rarely a stress-free experience. The current cost of living crisis has many people asking if now is a good time to make changes to their property size. With interest rates climbing added into the mix, it's no wonder potential buyers have questions circling. So, is now a good time to be considering upsizing your home?
Consider these factors first
In answering this question, your initial thoughts should be surrounding your own personal situation, where you live and where you would like to upsize. In considering these key points, you will be able to paint a clearer picture for yourself, as well as thinking about what it means for your finances.
Property price increases
It's no secret that property prices have soared across the country in recent years. After spending so much time in lockdowns, some people have given their home size much thought, especially those who have now changed their working conditions and spend more time doing so from home.
Upsizing does come with its own challenges. Your ability to be able to do so will be determined by the current market conditions and mortgage rates on offer.
With these determinations, being able to afford to upsize alongside the price of bills, food and fuel rising so sharply, it would be wise to make sure your calculations are fully correct. Putting your financial security in jeopardy is a big risk to take, especially with the average cost of moving house in the UK in 2022 being £8,885.66.
High demand equals maximum price
We are overseeing houses being sold for much higher than usual over the last year due to the high demand from buyers. This means there can be much competition for each property, therefore the maximum asking price is often being achieved.
Some properties are even being sold before launching to the portals (Rightmove, Zoopla & OnTheMarket), via our property alerts to buyers already registered with us. There seems to be a waiting list of buyers who are waiting in line to move, so it can seem tempting to be the seller who decides to upgrade their own property.
Upsizing tips
Location – If you don't want to move away from your current town, you'll need to think about your longer term needs These may include jobs, schooling options or family size (current or imminently increasing!). If you want to stay in the same area, you may have to consider buying a 'fixer-upper' to make it work financially. The benefits of this are that you can put your own stamp on a property to your own taste.
Selling – Whilst you may not be new to buying, this may be your first time selling. Ensure you do your homework to achieve the best price possible for your current property. Prepare your house in order to attract the right buyer and appoint the best local agent who will work hard to achieve you the bets price with quality marketing, skilled negotiators and dedicated progression to make sure it reaches completion.
Upsizing property differences – Take into consideration the changes that will entail when you upsize. These can be thinking about the maintenance of what could likely be a larger garden and the increase of furniture you may need. There will also be higher council rates and utility bills as well. Remember – the cost of upsizing doesn't stop at the purchase of the property. This will be a long term outgoing change.
If we can offer you more advice, or if you would like to consider speaking to us about upsizing, please contact us.
