According to a report by the Australian Bureau of Statistics, people often move for many reasons, majority of which move to a bigger and/or better house, or purchasing a new home of their own. For young household without children, 12% moved since they wanted a bigger home, while in couple families with children, 30% moved because they needed a bigger house. That said, we’ll be focusing more on the topic of moving into a bigger house; specifically, we’ll be exploring things you’d want to consider prior to moving into one:
Do You Really Need More Space?
You have to consider that moving into a bigger house won’t only cost you more in terms of the house itself, but also the increased expenses in terms of utility, cleaning, maintaining, as well as property tax, and insurances. And, even if money isn’t an issue, you still need to ask whether or not a bigger home would be ideal for you and your family. See if the issue of space can be fixed with a simple remodelling, or adding an extra room (if possible), or converting your unused basement or attic into an additional living space. While renovation does take a few months to finish, it won’t be as costly or inconvenient as moving into a new house.
How Much More Space Do You Need?
If you’ve finally decided that renovation isn’t a viable alternative, and you’ll need to move to a bigger house, the next question would be how big? This is certainly a loaded question, but the bottom line is that you should find a house with enough space to meet your family’s immediate and future needs. It’s best to know the specifics of what you need, or else you’ll just end up moving to another, much bigger house later on. For example, are you planning on growing or extending your family? Sure, you may be a family of 5 now, but do you foresee having another child or having your parents or other family members move in with you? Many people buy houses that have one room more than they usually need, this extra room can serve as a guest room, but also as a spare one if ever someone else will be joining in.
What Do You Need In Your New Location?
The next thing you’d want to consider apart from the size of your home would be its actual location. Your new home’s location should fit you and your family’s needs and should be more or less convenient for everyone. If you’re moving to a bigger house, you’ll want to decide whether or not you want to be in a new community/neighbourhood or a new one. You’ll also want to consider the proximity of your potential/target homes to the workplace, school, as well as emergency services and other amenities.
Can You Afford It?
One of the biggest constraints would be the budgetary consideration. Do you have the funds or at least a means for funding your bigger home without going broke? So, before you start looking for house and land packages in the Western suburbs of Melbourne, you should have a ceiling price in mind as well as a stable plan on how you’re going to afford the place, this plan may even include selling your place.
Is It the Right Time to Buy and Sell A House?
You’ll want to consider market condition if you’re considering selling your house in order to help fund your newer one. You can indeed take advantage of housing slumps when house values decline, but that may also mean more competition and also lower selling value for your current home. If you’re unsure of whether or not it’s the right time to buy and sell a house, it’s best to do your research or consult a real estate professional.
It’s important for you to take these questions into account before you decide to look for bigger houses for you to move into. Always remember that moving into a bigger house is a huge and costly transition, and it’s best that you’re prepared and have planned ahead in order to avoid any issues or regrets along the way.