Upsizing or Downsizing?

March 2023

With Spring traditionally being the busiest time of the year for estate agents in the UK, it is the perfect time to consider if you need to upsize or downsize from your current home.

Upsizing is moving from one property to a larger property and there are a plethora of reasons for doing so such as; needing more space for a growing family, wanting a home with a larger kitchen or garden, requiring an office space following the rise in home-working or simply pursuing a dream home.

Whatever your reason for upsizing, there is a lot to consider as this is often a very large decision to be made. There are some points below which may need to be considered if you are wanting to make the move:

Could you extend/convert your current home?

If your current home already has some additional unused space, it may be more cost-effective to gain planning permission and extend your home rather than buying a new property. This can be more beneficial if you love the location of where you live but need a little extra space. Extensions/conversions could be anything from changing a loft space into a new bedroom, converting an unused garage into an office, or extending the ground floor for extra living space. However, it is very important to plan and consider the cost of the project and when would be a good time to build.

Check the local area before you upsize

If you are upsizing, especially due to an expanding family, it is important to research your ideal local areas.

This is to ensure that you know of all the local schooling that is available, leisure activities, places to dine/drink, attractions etc. If you are new to an area, in addition to your own research, the estate agent who is selling the house that you are viewing will be knowledgeable about the area and could help answer your queries.

It is also important to consider the finer details when looking to upsize to a new property such as:

Checking the property's Energy Performance Certificate (EPC) rating, to get an idea of how energy efficient it is.
Which council tax band the property will fall into. The larger the property, the higher the tax.
The cost of the general upkeep of a larger property, is it manageable?

Downsizing is the opposite, you are moving to a smaller home than the one that you currently live in. There are many reasons to downsize such as you may be living in a family home with surplus rooms or looking to relocate for a quieter/easier lifestyle. You may also want to save on unnecessary costs, need to move closer to amenities for ease or enjoy the equity freed up from the house sale. It is important to plan a downsize in detail as you may not have enough space in your new home for all of your possessions and need to decide what will need to be sold, disposed of or donated to charity before the move. Also, the costs associated with a house sale and purchase should be considered and accounted for as they can be considerable.