Are you dreaming of another bathroom or a larger garden? Perhaps you’ve got an extra room you no longer need? When choosing your next dream home, you’ll likely think of a number of questions that you would like answered to ensure you are taking a step in the right direction. Both upsizing and downsizing have their own unique set of advantages, and these options cater to different needs and lifestyles.
Benefits of Upsizing
Upsizing is one of the most attractive parts of moving houses, as it can feel like you’re finally moving up the property ladder. There are clear advantages when it comes to upsizing, but is it right for you?
Additional Space
One of the main reasons to upsize your property is for the additional space it provides. There could be a variety of reasons why you need or want this space. This could be led by becoming recently married, wishing to create a family, or desiring a new space for working or certain hobbies. One of the goals of house hunting is to create a comfortable living environment for you and your family and more space may be just what you need.
Social Life
Having a space you are proud of can help encourage you to host and entertain. This could lead to an enhancement in your social life and wellbeing all while creating long-lasting memories within the walls of your new home.
Future Investment
Upsizing is an investment, but it can be a financially challenging one. Larger houses tend to get higher in value as time goes on, allowing you to make money over a long period of time but they do typically have higher upfront and maintenance costs. It is very important to ensure you are financially stable before upsizing, as it can take a lot of upkeep and attention to maintain the value of the larger property.
Benefits Of Downsizing
Simpler Lifestyle
Downsizing your house can help to simplify your way of life. Having a smaller home can allow you to focus more on your life outside of your home, rather than maintaining a larger home than you need. Maybe you now have empty space within your home, as all your family have flown the nest which has encouraged you to downsize.
Financial Security
69% of homeowners who have downsized in the past said their primary reason was to save money.* Downsizing can give you more financial freedom, as your monthly payments will likely be reduced. This can also lead to a reduction in the maintenance of a property and its general upkeep, freeing up your time and resources.
Location Change
Downsizing could also give you the advantage of moving to a different location for a property, as prices differentiate in different areas, meaning you might reduce the size of your property to move to a new desirable location. People assume downsizing is a backwards step when moving along the property ladder, but occasionally it can just be more suited to your lifestyle or requirements.
Which one is right for you?
Whether you’re leaning towards upsizing or downsizing, it's key to align the reasons with your lifestyle and determine which one would suit you and your future plans. Your decision of where to move next is a very personal choice and preference. If you’re still unsure, speak to your agent to identify your personal considerations including what type, size and location will be your perfect move.
                                                                                                                                                                                                                                                         Written by Durden and Hunt Director, James Hunt

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