Professionals Real Estate 
Has the Time Come to Upsize?
No matter how big the original home may be it often seems that it doesn’t take long before the family out grows it. Then a decision has to be made whether to renovate the existing house or would it be better to upsize. This now means making some tough decisions, which are only made easier when some important issues are considered.
Is it worth the disruption?
Moving comes with a lot of extra tasks and costs. While these may be acceptable it can come down to the emotional ties to the present home. Many people have lived in their original homes for years and have built a lot of memories here. These may be hard to give up. Then there is the consideration for the children, perhaps having to attend a new school and make new friends.
The money factor: Comparisons have to be made as to whether renovations would be the solution for the extra space requirement and at what cost, compared to upsizing. It helps to rely on some expertise for this part of the decision making process. You will definitely need to know how much equity exists in your current home and this is where a mortgage broker can be of real assistance.
Research: If the idea of upsizing is beginning to be the more appealing of your two options for increased space then you need to do your homework. You first need to know how much money you are going to make off the sale of your current home.
Affordability: Now armed with how much money you will have from your sale, you need to factor in what are going to be the costs for the new home that you buy. Does your present financial status allow for an increase in expenses? You need to know what you can afford before going ahead and making a new home purchase. Also, you want to check out what your new area for living in has to offer. Is the cost of living there going to be higher or less expensive?
Factor in the additional costs: It isn’t just the down payment and then the mortgage payments that you need to consider. There are additional costs like stamp duty, and the fees that you will need to pay to your agent, then the final moving costs. These are your closing costs, but then there may be increases in additional expenses that come with a larger home. You will most probably be paying higher utility fees.
Coming to the decision to renovate: If you feel that renovation would be more appropriate, then you can determine how much equity you have in your home to help you with the costs for this. Again be sure to rely on a mortgage broker to give you an accurate figure regarding how much equity you have built up.
Get the right contractors: Don’t just take the first contractor you come across. Get some quotes from reputable renovators and check out their credibility in regards to the quality of their work and reliability. You can do this by checking out projects they may have completed in your area. If possible try to talk to some of their past customers to get some feedback.
Before you start any renovations whether through a contractor or doing it yourself be sure to check out the regulations regarding renovations for your areas. Also keep in mind that there are additional costs over and above the actual renovation. These can be related to drafts and the technical drawings and plans that the contractors will need to follow.
If you are going to be a do it yourself renovator, then make sure you have planned well for the costs, and have a contingency set aside for the unexpected.
Prepare the family: While moving can create some major changes to your family’s lifestyle renovations can be disruptive as well, so prepare the family for what is coming, and strive to remain highly organized during the renovations.
If your in the market for a new home, or you are looking to upsize, talk to your nearest Professionals Real Estate office today.
