Moving to a bigger home is something growing families in Street and Glastonbury may aspire to, or may be something considered by homeowners and tenants who simply want more space. However, upsizing comes at a price. Whether it’s the step from a 2-bedroom property to a 3-bedroom property or the leap to a 4-bedroom property, upsizing can be expensive.
How much does it cost to move to a bigger home in Street and Glastonbury?
If you are a homeowner living in a 2-bedroom property in Glastonbury and would like a move to a 3-bedroom property in the town, the move will set you back an extra £86,606 or £331 per month in mortgage payments (based on a standard variable rate of 4.6%). For upsizing tenants, the move from a 2-bedroom property in Glastonbury to a 3-bedroom property in the town will set you back an extra £181 per month in rent.
Asking price difference – difference in monthly mortgage payments – difference in monthly rent payments in Glastonbury…
- 1 -> 2 bedrooms – £172,265 – £104,938 = £67,327 or £258 pcm extra mortgage payment or £133 pcm extra rent payment
- 2 -> 3 bedrooms – £258,871 – £172,265 = £86,606 or £331 pcm extra mortgage payment or £181 pcm extra rent payment
- 3 -> 4 bedrooms – £336,593 – £258,871 = £77,722 or £297 pcm extra mortgage payment or £628 pcm extra rent payment
Meanwhile the picture over in Street…
- 1 -> 2 bedrooms – £164,955 – £110,653 = £54,302 or £208 pcm extra mortgage payment or £154 pcm extra rent payment
- 2 -> 3 bedrooms – £249,414 – £164,955 = £84,459 or £323 pcm extra mortgage payment or £222 pcm extra rent payment
- 3 -> 4 bedrooms – £300,116 – £249,414 = £50,702 or £194 pcm extra mortgage payment or £379 pcm extra rent payment
In Street and Glastonbury, the biggest jump in house prices is moving from 2 to 3 bedrooms which will cost upsizing homeowners an extra £84,459 and £86,606 respectively. For upsizing tenants, the biggest leap is from a 3-bedroom property to a 4 (or more) bedroom property. Based on asking rents in the last 6 months for Glastonbury property, the leap from a 3-bedroom property to a 4 (or more) bedroom property will set you back a massive extra £628 month in rent.
Landlord readers need to take care as larger properties don’t necessarily offer the best returns for buy to let as the higher rents achieved do not always match the higher monthly finance costs.
The cost of an additional bedroom can be too much for some Street and Glastonbury homeowners and tenants. It is challenging to get on the ladder, but to then find you are priced out of the next move up the ladder can be disconcerting, with families often having to move to a different part of Somerset or even the country to get the bigger home they need.
About Tom Morgan
Founder of Jungle Property the multi award-winning letting agent based in Glastonbury, Somerset. I am passionate about property and Glastonbury and about providing the very best advice to anyone who wants the best return on a buy-to-let property investment. For an open and brutally honest opinion on anything in the Glastonbury property market please contact me via tom.morgan@jungleproperty.co.uk
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