What Are The Alternatives To Upsizing?
If upsizing doesn't meet your current requirements or you can't afford higher mortgage payments, consider renovating or extending your existing home, maximising storage in each bedroom or creating multifunctional spaces.
Renovation & Extensions
Changing the size or shape of a room in your home could easily add square footage to your property. Renovating or extending a property is minimal compared to purchasing a larger, more expensive property.
You could renovate the loft or basem*nt space to create another room in the house, which could be used as an extra bedroom or guest room.
Extensions can either come as a conservatory, single-storey or multi-storey and add extra room or rooms to your property, giving you much more space. You must acquire planning permission from the planning council to make an extension.
Maximise Storage
When maximising storage capacity, the first port of call is to declutter your home. Sometimes it's not the lack of space that's the problem, but rather a lack of organisation.
By decluttering your home, you can create more space and make your living space feel less cramped.
Maximising storage can create more space in your home, including installing shelving, cabinets, built-in wardrobe and closets to create much-needed storage without taking up too much space.
Using deeply coloured cabinets at a lower level, and lighter colours at a higher level can create a horizon effect in a room and ultimately make the room seem larger.
You could build a large shed or structure for external storage if you have a garden. However, you will need planning permission to create this, especially if the design is visible to neighbours.
If you dont have a large enough garden to erect a shed, you could rent storage space and fill it with items you don't need every day.
Create Multifunctional Spaces
If you cannot obtain planning permission for an extension or shed or don't have the budget, you could consider creating a multifaceted space. This could be converting a spare room into a home office with a sofa bed or making a living-dining space.
Why Should You Upsize A Family Home?
Ultimately, upsizing your family home will mean there is more room for growth in the future, it opens you up to way more opportunities, and you will be able to adapt to the space as you wish.
Larger homes are usually more valuable than smaller properties, especially if they are periodic or have been built for a purpose. Upsizing means investing in a long-term asset that will gain value over time and is seen as a better investment than a smaller flat.
However, if you are looking to create short term funds by investing, you may be better off flipping a smaller property and renting it out in the current market.
Is It Worth Upgrading To A Bigger House?
One of the number one issues people face when living in a larger house is the additional maintenance costs, household bills (electricity and water etc) and external teams (cleaners & gardeners).
If you can handle these costs and want to move into a larger house to future-proof yourself, then it may be a good idea to upgrade.
How Does Stamp Duty Apply To An Upsize?
When you purchase a larger house which will be your only residence, you will not face Stamp Duty on the first £250,000 of the property's value, but then:
5% if the property is valued between £250,000 and £925,000.
10% if the property is valued between £950,000 and £1.5 million.
12% if the property is valued at over £1.5 million.
First-time buyers buying their first home will not pay stamp duty on the first £425,000 of the property's value.
However, if you are buying a second home or expanding your property portfolio, then you will have to pay:
An extra 3% Stamp Duty on top of the standard rates on any property valued at £40,000 - £250,000.
An additional 8% Stamp Duty on top of the standard rates on any property valued at £250,001 - £950,000.
An extra 13% Stamp Duty on top of the standard rates on any property valued at £950,001 - £1.5 million.
An additional 15% Stamp Duty over the standard rates on any property valued over £1.5 million.
How Can You Upsize Quickly?
If you want to upsize your home quickly, you should ensure that you are financially prepared, which could include getting pre-approved for a mortgage and having a down payment saved so you can act quickly when you find the right home.
If you have the funds available, consider buying a bigger property with cash, as this is the fastest way to purchase and sell a property.
We recommend you make a list of the features and facilities you desire the most in your new property; this will help you narrow down your options and find a suitable property more quickly.
Although, you should be mindful of remaining flexible on certain features or neighbourhoods to find the right property promptly.
Property Portals like Rightmove and Zoopla can help you find a sale in your desired area. Using your chosen features, you can filter your search results and find the best property possible.
One of the easiest ways to move into a property quickly is to consider a new build home, which is move-in ready and can be completed in as little as a few months.
Alternatively, you could hire an experienced estate agent to help you find a larger property that meets your needs quickly and efficiently; however, you will need to consider selling your property.
How To Sell Your House Quickly
This is where we can help! We can buy your property for cash in as little as seven days, all you have to do is click "get offer" below, and we will contact you with a no-obligation cash offer.
Once you know how much your property is worth, you can either put your property on the open market with an estate agent or sell to a cash buyer — like us.
We are a leading cash buyer who can buy your home fast for cash, in a timescale that suits your situation and allows you time to move into your forever home.
One of our property experts will handle everything generally associated with the house-buying process, so you won't have to lift a finger. We'll even cover all your solicitor and survey fees.
We have an excellent track record with thousands of exceptional ratings on TrustPilot for our customers and overall service.
