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Updated by Joanna James on Oct 08, 2024
Headline for Is Living Large For You? - 06 Questions to Consider Before Upgrading Your Apartment 
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Joanna James Joanna James
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Is Living Large For You? - 06 Questions to Consider Before Upgrading Your Apartment 

Upgrading to a larger apartment can be an exciting prospect, but it's important to carefully consider all factors before making a decision. Start from basic considerations such as whether you need more space, and make an informed decision on whether an upgrade is right for you.

1

Can You Afford the Increased Rent or Mortgage Payment?

Before considering a larger apartment, assess your financial situation to determine if you can comfortably afford the increased rent or mortgage payment. Factor in additional costs such as utilities, maintenance, and potential moving expenses. Consider creating a detailed budget to ensure that you can afford the increased costs without straining your finances. Current apartments for sale in Sri Lanka offer a variety of price ranges and mortgage schemes depending on several factors, including location. Typically, properties closer to the centre of major cities, business districts and beachfront locations go for a much higher price, while suburban properties offer larger spaces for a lower price. 

2

Do You Need More Space?

Evaluate your current living situation and determine if you truly need more space. Consider your lifestyle, hobbies, and future plans. If your current apartment is adequate for your needs, it may not be necessary to upgrade. For example, if you work from home, you may need a dedicated workspace. If you frequently host guests, you may need additional bedrooms or living space. For those living with family, factor in their growing needs as well. Your children may need larger spaces and more storage space as they grow older. Be sure to verify the layout of the apartments you are eyeing if possible. Purchasable properties through Prime Residencies, for instance, have detailed floor plans and layout information available through the main website. 

3

Are You Prepared for Increased Responsibilities?

A larger apartment comes with increased responsibilities, such as cleaning, maintaining, and decorating. Assess your ability to handle these additional tasks. If you have a busy lifestyle, consider hiring a cleaning service or seeking help from roommates. Additionally, you may need to spend more time on maintenance tasks, such as changing light bulbs or fixing appliances.

4

What is the Location and Neighborhood Like?

Research the location of the larger apartment and consider factors such as proximity to your workplace, transportation options, and amenities. Consider the neighbourhood's safety, cleanliness, and overall atmosphere. A good neighbourhood can significantly enhance your quality of life.

5

Do You Need A Temporary Living Arrangement?

If you are planning to sell your current apartment before moving into the larger one, you may need to find a temporary place to live during the transition period. Consider renting a temporary apartment or staying with friends or family to avoid any gaps in your housing situation. Depending on the duration of the renovation or upgrade period, some properties in Colombo offer short-term rentals that charge rent per day. 

6

Are You Ready for a Change?

Moving to a new apartment can be a significant change. Consider the emotional and practical implications of moving, such as saying goodbye to neighbours, the hassle of packing and unpacking, and the disruption to your routine. If you're feeling overwhelmed or stressed, it may be best to wait until you're in a more stable frame of mind before making a major move.

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