The first home is a good first taste of home ownership, giving upgraders an opportunity to learn what did and didn’t work in their previous property and what they now know what will work well.
Features to Keep an Eye Out For
A growing family is normally what encourages upsizers to make the move to a larger home.
Upsizers should not only look at the size of the new house but also the floor plan.
When there are kids involved, a minimum of three genuine bedrooms is usually desired, a living space that can be seen from the kitchen and often a second living area for the kids to play.
An ensuite or a bathroom with a second toilet, a yard within view of the living areas are also features that upsizers look for.
The position of bedrooms should also be considered when purchasing a second home says buyer’s agent Nick Brook. “If they’ve got relatively young children or babies, parents prefer being on the same level, but if the children are a bit older, it’s not too important.”
Plenty of storage is also critical for upsizing families, a larger laundry for more frequent loads and a shed for bikes is also something to be considered.
Even though the functionality of a home is usually more important, families who plan on staying put for the long run should also consider the design and construction of their future home.
Choosing the Right Suburb
Although upsizers often have a long list of “must-haves” for the home, there is usually more flexibility in the location, says buyer’s agent Sean Parker.
“Their budget determines that for what they are looking for, they need to move further out since they’re usually looking for larger accommodation and land.”
In the past, suburbs near work were high on the priority list, in the recent months, a location close to the CBD has become less critical since the need to travel to work as often has reduced.
For many upsizing families, the choice of location is centred around schooling and childcare. People often plan ahead about where they want their unborn children to go to high school.
Make sure to not compromise too much to get into a desirable suburb as it can defeat the purpose of buying a long-term home. Just scraping into a suburb in a compromised street can agitate them enough to sell if the constant traffic noise becomes unbearable.
What to do With the First Home
Even though well-located quality investments will continuously increase in value, growing families also need to consider the opportunity cost associated with holding a property in the long-term.