In recent years, there has been a noticeable trend of “move-ups”-people who are trading in their smaller homes for larger ones. But who are these people, and what motivates them to make this kind of purchase? According to a study commissioned by the National Association of Realtors, the majority of move-ups are middle-class families with children. And their motivations for moving are mostly practical: they need more space, they want to be in a better school district, or they’re simply ready for a change.
This demographic is seeking a home that they won’t quickly outgrow and as such, they’re after something that is functional and multipurpose. It’s important to combine colours and finishes that are suited to the aesthetics of the surrounding environment and location of the property, be it the beach, city, or countryside.
They need to make sure their property will increase in value.
This target market needs space to grow. They want a backyard or an outdoor space for kids and pets to play as well as proximity to schools, shops, and outdoor amenities. Families also need extra bedrooms for children and guests as well as storage.
Move-ups are looking to buy a house that they can see themselves living in long term – it’s not just a stepping stone.
It’s essential that any home extension or renovation takes the needs of a family into account. By realistically planning for future growth, you can avoid the mistakes of previous generations who bought homes that quickly became cramped and inconvenient. If you’re considering to increase your property value, be sure to talk to us. We can help you make the most of your existing property and prepare it for sale so that you get the best possible price.
How can you maximise your return on investment moving up on a home?
When moving up to a larger home, it’s important to make the most of your investment. Here are a few tips for maximising your return on investment:
1. Plan Ahead: It’s important to realistically plan for future growth when moving up in the housing market. This means taking into account the needs of your family and ensuring that your new home can accommodate them. By planning ahead, you can avoid the mistakes of previous generations who bought homes that quickly became cramped and inconvenient.
2. Renovate Wisely: When renovating or expanding your home, be sure to focus on the needs of a family. This includes creating functional bedrooms, bathrooms, and storage spaces. It’s also important to choose colours and finishes that are suited to the aesthetics of the surrounding environment and location of the property.
3. Research Local Schools: One of the main reasons families move up in the housing market is to get into a better school district. Before making any decisions, be sure to research local schools and their academic performance. This will help you make an informed decision about whether or not a particular neighbourhood is right for your family.
4. Consider Your Budget: Don’t forget to take your budget into account when moving up in the housing market. Larger homes often come with a higher price tag, so be sure to set realistic expectations and stay within your budget.
One of the main challenges associated with moving up in the housing market is affordability. Larger homes often come with a higher price tag, and it can be difficult to stay within your budget. Another challenge is finding a larger home that meets your needs and is in a good location. It’s important to do your research before making any decisions and to be realistic about what you can afford. Finally, it’s important to plan ahead and renovate wisely when moving up in the housing market. Large is not always better, create value!
By focusing on the needs of a family and talking with the right experts, you can make the most of your investment and ensure that your new home is comfortable and accommodating for years to come.