Upsizing Basics

Upsizing Basics

What is a typical upsizer?

Defining a typical up-sizer can be difficult – so difficult, in fact, that Peter Swain, says there’s no such thing as a typical upsizer.

“Upsizers can be singles or couples living in studios or apartments looking for larger apartments, townhouses or homes,” he says. “They can also be couples or families in townhouses or small houses looking for larger houses on larger blocks”.

Peter says that the one thing upsizers usually do have in common is that they like to stay in the same area. But even this is changing, given the ultra-competitive property markets in Perth, as well as some other parts of Australia.

To do or not to do…

Peter’s number one tip for upsizers is DO NOT procrastinate, If you have made the decision to buy and you see something you like and you have to pay a bit more to secure it, do it, he says. “In 10-15 years time, you will not look back.” Do not regret not buying the property that ticks most of your boxes. It may be a very costly decision, especially if the market remains firm for an extended period of time.

Not procrastinating does not mean you need to put an offer in the minute you see the house on the web, before rushing in, all buyers should do their own due diligence in relation to finance approval, strata reports and building/pest reports. If an agent decides to sell a property before auction and gives you an imminent deadline, walk away if you have not done your background checks.

Whatever your reasons are for upsizing – growing family, more space, an increased income or lifestyle – it’s always a decision you should research thoroughly, no matter how hot market conditions get.