Can we afford it?
When you move to a larger property, it’s not just the cost of the house itself you need to consider. More square footage means higher council tax, bigger heating bills, more stamp duty, and increased maintenance costs. Plus, unless you have a lot of excess furniture, you’ll need to fill the additional rooms you’ve acquired by upsizing. A mortgage affordability calculator will help you work out how much you can borrow and what your monthly repayments will be but don’t forget to factor in all the other costs as well.
What are our long-term priorities?
If you’re upsizing, you’re probably thinking of spending a considerable number of years in your new home. Make sure you think about whether the property fits your needs as your family grows and changes. For example, you may have young children now but when they learn to drive is there enough driveway or street parking to cater for extra cars? Are you likely to need an annexe for elderly relatives/adult children or is the living accommodation flexible enough to allow them to live in the property itself? Will you be able to manage the garden as you get older? If you have plans to extend or modify the property, it’s a good idea to see whether neighbours have made similar modifications and talk to your local planning authority to find out whether you are likely to encounter any issues.
What about future resale value?
You may be planning to stay in your new home for the foreseeable future, but circumstances can change, and you may find yourself downsizing at some point. Make sure you choose your home wisely, taking into account factors that may affect future selling potential. Location is always key – being in a safe area with good schools that’s close to transportation links and within a short distance of local amenities can have a big impact on future resale value. Predicting whether an area will become more or less desirable over the next few decades can be tricky, but you can research whether there are plans already in place for future developments (for example, a large housing estate that will negatively impact country views or a new school that may boost local property values) before making an offer.
If you are looking for a property in Cornwall, the experienced team at Lillicrap Chilcott will be happy to answer any of your questions. See all available properties on our website or call us on 01872 273473 today.