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Can I afford to buy a bigger house?

October 9th 2017
By: Melanie
Can I afford to buy a bigger house?

If you already own your property you might be thinking about whether you could afford to move into a bigger house, it’s something we all think about especially when planning a family, unless of course you are one of the few who have been lucky enough to buy a large first home.

If you are thinking about buying a bigger house one way to do this is to consider moving to a slightly cheaper area, perhaps one which has been labelled the next property hot spot or on the cusp of a more expensive area. That way you will get more property for your money.

Renovating a property could enable you to buy a larger one within your budget. However to do this you need to make sure that you are prepared to live in a house which could offer sub-living standards for some time and in order to maximise your investment it would also be better if you could carry out the majority of the renovations yourself, so being prepared to do this and having the skills to do it is a big bonus.

Many second steppers also rely on funding from family and friends according to Money Wise, with 17% of children asking their parents for help, 9% asking their Grandparents and 6% borrowing from friends so that they could secure a larger property.*

Other people who manage to buy a larger house rely on savings, securing better paid work, by overpaying their mortgage each year to reduce the capital or using the equity from their first home to enable them to move up into a bigger property.

If you would like to find out whether you could buy a larger home then you will need to get a valuation on your current property check out our instant valuation tool on our website https://www.intercounty.co.uk/online-valuation.

*26.6.17 - https://www.moneywise.co.uk/news/2017-06-26/bank-mum-dad-helps-third-second-steppers