A Guide to Upsizing a Home in Hampton Park

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A Guide to Upsizing a Home in Hampton Park
Growing your family or enhancing your lifestyle
whatever maybe the reason behind moving from a
small house to a big one- the decision remains
crucial. Investing in a property, small or big,
regardless of the size, the buying process
remains the same.
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Buying Process in Hampton Park for Upsizing
Deciding to buy a property, budgeting, finding
the suitable property, right location, choosing
a lender and getting pre-approved for a
mortgage, finding a good real estate agent in
Hampton Park, Pakenham, and nearby suburbs,
starting the home searching process, making an
offer, getting a home inspection and home
appraisal done, purchasing homeowners
insurance. The process of buying a home remains
the same whether it is for upsizing or for
downsizing the home. The only difference lies in
budgeting, and size of the home. In downsizing,
people prefer a small home from a large one,
whereas in upsizing, the size increases. The
people look for a large, open space.
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Why Do People Upsize?
Now coming back to the query- Definitely upsizing
is worth it if you have decided to bring in your
parents to live along with you, or you have
extended your family, or if you need a spacious
home, more luxurious, and a royal lifestyle.
Other than these You have grown up children and
they need their own space More space for
hobbies, projects, business Entertainment area
needed for guests and relatives Rent out spare
rooms for additional income Raising you bar in
the society Likes to live in open space and also
Loves enjoying home maintenance
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Who Should Not Consider Upsizing?
Upsizing is definitely not fine for the
homeowners who do not enjoy activities like home
maintenance. Because after all, you will be
moving from a small space to a larger one. The
area will magnify and taking care of the
two-bedroom set will comparatively be easier
than cleaning and taking care of the
three-bedroom set. Larger homes require more
effort in their upkeep because such homes are
more likely to have outdoor grounds, rooms,
seasonal upkeep of mechanical systems. Efforts
are not only required in terms of cleaning the
space with cloth, soap, and water but also the
maintenance can get costly and time-consuming.
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Sell the Current House or Use it As an Investment
When upsizing the house, this factor must also be
taken into consideration while budgeting.
Whether you want to sell the current house or
you want to use it as an investment property.
The decision is all yours. If you look forward
to keeping the current property as an
investment, then you need to make sure that you
are financially comfortable paying two mortgages
at a time.
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Timing Your Decision
Deciding to sell your home first and then buy or
buy your home and then sell. This is important
because, you may not be able to buy a new
property if you do not sell your current home
first. Also, at the same time, what if you do
sell and are still unable to upsize the house?
If you do not plan about such vital aspects, you
may end up with a financial burden and even may
lose a roof over your head. So, you would need a
backup plan and also choose to upsize at the
right time.
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When Should You Move to a Bigger Home?
This is not any financial advice but general
information on when should you make such a big
move. Now that you have made a decision, you are
determined that you need to upsize. The next
step is to figure out if this is the right time
to make a move or not. While taking this move,
keep the following things in mind
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Low-Interest Rates
For all the good reasons Low-interest rates
often spark a spate of borrowing. When the
interest rates are low, you get to pay less for
your loan over its lifetime and you enjoy lower
monthly payments too. This attracts especially
when you are thinking to upgrade your
home. Buying a home would probably be the single
largest purchase you will ever make. If you have
to pay less every month, and that too for the
lifetime of your loan, you will have more
discretionary income to spend elsewhere.
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Market Conditions
Many may ignore this aspect but this is one of
the most important things to consider. If you
are buying somewhere in Hampton Park, and your
real estate agent hails from the same area or
nearby suburbs, market conditions will be taken
care of. But if you are going solo, you must
consider this factor. Here why If the market is
at a low, which means that prices are sharply
declining, then it is called the buyers
market. In the buyers market, you will have more
power to negotiate. Also, you will more likely
be able to purchase more houses for your
money. If you can manage to club a buyers market
with low-interest rates, you will find that you
also have to give lower monthly mortgage
payments.
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Tips To Moving into a Bigger Home
Now that you have decided to finally make a big
move. You are well aware of the right time to
shift, you have decided the purpose, budget,
whether you have to sell or buy first. After
making all the decisions, the next step is to
prepare yourself for finally shifting to a bigger
space.
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Make a List of Things you Will Need
This is the best way to know what you need and
which items need to be thrown away. The list will
prevent you from making any extra
purchases. Often during a move, people think that
they need more than they actually do. Also, you
stay organized while you are at the store. You
will have a lot going in your mind and might end
up impulse buying. It not only increases the
expense but will also stuff the house forcefully.
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Segregate Space as Per Priority
You might have chosen to shift to a large space
because you wanted extra space for your kids, or
maybe an entertainment area for yourself, or a
crafts room. While it is a lot of fun to think
of it, you must spend more time on what you
actually wanted out of the space. So, first
concentrate on the rooms where which you may
need the most then, living area, bedrooms,
washrooms and so on. Take in on the priority
basis. The rooms that are to be used less can be
taken care of in the last. There is no rule to
upsizing a house no compulsion on who can
actually do it. Many a time, even retired and old
people also prefer upsizing instead of
downsizing. So, there is no particular formula
to who can choose to upsize their house.
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