Outgrowing your home is a natural process at any given point in life; but how should you look to upsize to a new home in Cheshire?
No matter how long you may have been in your home, there will certainly come a time when upsizing feels necessary (or perhaps it already has).
It is a natural feeling, which originates from a whole variety of reasons. Has your family grown through having children? Maybe you have found new hobbies which require the storage of various pieces of equipment, or perhaps you may even simply need a larger space for guests to stay overnight?
No matter the reasoning, upsizing property in Cheshire has many benefits and allows you room to breathe, whilst futureproofing any further amendments to your life such as the examples above.
Second-time buyers may find that their next home move is more complex than the first, as not only do you have to organise your purchase, but also the plans for your current home. You are about to enter a chain, and the process of selling your current home is likely going to have a significant impact on procedures.
However, it does not have to be difficult. Below are a number of steps and considerations to take when looking to upsize in Cheshire:
Finances
The most critical consideration of any home move is whether or not you can actually afford to do so. The addition of an extra bedroom, or a larger garden space, may not seem much in the big picture; but it can elevate you into an entirely different price bracket.
Moreover, if you are looking to trade in an apartment for a house, or add desirable amenities such as off-road parking and additional external spaces, the difference in price is going to be significant compared to what you may have paid originally.
You will also need to consider how much of your mortgage you have currently paid off; what price you are likely to obtain for your current home, and if you can afford the deposit for the Cheshire home you are upsizing to.
If your current property has increased in value, (which given the current conditions of the market is remarkably likely), and you are moving into a property that has reduced in value but has potential for growth, then you will have found the perfect conditions for moving into a new Cheshire home.
On the basis you wish to move as soon as possible, it can help to overpay your mortgage as much as possible in order to get more equity for your current home. Our team of dedicated financial advisors would be more than happy to assist further.
Of course, you need to take into consideration the actual cost of the move itself. As a deposit is such a substantial quantity of money in itself, it can be easy to forget the other costs involved, such as conveyancing, surveys, removals, Stamp Duty, and any works that may need to be carried out on your new property.
Location
Cheshire is an ideal location with an extensive wealth of great amenities, local visitor and tourism spots, towns and cities, and superb connectivity throughout the region – why would you not wish to relocate into or around the area?
However, with affordability still in mind, you need to ensure you can afford the specific area you are looking to move to. You may not be able to upsize in your current area due to prices, or considering moving further afield to get more for your money.
Certain towns in Cheshire will have space as a premium, so it is worth considering if you need to make any compromises in order to gain more space. You could be moving from a small two-bedroom property with off-road parking. to a larger four-bedroom property without parking at all, for example.
If you are seeking extra room, moving further out of your location or into a more affordable area of Cheshire is the most likely way of yielding the best results. If you are looking to stay in your current area, you could perhaps be better off looking for a property in need of renovating, or ones that have space for conversion – as these could be more affordable options.
Long Term
As unlikely as it may be that you consider moving again once settling into your upsized Cheshire home, it is worthwhile to consider choosing a property with resale value. Choosing an area which has the potential, or plans, for further development that will not hinder the property, will not only provide you with a great home but also better values down the line. Whereas choosing properties that are built near to projects that could be considered detrimental to the value (ie, HS2), could leave you out of pocket in years to come, and possibly lock you into that one location.
Chances are you may not be a fortune teller, and therefore unable to predict the future. If you do plan on having more children, pets, or undertaking hobbies that require more space, then you should certainly keep these considerations in mind when looking to upsize.
Moving homes costs money each time. If you are thinking of moving in a few years’ time, rather than moving for the foreseeable long-term future, then you should take an in depth look at the costs and mortgage options. Conveyancing, surveyors and home moves add up, particularly if you are looking to do so on a frequent basis.
Selling your current property
As a non-first-time buyer, you will also be a seller which introduces a whole wealth of additional considerations into the journey. Presenting your home in an immaculate, desirable condition will make a huge difference regarding how long your property spends on the market, and could be the difference between days and weeks, and potentially even months.
Clearing away clutter, and knowing the target market for your property (i.e. a small family, young couple etc) can help position your property on a pedestal over other homes on the market. A general spruce up may be required, such as tidying a garden, a spruce of paint, and breaking out the feather duster.
A key factor in selling your home is the price. Some estate agents will give you an unrealistic value in order to acquire your business, yet leave you disappointed when there is no interest and you are forced into price reduction after price reduction. Thankfully you will not have this experience with Simon and Richard, as they strive to give you realistic expectations in selling your home.
Owning a larger home
It is easy to assume that upsizing will solve all your problems; however, it is important to consider all the elements of moving into a larger home. The main advantage when moving to a larger home is the space to store and organise items during the move-in, so it would be advantageous to label boxes when storing items.
The first consideration to take when upsizing homes in Cheshire is the cost of living. The responsibilities and costs are inevitably going to grow. What will your new heating costs and council tax bills amount to? Will you need to buy additional equipment to tend to your garden, or hire a gardener? Will you need to buy bigger furniture to fit in your property? How much more will the decorating costs be?
Upsizing can feel complicated, particularly over a first-time property purchase. By thinking and planning ahead, however, you can outline, investigate, and mitigate potential issues that you feel you may experience by growing into a larger home.
Finding the next home in your life is a huge, yet exciting prospect. If you’d like any information or advice on upsizing into a new Cheshire home, Simon and Richard would be delighted to assist.