Your current home is nice, but you need to move as it really just doesn’t meet your needs any more.
Sound familiar?
The next step of course is to start looking around for a new home.
But there is much more to consider than just where you’ll move to.
So, before you visit realestate.com.au you may want to consider the following:
1. What is it about your current home that isn’t suitable anymore?
Understanding why you want to move is a great start to finding a new place that will meet your needs.
Is your current home too small – do you need an extra bedroom? Has the neighbourhood changed? Have your circumstances changed?
Start with a list of the things you don’t like about your current home, or things you really need or want in your new home.
This will allow you to focus on what is really important and not get too picky or lose sight of your goals for your new home.
2. What are you looking for in your new home?
Conversely, think about what you really want in your new home.
This is usually the same as the reasons your current home is deficient, but you could be looking for a few extras as well.
Go back over the list you created and choose the two or three things you really want to improve with your move.
3. Has your financial situation changed? For the better or worse?
Before you move, think about whether you are in a comfortable position financially.
Have you just started a new job, for example? Are you earning more, the same, or less than you were when you applied for your current home loan? Does your household still earn a duel income? How much have you got left owing on your current loan?
All of these (and more) can affect whether you will be eligible for a new loan, and how much you will be able to borrow.
We can give you an honest and complete understanding of your position.
4. Fees for moving
Moving can be expensive.
You may not have paid stamp duty on your first home, but you will probably have to on your second. And this can be a big cost.
Are you better off using that money to renovate or extend your current home?
There are also moving costs, solicitor fees, government duties, and utility connection costs associated with moving.
Write out a complete list and add up the costs – you may find you are better off staying put and spending some money improving your existing home.
Ultimately though, if you do still decide to move, you’ll need to start thinking about what will happen to your current home.
5. Will you be selling your current home or keeping it to rent out?
This decision will have a big impact on the ability to borrow for your new home, and your financial future.
Is having an investment property part of your financial plan? Or will you need all the value of your current home to afford your next place? Having some options is great, but knowing exactly what you can afford will help you make up your mind.
6. Understanding how much you can afford
Knowing how much (after all the costs of moving) you can afford is important.
Not only will it allow you to identify what suburbs to look at when it comes to your new home, but it will also give you an understanding of whether you can afford what you want.
7. Is the move worth it?
Now you have put a lot of thought into the physical and financial aspects of moving it’s time to ask yourself the ultimate question – is it worth moving?
Or are you better off staying where you are and renovating and extending your current home?
Things to weigh up:
- Whether the costs of moving could be used to renovate or extend your current home
- Whether moving would disrupt your life too much
- Would renovating your current home add value to it (if you ever decide to sell at a later date)
As you can see there are more than a few things to consider before deciding on moving to a new home.
Are you thinking about making a move?
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