It’s time for a bigger house

It’s time for a bigger house

08 April 2014

Over the last few years there’s been a lot of talk about downsizing and living smaller but the fact is; some growing families need more space, not less.

The lovely little starter home you bought years ago has serviced you well, but when you throw in the children, their toys (which probably need their own house), the new dog, and only space for one car (rock, paper, scissors anyone?) life is going to feel a little cramped.

What was perfect for two is never really perfect for more. People need space and families grow in all sorts of ways. Throw into the mix the growing number of ‘blended families’ moving in together and the need for more bedrooms, bathrooms, bigger back yards and more car spaces just got a whole lot greater.
Knowing when to upgrade is half the battle. You’ve likely been pondering it for some time. So when is time for a bigger house?

Here are a few signs that it’s probably time to consider the upgrade:

Your family is growing

Traditional living arrangements are a thing of a past and there is less and less a standard for is representative of the typical family.

The first reason most people chose to go bigger is the growing size of the family. From young couple to being first time parents, having more children, having step-children in all come into the picture. Children aren’t the only way families grow in size. You might have live-in parents or grandparents, or your teenage son or daughter a live-in girlfriend or boyfriend (damn those ridiculous University fees); our extended selves just seem to be getting bigger.

You can afford it

Before you know if you’re ready for a bigger home, spend some time researching mortgage rates and talk to a financial adviser to find out if taking on more debt is in your best interest. Like most in this situation, you may need to sell your existing home before you buy. The profit from the sale can go toward the upfront expenses on the new home including fees, deposit and moving / refurnishing expenses.

Real estate is and always has been a solid long-term financial investment and buying a bigger home when your family needs one can often be a savvy money move. If you determine you can comfortably afford the payment.

If you’re renting and ready to start investing in your own home instead of someone else’s the same guidelines apply. Research mortgage rates, talk to your bank and find out what you can afford to borrow and seek financial advice once you know your position. A good place is start is with your existing agent. They are well versed in the area, potential homes coming to market and you already have an existing relationship with them. It can make this process all the easier.

Your needs have changed

You have officially outgrown the two bedroom, one bath house you first called home. Whilst it holds many a fantastic memory it’s no longer the ‘dream home’ you once thought it was. Whatever the case, shifting priorities are a fact of life and they’re often the motivating factor for a move up buyer.

38 Ashmore Way, Canning Vale

You need less of a court-yard and more of a backyard – how else can you enjoy a good game of backyard cricket or a kick of the footy. Maybe you want space for a pool one day or better yet, a garden that comes with a pool. Perhaps the children need a dedicated study space or the younger ones a ‘playroom’ to keep their worldly treasures. Maybe you’ve just started your own business and are in desperate need of a study space or have a son or daughter at university needing the same. It’s time!

You love the neighbourhood

Whether you love your existing neighbourhood or you dream of moving to another, finding the right location for your big move is a huge decision. If you’ve done your research and your certain you’ve find the perfect haven for your growing family then aim to achieve that.

Good schools, accessibility to the city, beach or river dependant on you love most; a thriving community and well planned infrastructure are all important tick boxes. No matter what your budget, be careful that you don’t overpay for a place just because you can afford it. On the flipside, if your budget is tight do not be persuaded into paying more than you can afford simply to buy in your ‘ideal’ area. Have some flexibility with your priorities and continue to use your agent as your research surrounding or similar areas.

So; as you move forward with researching and planning your big move; maybe use times such as the Easter school holidays to assess your place of residence. Look at the family together in the home, what you would improve if you could, what are the problem areas, where are you really getting under each other’s feet? When you’re all together is the best time to get a feel for what kind of an upgrade you may potentially need.

Have a great Easter!

The Team at LJ Hooker Shelley -Willetton