Upsizing: Costs you often don't consider
The purchase price and the deposit tend to get all the attention, but a bigger home usually comes with a range of ongoing costs that are easy to underestimate until you are already living with them. Here are the ones worth budgeting for properly.
Council Tax can jump more than you expect
A larger property, or one in a different area, can sit in a noticeably higher Council Tax band than your current home. It is worth checking the band on any property you are seriously considering before you get too attached to it, rather than discovering the difference after you have moved in.
Heating and lighting cost more to run
More rooms, higher ceilings, and simply more square footage all mean more energy to heat and light. Older or larger properties can also be less efficient than a smaller, more modern home, so it is worth asking about the Energy Performance Certificate rating and factoring realistic running costs into your budget, not just the mortgage payment.
Buildings insurance tends to rise too
A larger property generally costs more to rebuild, which means a higher buildings insurance premium. It is worth getting a genuine quote before you commit, rather than assuming it will be similar to what you currently pay.
The garden needs upkeep, not just admiration
A bigger garden is often part of the appeal of upsizing, but it also means more time, more tools, or a gardener's fee, depending on how much of it you plan to maintain yourself. It is worth being honest about how much of that upkeep you actually want to take on.
Cleaning takes longer, or costs more
More rooms and more bathrooms simply take more time to keep on top of. Some families manage this themselves without any trouble, others find a cleaner becomes worth the cost once the extra space is a reality rather than a plan. Either way, it is worth thinking about before moving day rather than after.
Furnishing the extra space adds up
Extra bedrooms, a bigger living room, or a hallway that suddenly feels empty all tend to need furniture, curtains or blinds, and flooring you had not previously budgeted for. It does not need to happen all at once, but it is worth knowing the cost is coming rather than being surprised by it.
Moving and maintenance costs scale up too
A bigger home generally means a bigger removals quote, and over time, more roof, more guttering, and more general wear to maintain. None of this needs to put you off, but it is worth building a little more contingency into your budget than you might for a smaller move.
If you would like an honest sense of what a specific property might mean for your ongoing costs, your local associate is happy to talk it through.