A Guide to Upsizing a Home in Hampton Park

1. AGuidetoUpsizingaHomein HamptonPark 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 remainsthesame.

2. BuyingProcessinHamptonParkfor Upsizing Decidingtobuyaproperty,budgeting,findingthe suitableproperty,rightlocation,choosingalenderand getting pre-approved for a mortgage, finding a good realestateagentinHamptonPark,Pakenham,and nearbysuburbs,startingthehomesearchingprocess, makinganoffer,gettingahomeinspectionandhome appraisaldone,purchasinghomeowner’sinsurance. Theprocessofbuyingahomeremainsthesame whetheritisforupsizingorfordownsizingthehome. Theonlydifferenceliesinbudgeting,andsizeofthe home.Indownsizing,peoplepreferasmallhomefrom alargeone,whereasinupsizing,thesizeincreases.The peoplelookforalarge,openspace.

3. Nowcomingbacktothequery-Definitelyupsizingis worthitifyouhavedecidedtobringinyourparents to live along with you, or you have extended your family,orifyouneedaspacioushome,more luxurious,andaroyallifestyle.Otherthanthese: Youhavegrownupchildrenandtheyneedtheir ownspace Morespaceforhobbies,projects,business Entertainmentareaneededforguestsand relatives Rentoutspareroomsforadditionalincome Raisingyoubarinthesociety Likestoliveinopenspaceandalso Lovesenjoyinghomemaintenance WhyDoPeopleUpsize?

4. Upsizing is definitely not fine for the homeowners whodonotenjoyactivitieslikehomemaintenance. Becauseafterall,youwillbemovingfromasmall spacetoalargerone.Theareawillmagnifyand takingcareofthetwo-bedroomsetwill comparatively be easier than cleaning and taking careofthethree-bedroomset.Largerhomesrequire moreeffortintheirupkeepbecausesuchhomesare morelikelytohaveoutdoorgrounds,rooms, seasonalupkeepofmechanicalsystems.Effortsare notonlyrequiredintermsofcleaningthespacewith cloth,soap,andwaterbutalsothemaintenancecan getcostlyandtime-consuming. WhoShouldNotConsiderUpsizing?

5. SelltheCurrentHouseorUseitAsan Investment When upsizing the house, this factor must also be taken into consideration while budgeting. Whether youwanttosellthecurrenthouseoryouwanttouse itasaninvestmentproperty.Thedecisionisallyours. Ifyoulookforwardtokeepingthecurrentproperty asaninvestment,thenyouneedtomakesurethat youarefinanciallycomfortablepayingtwomortgages atatime.

6. Decidingtosellyourhomefirstandthenbuyorbuy your home and then sell. This is important because, youmaynotbeabletobuyanewpropertyifyoudo notsellyourcurrenthomefirst.Also,atthesame time,whatifyoudosellandarestillunabletoupsize thehouse?Ifyoudonotplanaboutsuchvitalaspects, youmayendupwithafinancialburdenandevenmay losearoofoveryourhead.So,youwouldneeda backup plan and also choose to upsize at the right time. TimingYourDecision

7. WhenShouldYouMovetoaBiggerHome? Thisisnotanyfinancialadvicebutgeneralinformationonwhenshouldyoumakesucha bigmove. Nowthatyouhavemadeadecision,youaredeterminedthatyouneedtoupsize.The nextstepistofigureoutifthisistherighttimetomakeamoveornot.Whiletakingthis move,keepthefollowingthingsinmind:

8. Low-InterestRates Forallthegoodreasons–Low-interestrates often spark a spate of borrowing. When the interestratesarelow,yougettopaylessforyour loanoveritslifetimeandyouenjoylower monthlypaymentstoo.Thisattractsespecially whenyouarethinkingtoupgradeyourhome. Buying a home would probably be the single largestpurchaseyouwillevermake.Ifyouhave to pay less every month, and that too for the lifetime of your loan, you will have more discretionaryincometospendelsewhere.

9. Manymayignorethisaspectbutthisisoneofthe most important things to consider. If you are buyingsomewhereinHamptonPark,andyour realestateagenthailsfromthesameareaor nearbysuburbs,marketconditionswillbetaken care of. But if you are going solo, you must considerthisfactor.Herewhy: Ifthemarketisatalow,whichmeansthat pricesaresharplydeclining,thenitiscalled thebuyer’smarket. Inthebuyers‘market,youwillhavemorepower tonegotiate.Also,youwillmorelikelybeableto purchasemorehousesforyourmoney. Ifyoucanmanagetoclubabuyer’smarketwith low-interestrates,youwillfindthatyoualsohave togivelowermonthlymortgagepayments. MarketConditions

10. Nowthatyouhavedecidedtofinallymakeabig move. You are well aware of the right time to shift, you have decided the purpose, budget, whetheryouhavetosellorbuyfirst.After making all the decisions, the next step is to prepareyourselfforfinallyshiftingtoabigger space. TipsToMovingintoaBiggerHome

11. Thisisthebestwaytoknowwhatyouneedand whichitemsneedtobethrownaway.Thelistwill preventyoufrommakinganyextrapurchases. Oftenduringamove,peoplethinkthattheyneed morethantheyactuallydo. Also, you stay organized while you are at the store.Youwillhavealotgoinginyourmindand mightendupimpulsebuying.Itnotonlyincreases theexpensebutwillalsostuffthehouse forcefully. MakeaListofThingsyouWillNeed

12. Youmighthavechosentoshifttoalargespace because you wanted extra space for your kids, or maybeanentertainmentareaforyourself,oracrafts room.Whileitisalotoffuntothinkofit,youmust spendmoretimeonwhatyouactuallywantedoutof the space. So, first concentrate on the rooms where whichyoumayneedthemostthen,livingarea, bedrooms, washrooms and so on. Take in on the prioritybasis.Theroomsthataretobeusedlesscan betakencareofinthelast.Thereisnoruletoupsizing ahousenocompulsiononwhocanactuallydoit. Manyatime,evenretiredandoldpeoplealsoprefer upsizing instead of downsizing. So, there is no particularformulatowhocanchoosetoupsizetheir house. SegregateSpaceasPerPriority

13. GET IN TOUCH 3WithersCt,PakenhamVIC3810,Australia +61423277447 manny.singh@freedomproperty.com.au ContentResource: https://mannyrealestate.com.au/a-guide-to-upsizing-a-home-in- hampton-park/ THANK YOU…