Once you have outgrown your first home, upsizing to your next and ‘forever’ home, where you can accommodate your growing family and make amazing memories is an exciting next move.

Here are the five steps to getting started when it’s time to upsize:

1. Figure out your finance

Instead of scraping and saving for a deposit, you should be able to put the proceeds of the sale of your existing place towards your next purchase (in addition to savings you already have).

Figure out how much this amount is likely to be (a real estate agent can give you a valuation) and talk to your broker about your next loan.

2. Select your strategy

While it might seem like a given that you should sell your first home before buying a new one, this doesn’t always have to be the case.

You may find the perfect place before you have time to sell. In this case, bridging loans are available that will tide you over while you technically own two properties, and save you from paying the full cost of a two-home mortgage.

If you need extra time to find your next place, you can try requesting a three-month settlement instead of six weeks.

The other option is to put your place on the market, sell it and then use the time you have to find something more suitable. It helps to have already looked around in the area where you want to live as you will have an idea of prices and what’s on offer.

3. Talk to your conveyancer

Buying and selling means you will need to exchange contracts twice so having a good conveyancer to help you is essential. Give them a heads up about what’s happening so they expect your call.

4. Sell your place

Selling is exciting and stressful at the same time. A quality agent will set your price expectations based on the current market and will work day and night to bring interested buyers through the door while also helping you make sure the place looks its best.

Your first few home opens will be crucial to secure a buyer and more often than not it is the early offers that are the best ones. Your agent can help you decide if the offers you receive are worth taking or if you need to put a pause on things and make some upgrades to the property so it is more appealing and can fetch a higher price.

In 2024, properties are generally selling within a three-four week period but it depends on where you live and how many buyers are active in the market. Quality homes are still selling well, particularly if there is a modern kitchen and bathroom.

5. Start your search

Now you’re ready for the fun part.

Set your criteria for your forever home but be open to suggestions. Sometimes agents will see that a property suits you even though you have overlooked the online listing.

Don’t be afraid to talk to agents and share your budget. They can give you a heads-up about what’s coming up on the market and can invite you to preview properties before the listing officially goes online. This can be a game-changer as you’ll have the chance to put in an early offer.

The selling agent will guide you through the process to make an offer and liaise with the vendor for you so you find a price everyone is happy with and get those exchange contracts signed.

6. Get excited!

Upsizing means you can buy some new furniture and set the kids up in their own rooms. You’ll finally be in your forever home and be able to fix it up the way you like.

Ready to upsize? Contact me today at teresa@teresaberger.com.au .