Upgrade, or Downsize?
Upgrading or downsizing a property can be a matter of necessity, or simply one of preference. A growing family could necessitate buying a bigger home, and a loss of regular employment, or relationship breakdown could mean that you need to move into a smaller property. Whatever the reason behind you choosing to make the move to a property of a different size, we thought we'd talk about it today - offer some tips and hopefully make the process a little bit easier for you.
Upgrading or downsizing a property can be a matter of necessity, or simply one of preference. A growing family could necessitate buying a bigger home, and a loss of regular employment, or relationship breakdown could mean that you need to move into a smaller property. Whatever the reason behind you choosing to make the move to a property of a different size, we thought we’d talk about it today – offer some tips and hopefully make the process a little bit easier for you.
Upgrading or downsizing?
Moving into a bigger or a smaller property – whichever way you’re choosing to go – requires a good deal of thought and preparation to ensure everything goes smoothly, particularly if you’ve got a family moving with you. Of course, there’s also price ramifications to take into consideration, as a larger property will cost considerably more than a smaller property to run with regards to fuel and other costs. So, how can you decide whether moving into a property of a different size is right for you, and should you upgrade your home, or downsize it?
Many of us are making the move towards smaller homes despite no significant change in our finances or family size – see our post on the small home movement for more information on this – and this is great! You’ll most likely incur fewer monthly costs and have less belongings clogging up your home, which is what this type of person aims for. Of course, you’ll probably need to get rid of a large amount of belongings in order to fit into the property in the first place! Here are some things to consider if you’re thinking about upgrading or downsizing your home:
- How many people are there in your family?
- How much of an income do you have? Do you need to move into a smaller property out of necessity, or would you like to upgrade because you can afford it?
- Are you comfortable with the idea of getting rid of some of your belongings? Or would you like to own more things because that’s just what you like? This will dictate largely the size of the property that you need.
- How much time do you spend at home? If you don’t spend all that much time at home, then you might not need a big property with all the trimmings.
- How much money do you actually want to spend on your home? Would you like to keep a large proportion of your income for trips away and other activities? If so, then a smaller home might be the best idea for you.
Of course, this is not exhaustive by any means, but it’s definitely something to think about when you’re considering the next property you’re going to move into. Do plenty of research before committing to anything, though, as once you’re moved in you’re not going to want to start the whole moving process over again!
Real Estate, redefined
Whether you’re looking to move into a bigger property, or thinking about downsizing into a smaller home, we here at Domobase can give you the help that you need to find the perfect home. We connect you with first class Real Estate professionals, giving you the best opportunity to find a fantastic home to suit your requirements! All you need to do is download our app, fill in some details and let us know a bit about what you’re looking for, and then link up your social media profile. We’re pass your details on to only the best Real Estate Agents and Landlords, up to three of whom will get in touch with you with a brilliant portfolio of properties to look through.