A Guide to Upsizing a Home in Hampton Park
                     A Guide to Upsizing a Home 
in  Hampton Park
Growing your family or enhancing your lifestyle – whatever maybe the 
reason  behind moving from a small house to a big one- the decision 
remains crucial.  Investing in a property, small or big, regardless of the size, 
the buying process  remains the same.
Buying Process in Hampton Park  
for  Upsizing
Deciding to buy a property, budgeting, 
finding the  suitable property, right location, 
choosing a lender and  getting pre-approved 
for a mortgage, finding a good  real estate a
gent in Hampton Park, Pakenham, and  
nearby suburbs, starting the home searching 
process,  making an offer, getting a home 
inspection and home  appraisal done, 
purchasing homeowner’s insurance.
The process of buying a home remains the 
same  whether it is for upsizing or for 
downsizing the home.  The only difference lies 
in budgeting, and size of the  home. In 
downsizing, people prefer a small home from  
a large one, whereas in upsizing, the size 
increases. The  people look for a large, open 
space.
Why Do People Upsize?
Now coming back to the query- Definitely 
upsizing is  worth it if you have decided to 
bring in your parents  to live along with you, 
or you have extended your  family, or if you 
need a spacious home, more  luxurious, and 
a royal lifestyle. Other than these:
You have grown up children and they 
need their  own space
More space for hobbies, projects, 
business  Entertainment area 
needed for guests and  relatives
Rent out spare rooms for additional 
income  Raising you bar in the 
society
Likes to live in open space 
and also  Loves enjoying 
home maintenance
Who Should Not Consider Upsizing?
Upsizing is definitely not fine for the 
homeowners  who do not enjoy activities 
like home maintenance.  Because after all, 
you will be moving from a small  space to a 
larger one. The area will magnify and  
taking care of the two-bedroom set will  
comparatively be easier than cleaning and 
taking  care of the three-bedroom set. 
Larger homes require  more effort in their 
upkeep because such homes are  more likely 
to have outdoor grounds, rooms,  seasonal 
upkeep of mechanical systems. Efforts are  
not only required in terms of cleaning the 
space with  cloth, soap, and water but also 
the maintenance can  get costly and time-
consuming.
Sell the Current House or Use it As 
an  Investment
When upsizing the house, this factor must 
also be  taken into consideration while 
budgeting. Whether  you want to sell the 
current house or you want to use  it as an 
investment property. The decision is all 
yours.  If you look forward to keeping the 
current property  as an investment, then you 
need to make sure that  you are financially 
comfortable paying two mortgages  at a time.
Timing Your Decision
Deciding to sell your home first and then 
buy or buy  your home and then sell. This is 
important because,  you may not be able to 
buy a new property if you do  not sell your 
current home first. Also, at the same  time, 
what if you do sell and are still unable to 
upsize  the house? If you do not plan about 
such vital aspects,  you may end up with a 
financial burden and even may  lose a roof 
over your head. So, you would need a  
backup plan and also choose to upsize at the 
right  time.
When Should You Move to a Bigger Home?
This is not any financial advice but general information on when should 
you make such a  big move.
Now that you have made a decision, you are determined that you need to 
upsize. The  next step is to figure out if this is the right time to make a 
move or not. While taking this  move, keep the following things in mind:
Low-Interest Rates
For all the good reasons – Low-interest 
rates  often spark a spate of borrowing. 
When the  interest rates are low, you get 
to pay less for your  loan over its lifetime 
and you enjoy lower  monthly payments 
too. This attracts especially  when you 
are thinking to upgrade your home.
Buying a home would probably be the 
single  largest purchase you will ever 
make. If you have  to pay less every 
month, and that too for the  lifetime of 
your loan, you will have more  
discretionary income to spend 
elsewhere.
Market Conditions
Many may ignore this aspect but this is 
one of the  most important things to 
consider. If you are  buying somewhere in 
Hampton Park, and your  real estate 
agent hails from the same area or  
nearby suburbs, market conditions will be 
taken  care of. But if you are going solo, 
you must  consider this factor. Here why:
If the market is at a low, which 
means that  prices are sharply 
declining, then it is called  the 
buyer’s market.
In the buyers ‘market, you will have 
more power  to negotiate. Also, you will 
more likely be able to  purchase more 
houses for your money.
If you can manage to club a buyer’s 
market with  low-interest rates, you will 
find that you also have  to give lower 
monthly mortgage payments.
Tips To Moving into a Bigger Home
Now that you have decided to finally 
make a big  move. You are well aware of 
the right time to  shift, you have 
decided the purpose, budget,  whether 
you have to sell or buy first. After  
making all the decisions, the next step 
is to  prepare yourself for finally shifting 
to a bigger  space.
Make a List of Things you Will Need
This is the best way to know what you 
need and  which items need to be 
thrown away. The list will  prevent you 
from making any extra purchases.
Often during a move, people think that 
they need  more than they actually do.
Also, you stay organized while you are at 
the  store. You will have a lot going in 
your mind and  might end up impulse 
buying. It not only increases  the expense 
but will also stuff the house  forcefully.
Segregate Space as Per Priority
You might have chosen to shift to a large 
space  because you wanted extra space for 
your kids, or  maybe an entertainment area 
for yourself, or a crafts  room. While it is a lot 
of fun to think of it, you must  spend more 
time on what you actually wanted out of  the 
space. So, first concentrate on the rooms 
where  which you may need the most then, 
living area,  bedrooms, washrooms and so on. 
Take in on the  priority basis. The rooms that 
are to be used less can  be taken care of in 
the last. There is no rule to upsizing  a house 
no compulsion on who can actually do it.
Many a time, even retired and old people 
also prefer  upsizing instead of downsizing. 
So, there is no  particular formula to who 
can choose to upsize their  house.
GET IN TOUCH
3 Withers Ct, Pakenham VIC 3810, Australia
+61 423 277 447
[email protected]
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