A Guide to Moving to a Bigger Home

Key takeaways

• Timing your move can depend on your circumstances. Changes in your household size, finances or future plans may influence when to upsize

• Planning ahead can help you feel prepared. Considering location, travel times and access to schools or amenities may shape your decision

• Affordability can guide your options. Understanding your mortgage, equity and ongoing costs may help you assess what is realistic

• Moving costs can add up quickly. Factoring in fees, Stamp Duty and higher running costs may give you a clearer picture of your overall spend

• There are benefits and trade-offs to consider. Weighing up extra space against increased costs and practical challenges may help you decide if upsizing is right for you

When is the right time to move to a bigger home?

There is no single point that suits everyone when it comes to moving to a bigger home. You might consider upsizing to a property with more bedrooms as your household grows, or decide that having an extra room as a home office would be beneficial. Whatever the reason, a bigger home may be the right decision for you and your family.

Market conditions, personal finances and future plans can all influence when it’s the right time to move to a bigger home. For some, the decision develops gradually, while for others it may follow a specific life change.

Key factors to consider before upsizing

Before upsizing your home, you may want to weigh up a range of factors. These can include:

• Location. The area your new home is in can be as important as the house itself, with location impacting travel times, access to local schools, amenities and more

• Travel times. You may want to consider how far your new home would be from your work, friends and family

• Access to schools. If you’re looking for new schools, it can be a good idea to consider the catchment area your potential home will be in

• Access to local amenities. Consider nearby amenities such as GPs and local shops, which can impact quality of life and save on travel time

• Future moves. If you’re considering moving again in the future, you may want to factor in the property’s potential resale value (although this can fluctuate over time)

• Overall costs. While a bigger home may offer flexibility, it can also bring higher running costs and maintenance, so you might want to factor this into your budget

Questions to ask before upsizing

It can be helpful to consider the following questions around upsizing:

• Why do you want to upsize?

• Is now the right time to upsize?

• Do you like the location and will it suit your future needs?

• Which property type best suits your needs?

• Can you afford the mortgage and the monthly repayments – both now and in the future?

• Can you afford the extra costs associated with moving to a bigger home, such as higher utility bills?

Can you afford a bigger home?

When deciding whether to move to a bigger home, it can help to look at your mortgage affordability. Lenders will typically assess affordability based on income, outgoings and credit history before deciding how much to lend. Their decision will often impact the home you can afford. There are also other potential cost increases when buying a bigger home, such as higher utility bills or maintenance costs.

Using equity to move home

Equity refers to the difference between a home’s value and the remaining mortgage balance. You may decide to use equity when moving house, either as a deposit on your next property or to support affordability.

The amount of equity available can vary depending on house prices and the amount repaid on the mortgage. Using equity may affect your mortgage options and loan-to-value (LTV) ratio, which can influence the products and rates available to you.

Costs involved in moving to a bigger home

The cost of buying a new home won’t just include the purchase price; it can also include estate agent fees, legal fees, surveys and removal costs. Stamp Duty will also apply to properties in England and Northern Ireland over £125,000. This is equivalent to Land Transaction Tax in Wales and Land and Buildings Transaction Tax in Scotland.

Ongoing costs can also change when moving to a bigger home. Larger properties may have higher energy bills, insurance and maintenance costs than smaller homes. Factoring these in can help provide a clearer picture of the overall impact of upsizing.

Pros and cons of upsizing

Buying a bigger house can offer both advantages and disadvantages. These can include the following:

The process of buying a bigger home

The process of upsizing your home often follows similar steps to other home moves, though managing both a sale and a purchase can add complexity.

Selling your current home

Selling your existing property typically involves choosing an estate agent, preparing for viewings and agreeing on a sale price. Timings can vary depending on demand, location and pricing.

Once an offer is accepted, legal checks and surveys take place. The sale process may run alongside the purchase of the new property, which can require coordination between multiple parties as you become part of a property chain.

Securing your next property

Securing a bigger home often involves arranging a mortgage, making an offer and completing legal checks. New build homes and existing properties can follow slightly different processes, particularly around completion dates.

You may choose to sell your current home before committing to a purchase or aim to align both transactions. The approach taken can depend on market conditions and personal circumstances.

Upsizing vs staying: which is right for you?

Upsizing is not the only way to address a need for more space. You may choose to make alterations to your current home, if possible, such as extending, reconfiguring rooms, or adjusting how existing space is used.

Staying put can avoid moving costs and disruption, while moving house may offer a fresh layout or location. Weighing the benefits and limitations of each option can help you decide what aligns best with your priorities.

Some challenges of moving to a bigger home

Moving to a bigger home can often bring challenges alongside opportunities. These challenges may include:

• Long property chains. Coordinating sale and purchase timelines can be complex, particularly in longer chains

• Emotional factors. Leaving a home often means leaving behind the memories made there and this can be difficult for homeowners

• Practical considerations. Budgeting, managing paperwork and adjusting to a new area can take time to get used to

Being aware of these challenges may help set realistic expectations during the process.

Explore our range of new homes across the UK, with offers like Part Exchange to help you move. Check our T&Cs to see if you’re eligible.

Call or visit our Sales Advisers at your nearest development to find out more.

Disclaimer:

This article is for general informational purposes only and does not constitute professional advice. Please speak with a mortgage, financial or legal adviser for more information regarding your specific circumstances.