Sandra and her husband, Dave, are expecting their third child. They have been living in a one-bedroom apartment since they got married seven years ago. They had loved the house then, eight years ago, but now their priorities have changed. They need more space for their growing family, and they needed it desperately.
Dubai real estate agencies have discovered that Millenials are more interested in bigger homes than the other generations and they prefer off plan properties in Dubai. With many of them asking for bigger kitchens or open floor plans when they want to buy one of the City Walk apartments, upsizing is fast becoming the norm.
In this post, we would be sharing with you three pertinent questions you need to ask yourself before upsizing?
First off, what is upsizing?
Upsizing is when a person decides to move to a bigger house or increase the size of his already existing home by breaking walls and extending the rooms.
You, like Sandra and Dave, have decided to upsize—either renting a bigger house or buying one or even extending the old one—what are the essentials you should consider?
Why do you want to move:
For some people, the decision to upsize is more of a financial one than it is about their need for space. For some people, getting a new, bigger house is because they want to sell for higher prices sometime in the future. This is a good reason. But then there are also a host of other factors like market predictions, location, prices and the many factors that affect the cost of properties.
For others like Sandra and her young family, the need for more space is the main driving force.
Knowing exactly you’re planning to upsize is important as this will inform your decision on the type of house you’ll move into.
Are you financially ready:
Many people want a bigger house but haven’t taken their time to analyze the financial strain the new house will bring. A bigger home would mean more furniture. For example, a new room would need an extra bed, a television and some other essentials. With upsizing, you will need more money for the maintenance of the house.
Make sure you are financially ready to bear these new expenses before you embark on the journey of upsizing.
Can you afford a lag time between buying and selling:
For some people, they need to sell off their old homes before they can buy a bigger one. When Sandra and Dave saw the ad for villas for sale in Dubai, they knew they wanted to move in, but they also needed to sell their one-bedroom apartment first. Ask your bank for options that allow you to get part of the loan for the down payment before you sell your old home. If there are choices such as staying with a family member while you wait for your house to be sold, explore it.
Upsizing is not a decision to make on a whim. Make sure you consider the above mentioned points to avoid getting into a situation you can’t escape from.