At some point, many families in the Ryde District reach a point where their home simply feels too small. The toys start piling up. The kids need their own space. And suddenly the house that once felt perfect begins to feel crowded and untidy. That is when upgrading to a bigger home in Sydney might be the next logical step.
Across the Harbour City, many families are exploring the idea of upgrading to a larger property. It might involve moving to a new suburb. Finding somewhere with extra bedrooms. Or even finally getting the backyard the kids have been asking for.
While this prospect can feel very exciting, it may also be overwhelming at the same time. That’s because, for all the benefits a bigger home might bring (in terms of comfort and room to grow), it also comes with extra financial and lifestyle considerations.
If you’re thinking about making the move to upgrade your family home, here are some important things to keep in mind.
What are the signs that your family has outgrown its current home?
Many parents start thinking about moving home when their daily life begins to feel cramped.
Homes that once suited a young couple often become too small as children grow older. For a while, children sharing rooms might work. However, as they get older, they understandably often want privacy and personal space. Storage can also become a challenge. Especially when they have to fit school bags, sports equipment, clothes, and toys in the room. This issue can also affect other parts of your house if you don’t have enough cupboards and living areas.
Families also begin to notice lifestyle changes as their children get older. Some parents who work from home regularly may need a dedicated office space. Likewise, older kids often want room to study. Or somewhere to spend time with their friends. Outdoor space becomes important. In particular, for kids who like to run around and play sports. Or parents who enjoy gardening.
What costs are involved in upgrading your family home in Sydney?
Buying a bigger property is not something you should just do on a whim. Instead, it requires an understanding of the local market and good financial planning. The price of buying a family home in Sydney can be significantly higher than the one you currently own. According to Domain, the median house price is $1.76 million.
Stamp duty is often the biggest upfront cost people forget about. In NSW, this can add tens of thousands of dollars to the purchase price of your new property. When selling their current home, families also need to factor in:
- Conveyancing fees
- Building inspections
- Moving costs
- Real estate agent commissions
To help them manage the transition, many homeowners explore different ways to finance their upgrade. In particular, opportunities for refinancing, bridging loans, or even exploring AFMS Group SMSF lending options may be worth considering.
If you do upgrade to a larger home, you should also be aware that your monthly loan repayments may increase. For this reason, families should look closely at their budget and factor in future costs, such as childcare, school fees, and everyday living expenses.
How to choose the right Sydney suburb for your growing family
When you are thinking about relocating, location is likely to be a major factor in deciding where, and whether, to do so.
Many parents use the opportunity to move into areas that better suit family life or are considered safer. To identify family-friendly suburbs, it is worth taking the time to research the school catchment areas and what the public or private schools are like within them.
Another consideration should be transport links, especially if you need to commute into the city for work. Many parents will need reliable train lines, buses, or major road access. You’ll also want to determine what medical facilities are nearby, including hospitals, urgent care clinics, and GPs.
Other things to take into account are:
- Local crime rate
- What parks and playgrounds are nearby
- Closest supermarkets and retail shopping outlets
- If there are nice cafes and restaurants in the suburbs
Selling Your Current Home While Buying Another
One of the most stressful parts of upgrading your home is managing the timing between selling your current property and buying a new one.
Many families face the challenge of doing this at the same time. And it can be difficult if you don’t achieve the best-case scenario of selling your home quickly and settling close to the settlement date of your new property.
To make things easier on themselves, some families choose to sell first and rent or stay with family for a while. This allows them to know exactly how much money they have available. Others choose to secure their new home before selling. Using bridging finance to cover the gap.
How you prepare your existing home for sale can make a big difference. For instance, just by decluttering rooms, improving your property’s street appeal, and fixing small maintenance issues, you can attract higher-paying buyers.
Should You Renovate, Extend, or Move?
Before committing to a move, it is worth asking yourself if your family should take action to make their current home work better for them.
It may be possible to undertake renovations and extensions to create additional living space. This could involve adding a second storey or extension. Converting a garage. Redefining living areas by knocking down walls. Sometimes you can solve space problems without leaving your property.
Of course, the cost of renovations can be sizeable and time-consuming. Things like planning approvals, building costs, and construction timelines can stretch for months. It may also cause a disruption you’ll have to live with. That is why it is important for families to carefully weigh up the cost of renovating against the price of buying a bigger home in Sydney.
Whichever way you decide to go, it is advisable to base your decision on what will give you the best lifestyle. That said, it is a good idea to consider interest rates as well, depending on your financial situation.