This site uses cookies to shape your online experience. Read more

Moving on to bigger things

09/07/2021

Is it time to upsize your home?

Property Buying and selling at the same time Weighing up the pros and cons of buying or selling first.
Property Budgeting for an investment property Understanding the costs involved in property investing.
Property Your refinancing questions answered We answer a range of common refinancing questions.

With so many families spending more time at home and working from home becoming more common, you might be feeling like you need some more space. We don’t just live at home now, but work and play. There are many reasons why upsizing to a bigger home can be a good idea. You may just be looking for enough room for that cute fur baby you have been wanting to complete the family circle.

Your family is growing

A growing family can mean many things. If there’s a new family member on the way, you will be amazed at how much extra space they take up. For someone so little, they sure need a lot of stuff! That 1 bedroom apartment that you bought as newlyweds will soon be bursting at the seams! Or when your little family members start getting bigger, and the toys seem to multiply overnight, a rumpus room could well be the answer.  If your teenagers have turned into young adults and seem to be everywhere, a teenager (or even parent) retreat could be high on your wish list just to get some peace and quiet. It might also be that you would just like to have your parents a bit closer. To give everyone their own space, a larger house may be an option to consider.

No more bathroom roster

It can sometimes be a fight over whose turn it is to use the bathroom. If you have little ones, a bathroom with a bath is great but it is pretty hard to shower around a bucket full of bath toys. Teenagers seem to spend a lot of time hogging the bathroom and it’s usually just when you need to shower and get ready for work. Sharing a bathroom with the whole family takes patience and planning. A bigger home often means extra bathrooms, which would be a welcome extra if you’re tired of waiting for your turn in the shower.  

You’re working from home

Do you feel like your home life has been taken over by your work life? Having a dedicated office space could be the answer. You can get up, have breakfast and get ready for work. Then you just open the door to your office and your work day begins. It allows you to have that separation and not feel as if you are constantly “on call”. Working from home can give you that perfect work/life balance as long as you can separate the two. And how good is to be able to not have the stressful daily commute.

Helping your kids get into the housing market

With kids living at home for longer, you need the space to let them live their life while you can get on with yours. Sharing expenses while they save for their own place is a great way for them to get ahead. It can be a difficult time because they want their own independence but they are still under your roof. The trick is not to make them think life is too good at home so they don’t move out! It can also be a great time too. Spending time with your adult kids and their friends can also keep you young.  Having your own space to get away from it all is also absolutely necessary. You need to set aside some space for your own personal use, where you can go to relax, or even just catch up on your favourite TV shows.  

Helping your parents downsize

At some point, your parents may want to downsize or they want to be closer to family. Maybe they want to travel and just want somewhere to stay when they are not following the grey nomad trail. This can be an opportunity to pool funds and buy a bigger home with a granny flat or enough space to add one. Mum and dad can live independently and you can rest easy that they are happy, healthy and close by. And the kids can pop in to see gran and grandad whenever they like. Win, win.

What next?

Whatever your reasons for considering a bigger home, the first step is getting your finances ready. Call one of our mobile lenders for a chat and let the search begin.

This article is intended to provide general information of an educational nature only. Information in this article is current as at the date of publication.

Home loans and mortgages

We'll help you find the right home loan for your needs.

Learn more

Send this article to friends and family

Share
Property Restructuring to fund your home renovation Restructuring your existing loan could unlock equity and free up some cash.
Money 10 affordable home design hacks Budget ways to make your new house feel like a home.