When it comes to adjusting the size of your dream home, we tend to hear a lot more about downsizing. Particularly as the kids grow up and fly the nest. But what about the other end of the conversation?
Upgrading comes into play when you’re starting to think about having kids, or when your parents are getting on and you’re considering the benefits of bringing them under your roof. Or maybe you’ve been working from home or homeschooling, and that has really focused the importance of a healthy divide. Do you value space to allow everyone to thrive without getting under each other’s feet? Or maybe you just really love strolling around a big house, whether you’re a young gun or ready to retire.
If any of this is ringing a bell for you, then we need to talk about upgrading.
What is upgrading?
Simply put, it means selling or knocking down an existing property to build a bigger and/or better one. And while your personal circumstances might be right for an upgrade, it pays to get the timing right too. It can be a balancing act, handling your existing property’s sale or demolition with the search and build of a new one, but there are options, including looking at a bridging loan to smooth over any gaps.
Is upgrading the right decision for me now?
While building a larger or newer property will almost certainly cost more money, it might not be as expensive as you think. Depending on what area you are looking at and whether you have land already, it might not be a big leap at all. And suppose you’re upgrading because of adult children living at home or looking at any other inter-generational arrangements - in that case, you may be able to increase your buying power by chipping in together.
You may also be surprised by how much equity you have tied up in your current home. Equity is the current valuation of your property minus your outstanding mortgage repayments. This figure goes a long way to determining what you can afford when it comes to upgrading sensibly without over-stretching yourself. Banks will usually lend up to 80 per cent of your equity.
It’s well worth getting financial advice when looking at what and where you can afford to build. Also, remember that you need to factor in more than just property prices. There might be additional fees for repairs and renovations to your existing home to get it sale-ready, stamp duty and surveys on your land, demolition, rental and moving costs, all of which can add up.
How big should I go?
The first thing to consider is future planning. It’s not about how much you need to expand right now – it’s about how much you’ll require tomorrow. Upgrading is about the long game.
If you plan to have your first kid, you need to think about how many you want all up, and where will they play? Will you want older relatives to move in at some stage, rather than going into aged care? Are you considering working from home in the long term? Will growing teenagers need their own rumpus room? What about space for guests?
Once you’ve figured out where you think you will be in 5-10 years, then you can forge ahead with your upgrading dream. It’s all about building a home that can grow with your expanding needs.
Stay where you love
You don't need to move to upgrade your home. We're not talking about stressful and expensive renovations either - KnockDown ReBuild is a great option to stay in the area you love and get the space that you and your family need.
KnockDown ReBuild saves you from going auction to auction, never quite finding your perfect home. You don't have to settle when you choose to build new as you pick everything - from the floorplan to the fixtures and finishes. You get to stay where you're comfortable, with neighbours you can trust and all your favourite amenities nearby.
Take the stress-free approach
Perhaps the easiest way to upgrade to something bigger and better is through a home and land package. Home and land packages take the stress out of upgrading - you can sit back and relax while the builder takes care of the heavy lifting.
For example, when you purchase a home and land package with Metricon, we'll secure your land and then pick out the perfect home for the block. Because we've been building homes in Australia for such a long time, we have longstanding relationships with leading land developers. This ensures you get the best location in the best estates as we'll get first pick, often before the public even knows about it!
Find the perfect home and land package.
Already own land?
If you already own a parcel of land somewhere in Australia – whether it’s an existing suburb, a new estate or in a regional location - congratulations! With the land and location ticked off, you’re halfway to upgrading your home.
What comes next is picking the perfect home for your land, which can be more difficult than it sounds. With plenty to consider – such as the shape of your land, size of the block, whether you're building on a slope, which way you want the home to face, council guidelines and more - sometimes it’s easier to partner with a pro.
Metricon can help you find the perfect home for your block, uncomplicating the entire process. We’ll ensure you have all the features you need in your dream home so you can enjoy the lifestyle you’ve always wanted.
What else do I need to consider?
Lifestyle is a crucial consideration for upsizing because you're usually buying into more than just extra bedrooms. Downsizers often stay within the same area they know and love. You might need to look further afield if building a bigger home. It pays to check out the local amenities like cafes, parks, retail, schools and gyms. Access to medical centres is essential if accommodating older relatives or planning for children. Can you see yourself settling into the neighbourhood for the duration of your long-term plan?
And remember, bigger means more furniture, so don’t forget to factor that into your budget. It's also likely to increase your utility bills, but we have some handy hints on how to bring down your power costs.
A larger home often comes with garden. You’ll have more opportunity to entertain, relax in the fresh air and have a safe space for kids and pets to roam free, but they require upkeep. An outdoor room can offer a lower maintenance option.
It also means more rooms to clean. If that’s not your favourite thing to do, then now might be the time to consider hiring a professional. That way, you'll have more time to sit back and relax in your palatial new Metricon home.
With or without land, If you're ready to move on up in the world, start browsing our home designs today!
