Handy tips when you’re ready to make your next property move and trade your current home for the next one.
Upgrading your home from your first or maybe second home is an exciting time.
You get to benefit from the experience of having gone through the process before and the improved financial position of having built up some home equity.
But if you’re not quite there yet there are still lots of things you can do to make your next dream property move a reality.
Here are some handy tips:
Bide your time
The great thing about biding your time before making your next property move is that it gives you even more time to plan ahead.
Focus on the positives – while you are saving you’ll continue building equity in your current home. You’ll also benefit from more time to weigh up your options. Challenge your first instinct and look into a range of property types in the area you wish to live in.
Get out there and attend open homes. Timing is so often a big factor in finding the right property. You’ll have more of a chance of stumbling across ‘the one’ if you don’t rush the process.
A good real estate agent or lending specialist may help you at this time by providing free information by way of property and suburb reports. These reports can give you specific property market data and value estimates, along with suburb and street sales history, suburb price movements, and rental market information and yields.
If your property valuation was less than you were hoping for, you’re not alone. It’s a pretty common thing among homeowners.
Yet the world is your oyster when it comes to affordable ways to boost your home’s value and attractiveness to potential buyers.
One low cost way to make your home look fab is to put some effort into the garden and other exterior spaces.
A well-kept front and back garden can do wonders for your property and create a memorable first impression – especially if that neat rose bush or well-trimmed hedge can be seen from the street.
Inside your home, it may be good to focus on the rooms most likely to draw attention during a viewing: the kitchen, bathroom and living room.
Even small things like replacing fittings or putting a fresh coat of paint on cabinets and drawers in these areas can give them a new lease of life.
Related Post: What to consider when renovating your home
A better home loan deal
An excellent way to improve your home upgrade buying options is to talk to a lending specialist.
With the right home loan you may be able to take your next step on the property ladder sooner than you thought.
A lending specialist won’t just tell you what your borrowing capacity is – they’ll help you find ways to improve it.
They know loan products intimately and are highly skilled at laying out your options. They help get your loan approved, and ensure you keep on track toward your financial goals. If a new home loan can save you interest – that’s even better!
You can also be sure that they will help you with all your home finance needs – such as a bridging loan to help you buy a new place before selling your old one.
Related Post: Ways to pay off your home loan faster
What are your costs?
Another important area to consider when upgrading your home is costs. Going through a full budget with a lending specialist is key as they will help you understand your full costs like selling your current home, stamp duty, and any lender fees. These can add up and sometimes can help you decide between renovating and upgrading to a new home.
Knowing your full position and factoring them into your borrowing helps ensure you have sufficient funds to settle on your new home.
Unlike the first time you bought, you already have a home loan. Do you pack it with you or thank it for the memories and part ways?
When buying a second property with the intention to sell your current home, there are a few options available. And depending on your current financial situation, interest rates and the housing market, that decision can be made for you. Regardless though, you’ll want the best possible price for your current home and a great deal on a new one.
Understanding your options and securing access to free property information can start with a simple phone, web, or in person chat with one of our lending specialists.
Get in touch with us today.
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This article is prepared based on general information. It does not take into account individual financial objectives or needs and is not financial product advice.