Preparing to Upsize in London
So much of the available online advice is geared to downsizing in London that something gets overlooked – the fact that in order to downsize one must have, at some point or another, upsized. And because upsizing appears to lack the complications of its opposite (e.g. having to get rid of excess belongings etc.), it’s assumed that those who are poised on the cusp of it are not in need of guidance. But our experience suggests that nothing could be farther from the truth and that when we’re at the upsizing part of the arc of life, we’re most definitely in need of a steady hand, good counsel and some wise tips to help us pull it off successfully. On the surface, what could be nicer than ascending the London property ladder, acquiring a garden, a spare bedroom, larger rooms and more storage? Well, it’s not all plain sailing and it needs thoughtful consideration. Fortunately, there are just a few key things to bear in mind whether you’re about to upsize or merely considering it.
- Regardless of whether or not you’re careful about staying on top of your monthly outgoings, you should definitely reckon on a significant jump in price for your water, gas and electricity bills. TV services, broadband and line rental will, no doubt, stay the same, but for your main utilities and council tax, there’ll be more to pay. And to top it all off, you’ll have just settled up for all your removals costs, too.
- Maintenance/repairs. Whatever this was setting you back in your old home, in your new, larger one, it’ll be more.
- While selling up again may be the last thing you want on your mind, do try to get a sense of your new home’s resale potential. You’ll also need to ensure that good indoor and external maintenance keep it in re-saleable condition. At some point, its resale value may become your pension.
- More space means more work. While it’s by no means an insoluble problem, it’s worth bearing in mind that chores like cleaning will be more time-consuming in a larger home (or more expensive if you get someone in to help). Keeping your old flat or studio spotless might have been mere minutes of work – now we’re talking hours.