There are all sorts of reasons to upsize your home. Your family is growing and you need more space. The children need a bigger backyard. You are looking for a better property with stronger long-term capital growth prospects. But it is not always easy knowing how and when to upsize, especially in the Inner West where larger properties tend to be scarce and highly sought after. When you’re trying to find the smart way to upsize, there are a few important things to consider.
Licensed buyers agent and expert in Sydney real estate, Nick Viner of Buyers Domain explains more.
The Right Time
The housing market in Sydney has taken something of a decline recently, especially in the Inner West. This makes the current market possibly the best time to invest in upsizing. It may initially seem that selling your home when the market is in a trough is a poor plan but it’s actually one of the best times to upsize. Regardless of how much money you may lose in selling your existing house, the drop in value on the larger home may be more significant, meaning that overall you could be in a much better financial position when you upsize in a softer market.
While the market may be down, it is predicted to swing back up in the future. That may just be the time when you need a bigger home and you may find it harder to upgrade in the future. So think well ahead.
The Right Location
Don’t base this all on price alone. Upsizing is an important and serious step forward, and if you want to make the best use of your time, money and resources, make sure that you’re visiting and learning more about the area you’re planning to move into first. Get to know the neighbourhood and find out where the nearest schools, shops and other amenities are located. Is it a place you want to live in? What’s the point of upsizing your home if you don’t like the new area? The Inner West has many different suburbs, allowing you to select the most suitable environment to upgrade to.
The Right Space
Always pursue the right space for your needs, both now and as your family grows or changes in the future. In the Inner West, there are a multitude of housing options catering to a variety of budgets. When checking out properties for sale, remember that most are styled and presented in the best light. Consider how your family will actually make use of the space: are the rooms large enough; and are there enough storage areas?
A Buyer’s Agent
Consider using a buyer’s agent. Buyers’ agents are real estate professionals who work exclusively for buyers, not sellers. They know the area and can advise upon and find the most suitable property to meet all your goals. They work on your behalf to secure your dream property for the best possible price.
Nick Viner of Buyers Domain lives and works in the Inner West and knows the area intimately. Having established relationships with local real estate selling agents, he will find your new Inner West home faster than you think. Call him today on 0405 134 645.
Cover image © Cathy Yeulet / 123rf