Tips To Upsize Your Home Without Burning A Hole In Your Pocket
Upsizing a property becomes a necessity when the family grows and the need for more space grows, too. While upsizing is a viable choice for those looking for homes with more rooms or more space, it can be a financial burden for many.
Upsizing calls for an expensive property, higher utility bills, maintenance bills and even, taxes, that can hurt your pocket in the long run. Are you ready to bear the rising cost? MakaaniQ lists strategies that could help you upsize property even when on a budget.
Stretch a little
Do not limit your search to only a few localities. Though you would want a property in a well-developed locality, expand your radius by another five kilometres and you might find a better deal. Move to a little less popular locality neighbouring the popular ones. These localities over the time gain popularity and can even prove to offer good resale value. This could be a good idea for those planning to stay in the property beyond five years.
Is renovation viable?
What if you could renovate your property to add more space or rooms? This way you could save some money that you would have been otherwise spent on purchasing a bigger property. When looking at upsizing, prefer renovation. Especially those who love the locality they are living in and find the property perfect for their dwelling.
Also read: Make Your Home Look Bigger And Better
A stale listing
Have an eye for detail. In the seller-driven markets, you could ask for a good price for a property that has been on the market for more than a month now. Look for such properties and you could strike a profitable deal. In a seller's market, a property is always priced a little higher than it should be, hence, posing a room for negotiation. Take advantage of the situation and negotiate it to the best price.
Also read: Planning A Bigger Home? Consider These
Investing in an under-construction project could be a viable idea. Why? First, an under-construction property could be priced less than its constructed counterpart. Moreover, you could check with the developer and do away with some of the amenities within the property that you might not need. For instance, a theatre room, you could let that be and convert it into a usual bedroom. Or, if you might not need those many closets, ask the developer to lower the number. These small changes could bring down the price of the property.
Also read: 3 Things All Smart Home Buyers Do