Why Are People Upsizing Their Homes in 2021?
Despite the property price increase in 2021 due to the COVID-19 pandemic, many people are still interested in upsizing their homes. We’re going to take a closer look at the reasons why…
The current housing market boom and increase in property prices have prompted a demand for London property lawyers, with many clients interested in upsizing rather than the past demand for downsizing, especially in concern to the ‘boomer’ generation.
So why are people choosing to upsize in 2021 rather than downsize? We’re going to take a further look to uncover the speculative question. Keep reading to find out more…
6 Reasons People May be Upsizing Their Homes
1. More Space for Family and Friends to Stay
After the three lockdowns the UK has been faced with over the previous two years, many people came to the realisation that they want to spend more time with family and friends, especially the older generation. But, if family and friends live far away, it might not be possible due to expenses. So, having a spare room allows that extra Airbnb or hotel cost to cease to exist, and makes it more possible to have frequent visits.
2. Additional Room Needed for Children
In the UK, statistics for women expecting children is on the rise following the global pandemic, despite the concerns that it could cause a “baby bust”. For these couples expecting either their first child or additional children to those they already have, the need for more home space is more than ever.
The property market currently has a huge demand for homes, and larger homes in particular, with them being quickly snatched up, as well as a surge in property prices.
3. Personal Space in a Cohabiting or Married Relationship
There is no denying that lockdown was long, with many people only seeing their significant other for weeks and months. We recognise that it is great to live with your partner, but relationships need space to continue being healthy. For those couples who live in a small house or apartment with only one bedroom and small living space, there is no separation.
A prompt for more people upsizing could be just because they want more living space or an additional room. This can then be turned into a reading room, gaming room, or whatever people fancy for more personal space.
4. Renovations and DIY Projects
Renovating and DIY projects were sky high during the global pandemic, and for some, it is something that hasn’t stopped since being released from lockdown. People spent hours watching videos and reading guides to teach themselves the skills needed to do home renovations or DIY projects. They may have realised it is far cheaper to do it yourself than pay for a skilled professional to do the work.
It might be that some have fully renovated their homes but realised they have found a love for it. So, perhaps they want to sell their home for a profit and buy a larger property that they can do up again.
5. Space For Business Ventures
The rise in upsizing homes could be due to the increase in entrepreneurialism that developed during the COVID-19 pandemic. Unfortunately, many people were left jobless or were furloughed as a result, but for some, they took it as an opportunity to create their own business from home.
For those who have a business that requires them to send out stock to customers, having a larger property with more space to do this might be a necessity for them. Therefore, it may potentially be one of the reasons why people have decided to upsize their home.
6. Office Space for Working from Home Roles
Working from home wasn’t something that was common prior to the global COVID-19 pandemic; many of us commuted to work and spent the day in an office block. But, during the height of the pandemic when we were placed under lockdown, businesses required their employees to work from home. This isn’t something that we have grown out of, and now hybrid working is all the rage.
Many people were forced to set up desks in their bedrooms or on their coffee tables. The need for more space to create an at home office is on the rise, and could be a reason as to why so many people want larger homes. This could either be for an additional room to turn into an office, or more garden space to create an office room outside of the home.
What Are the Advantages of Upsizing?
A reason for people deciding to upsize their homes could be due to the advantages that it has to offer. So, we’re going to list some of the common advantages in case upsizing is something that you might be considering. Advantages can include:
• More storage space
• More bedrooms if you have a growing family
• Builds future wealth
• Can rent out spare rooms for additional income
• Personal space
What Are the Disadvantages of Upsizing?
Like with anything, there is always advantages and disadvantages. Upsizing might sound great, but it is essential to consider the not-so-great aspects that it has to offer too. So, with that, some of the disadvantages of upsizing are as follows:
• Additional maintenance required
• More expensive bills
• Moving home is expensive
• Higher mortgage
• Requires more furniture, which means additional costs
• Extra cleaning
Upsizing is Popular for Many Reasons in 2021
What we can see from this article is that upsizing is currently popular for many reasons, mainly that the COVID-19 pandemic has created a demand for larger homes. Many people didn’t have garden areas to relax in, and they were stuck in single bedroom homes. Now, it is clear to see that space, in general, is a huge prompt for many wanting to upsize.
Have you recently purchased a larger home? What prompted you to decide to purchase one? Let us know your reasons in the comments below.
You May Also Enjoy
Understanding House Value in the UK: A Simple Guide
What does latent defects insurance cover?
Breaking Property News – 24/04/24
An average rate of 6% for the first time since November – Rightmove’s weekly mortgage tracker
Understanding Property Valuation: A Simple Guide