Advantages of upsizing your property

What is upsizing?

Upsizing your home is the term used to refer to moving from one property to a larger property and is one of the commons reasons for selling a home. This applies to all kinds of houses and flats, and means that the homeowner has left their existing property to buy or rent a bigger home – whether that’s a building with the same square footage but with the addition of a garden, or an overall larger property.

That compares to downsizing, which is the term used to refer to situations when homeowners decide to sell their properties and move into a smaller house or flat, whatever the reason for the move. We have also written a comprehensive guide regarding downsizing your property which you may also find to be a useful read.

The benefits of upsizing your property

If you’re thinking about selling your existing home and buying a bigger property, there are two clear advantages of upsizing your home that will generally always apply:

Getting more space for you and your loved ones – One of the primary reasons that people upsize is to get more space, including additional bedrooms. For example you might have recently married and therefore want more living space for you and your loved one. Or perhaps your family has grown with more children and you need a place with extra bedrooms for everyone.

Investing in a more valuable asset for your future – Larger homes commonly are more valuable than smaller properties, and so upsizing means you are investing in a long-term asset that will be more valuable than your existing smaller home. When you’re thinking of upsizing you can browse homes for sale online at popular property websites like OnTheMarket.

Some potential disadvantages of upsizing your property

As with any decision about the property market, there are some potential drawbacks with upsizing that you should consider before making a final decision:

Paying more for utilities like water and electricity – Buying a larger home means that you will likely end up with more expensive utility bills every month. The bigger the property, the more water, electricity, and other utilities it will use, and this will be reflected in higher bills each month. Make sure you can budget for paying these bills if you decide to upsize to a new property.

Spending more time and money on maintaining your home – In addition to spending more money on utility bills, you can also expect to be investing more time and money in general upkeep of your larger home. The more space you have, the more space you have to keep tidy. This is particularly true if your old home didn’t have a garden but your new place does, as you’ll have to keep it maintained.