Are you considering upsizing your home? If so, you’re certainly not alone. According to a report from the Australian Bureau of Statistics (ABS), the average household size has been steadily increasing. As a result, more homeowners are now seeking larger homes with additional bedrooms, dedicated workspaces or larger backyards.
But the idea of upsizing also raises some questions: What are the benefits of upsizing? And how can you streamline the process of upsizing a house? In this article, we’ll explain how to upsize your home and provide expert strategies to simplify the process for you and your family.
Why Are People Upsizing?
Gone are the days when the majority of homeowners would buy a house and then spend the rest of their life in that one property. These days, people are choosing to upsize for a number of reasons, such as:
- Changing Family Dynamics: A two-bedroom unit may be ideal for a first home buyer, but once the family starts to grow it’s common to upsize to a larger home with more bedrooms. Multigenerational living arrangements may also make it necessary to seek out a larger home over time.
- Lifestyle Upgrades: The desire for a home office, an outdoor entertaining area or additional indoor living spaces can make the idea of upsizing seem more appealing.
- Market Opportunities: With the property market booming, many homeowners have built up sizable equity in their homes. This can offer increased borrowing power that will allow them to upgrade to a bigger or newer home.
- Relocating: Moving interstate or relocating to a regional area often makes it easier for homeowners to upsize a house. This is because property prices may be lower in the new location.
How to Upsize Your Home
To ensure a smooth and successful process, here are some key strategies that can assist you when upsizing your home:
- Assess Your Needs: Take time to honestly evaluate your space requirements. Don’t forget to think about your future needs, such as the possibility of more children or the likelihood of caring for ageing parents.
- Set a Budget: Consider how much you can realistically afford to spend on a larger home. Don’t forget to factor in hidden extras, such as stamp duty, moving costs and conveyancing fees.
- Define Your Must-Haves: It’s now time to make a list of non-negotiable features for your new home. For example, do you require a specific number of bedrooms, bathrooms or parking spaces? Does the property need to be close to certain amenities or in a specific location that is close to work or extended family?
- Do Some Research: If you have a new location in mind, then do some research to better understand what the area is like. Find out which are the most desirable neighbourhoods, where the local school district boundaries are and what kind of access there is to local amenities (such as hospitals, shopping centres and public transport).
- Get Professional Help: To navigate the upsizing process efficiently, it’s a good idea to seek out some professional help. Consulting with a local buyer’s agent can help you quickly identify suitable properties in desirable locations.
Finding the Perfect Property When Upsizing Your Home
How can you find the perfect property when upsizing your home? The secret is to use a trusted buyer’s agent. At Discover Buyers Agency, we can handle all the research, offer expert insights into the local property market, locate houses that suit your specific criteria and attend inspections on your behalf. We’ll even handle the negotiations for you once you decide you’d like to make an offer.
If you’re ready to upsize, then Discover Buyers Agency is here to help. Contact our friendly team today and take the first step towards upsizing your home.
Kane Dury is the Director and Lead Buyers Agent at Discover Buyers Agency. He has been pivotal to the company’s success since February 2023. With over a year and a half of dedicated service, Kane specialises in real estate investment, exclusive buyer representation, and property consulting on the Gold Coast, in Queensland, Australia.
