How To Upsize To A Bigger Home

How To Upsize To A Bigger Home

Nov 03, 2023 Whether your family is growing or you want a spacious house for your kids and pets, upsizing a house is always a great and exciting decision. However, moving to a bigger home in a city like Sunshine Coast requires a lot of planning, financial resources and the right decision-making skills. According to the REIQ, the median house price for a 3-bedroom house in Sunshine Coast is around $860,000, while the price for a 4-bedroom house is $1,150,000. Creating a proper budget for a new and bigger house from scratch is essential. It is also crucial to know the mortgage fees and other hidden costs avoid a financial crunch in the middle of the process. Below is a complete guide to help you upsize to a bigger home in a metropolitan city without any stress. If you are planning to sell a house and move to a spacious one, then this article is for you.

Is Upsizing to a Bigger Home a Good Investment?

There are always pros and cons when you invest in a property. However, the decision to invest in a bigger house completely depends on your specific requirements. But if you have a question about whether this decision is good for a long-term investment, then the answer is yes. According to a recent report, the local property market in Queensland has generated solid returns over the medium to long term. This means the value of your home will appreciate over time. It can be a great property investment option that can support you in your retirement phase. However, it is impossible to predict market trends, especially when dealing with residential property. So, you need to do proper research to find the ideal location, such as booming suburbs where the property prices are expected to rise in the upcoming years. Later on, you can plan a house move with the help of professionals for safe and hassle-free removals in Sunshine Coast. They will save you a lot of time so that you can focus on other key aspects.

Tips to Upsize to a Bigger Home With Ease

Keep the following tips and tricks in mind before upsizing into a better abode:

1. Know What You’ll Need

It is important to know what you are searching for when planning to relocate to a new home. Jot down why you want a bigger house. Is it for extra room or, an oversized yard or a bigger kitchen? Whether you want a house or apartment , decide depending on your upsizing requirements. It is also good to create a list of suburbs or neighbourhoods in Sunshine Coast you are interested in. Consider the nearby schools, healthcare centres, parks and other amenities because buying a bigger house is not enough when upscaling your standard of living. Having a proper plan and a clear idea of what you are looking for can make the house-searching process a bit easier.

2. Create an Estimated Budget

You will need to assess your financial condition and decide how much you can afford to upsize. Apart from paying off a huge mortgage, consider the other cost implications involved in buying a bigger house. Here are some of the common upfront costs:
  • Mortgage registration Fee
  • Refinancing fee
  • Stamp duty
  • Building inspection reports
  • Real estate agent fees
  • Legal fees
  • Bridging loan if you are buying and selling at the same time
  • Removalists Fee at the time of home removals in Sunshine Coast
The majority of people prefer selling their current home and buying a bigger house. This process enables you to upsize depending on the price you realise for your current property. So, create a strategy for selling your current home at the best price and reduce your monthly repayments.

3. Get a Pre-Approved Mortgage

It is good to reach out to the bank or a mortgage lender to get a pre-approval for a mortgage. This will help you determine your borrowing capacity, and you can easily find your new abode with ease. Read on the pros and cons of a new construction home when planning to relocate and make a mortgage decision as per your specific needs.

4. Start Your Home Search- Look for Affordable Suburbs

The location plays a crucial role when buying a bigger home in a metropolitan city like Sunshine Coast. It should be close to the key amenities, such as schools, colleges, a local market, shops, healthcare centres, and public transport. Apart from this, ensure that a bigger house is within your estimated budget. Here are some of the best suburbs where you can get the most affordable homes in QLD: Sippy Downs: A well-structured suburb of the Sunshine Coast, offering the best schools, parks and shops. The median price for a 4-bedroom house is $800,000- which is ideal for a big family. It is one of the best places to live in Sunshine Coast for young families. Aroona: Located in the city’s heart, Aroona is an ideal suburb for families and retirees. The median price for a 4-bedroom house is $990,000. Buderim: It is a beautiful suburb which is best known for its lush-green rainforest and laidback lifestyle. The median price for a 4-bedroom home is $1,100,000. You can also hire a local real estate agent to know the current property price and buy a home accordingly.

5. Get Your Current House Ready For Sale

Inspect all the nooks and crannies of your current home and get it ready for selling your house. Do necessary repairs and maintenance along with a thorough cleaning to get the best price.

6. Prepare for your Move

Once you have decided on the move-out date, start the packing process to reduce your stress. Start with non-essential items and off-season clothing. It is good to toss unnecessary items or donate the ones that are in good condition. This will save you a lot of packing time and the overall moving costs. You can hire professional removalists Sunshine Coast for the safety of your large furniture pieces, delicate items and other belongings.

Wrapping Up

Upsizing to a bigger home may be challenging but not impossible. With the help of the tips shared above in this guide, you can make the transition smooth and stress-free without taking a toll on your pocket. It is good to be calm and composed when making an upsizing decision and plan your finances accordingly.