Have you begun to discover things regarding your home? New things, like the way the garage door squeaks a little. Or, how hard you are finding it to cram your whole family into a space only meant for two.
You love your home, yet perhaps you’re not in love with it any longer.
Don’t rush it. Take your time to break up properly. Ensure you tick off everything on the following checklist before purchasing a new home.
1. Be prepared
You need to assess the situation of upgrading your house, as it is a new financial commitment you will be requiring.
Selling your house as well as purchasing a new one comes with a host of expenses and frustrations, this can include the potential dilemma of managing two home loans and trying to match up two settlement dates. Also, there are fees like stamp duty and agent’s selling commission to think about.
Conserve time and reduce stress by putting together a comprehensive budget and to-do-list before the mayhem of your home upgrade begins.
2. Make a choice: chicken or egg
Whether to purchase a property prior to you selling your current home is an age-old conundrum and really relies upon on your financial health. Evaluate the benefits and drawbacks of doing so, and ensure you have contingency plans in place prior to you signing on the dotted line.
3. Comprehend your new borrowing power
Things have probably changed significantly since you bought your current home. Most likely your situation is different now. Maybe you’ve got a far better paying job, or you’re now sharing loan repayment obligations. Plus, if you’ve been keeping on top of your repayments, you most likely have some equity to utilize.
It’s crucial that you comprehend how owning your current property affects your next move. You could have even more to spend or the capability to receive a higher loan, however, you won’t be eligible to receive the first home buyer benefits.
Check out this Home Loan Calculator to calculate your potential monthly loan repayments from 20+ lenders, so you can better understand your new borrowing power.
4. Change your location, not yourself as a person
Your next home needs to satisfy your needs, even if that means moving somewhere new. Where you choose to go next affects not just how much you need to pay (and borrow), but also how quickly the property will go up in value (and your quality of life with it). Make certain you are purchasing your new home in the right suburb to suit both your financial and lifestyle requirements.
5. Put your best house forward
Invest some time finding out how to increase the sale value of your current property. There are loads of easy things you can do to make it much more attractive on the property market.
The new owner will probably want to put his or her own stamp on it, so don’t dive into a significant home renovation too close to your sale date. Instead concentrate on inexpensive home improvement options, such as tidying up the garden to create curb appeal, de-cluttering the house interior and maybe giving the walls a fresh coat of paint.
6. Update your loan with your home
Buying a new house is a great time to review your current home loan.
Don’t just roll it over into the same kind of product. You could possibly have some understanding of home loans after purchasing your first property, but there’s always something new to consider.
Take time to compare home loan rates and features from different lenders to ensure your next home loan is the best you can obtain.
Remember experienced property managers can save you time, money, and headaches.
If you are a landlord looking for an experienced property manager with your best interests at heart – look no further than Paul Hill Realty Hope Island! You will not find a team that is more respected, reliable and trusted in residential property sales and management.
Paul Hill Realty office is located at Hope Island, and we professionally manage residential properties anywhere on the Northern end of the Gold Coast. Paul Hill Realty Hope Island is your best choice in property sales and management.