So your first home just doesn't seem big enough for your growing family? You're not the only one. Several couples buy a smaller home to get into the property market at the start and choose to upgrade at a later stage when they add more members to their family and need more space. But you will need to consider some factors before you choose to buy a bigger property without any regrets. Here they are:
Be Clear About Your Future Goals
Before you decide to upgrade from one property to another, it's important that you—as a couple—consider your future goals. This will help you determine exactly what you want from your new place. For example, are you looking for a bigger kitchen to accommodate your growing family, host more parties and look for more storage? Do you want more bedrooms because you plan to have more children and want to turn something into an entertainment or guest room? Will your parents come to live with you once they are older and need your help? Prioritise your goals to help you better look for properties that match your needs.
Make Sure You Intend To Use All The Space Available
Many families love the idea of game rooms, swimming pools and home theatre rooms—only to end up never using these additional spaces in the house. There's no sense buying a big property that you aren't going to utilise to the fullest so make sure you find something where you intend to use all the space available. Home theatre rooms may seem like a rage at the moment but are you really going to invest in an expensive system and lounge chairs that could dent your pocket? Do you intend to use a swimming pool regularly or are you better off using a public one? Consider these factors when it comes to space.
Think Of How The Budget For A New Property Will Affect Your Current Lifestyle
Even if you plan on selling your current property, an upsized property will require you to take a bigger loan. This means that you will end up with higher loan repayments every month. Are you prepared to take on this additional budget? Have you considered how much you need to pay out and whether it will affect your current lifestyle? You may also have to pay more in land tax, while planning for higher utility bills. Keep all this in mind when budgeting for a new property.
Buying homes has many advantages but consider these factors before taking the plunge.