Thinking of upgrading your home?
You may need a bigger house for a growing family, a more convenient location, a change of lifestyle or all of the above.
But there are important steps to consider before committing to this. Let?s start with the first: sell now, or sell later?
Why you should sell your home first
Selling your home sounds like a very stressful idea.
It might make you feel like you have to buy the first home that you come across for fear you’ll end up stranded without one.
But in reality, it’s not a huge gamble. Selling first means you will already have the cash for a home deposit, so can afford to look for the best home out there to suit your family and lifestyle needs. It can be a long process to save for a deposit, so this way you are taking advantage of something you already own to stump up the cash.
I often advise that it’s for this reason you would consider selling your home first before upgrading so that you know exactly what you’re working with.
Follow these steps before you upgrade your property
The bulk of the work that goes into finding your dream property upgrade should be done before you sell.
This way, you know exactly what you want and it shouldn’t take long after you sell for you to find it.
Be clear on the reason for your upgrade: do you want to move to a suburb that’s more convenient or has more facilities? Do you want to move to a bigger house?
Make sure you know the area you’re moving in to. This will save you time and effort throughout the house-hunting process as you know exactly what to expect about each street and locality.
If you’d like to see detailed information about a particular suburb we offer a free property report that does the hard work for you.
Be clear on the reason for your upgrade: do you want to move to a suburb that’s more convenient or has more facilities? Do you want to move to a bigger house? There are some great local and interstate removalist services online that can help you calculate the costs of your move to the suburbs you are considering.
Ease the stress by asking for a longer settlement
So you’ve just sold your house, but your own house hunt looks like it’s stagnated with nothing on the horizon that seems worth buying at the moment.
Asking for a longer settlement period is the best way to help lift the pressure off you when looking for a new place. Victorian law dictates that the settlement period must be between 30 and 90 days. Setting your settlement period to the higher end of the scale will buy you more time for house hunting.
Understanding your finance options
Upgrading means upgrading on price and so it’s important to know what your options are regarding financing your new home. If the home you’re selling has a mortgage it can often become confusing as to what’s the best option for you.
It can also seem daunting to have to go and talk to every bank under the sun to find the right mortgage for you. That’s why at Loanscope we’re passionate about conveniently meeting all your mortgage needs and getting you the deal that?s right for you without having to endlessly search for it.
If you’re ready to upgrade your home and upgrade your lifestyle I’d love to hear from you and work together to make that dream home purchase happen. If you’d like to see what we can do for your mortgage contact us.