Tips for upsizing your home

 

Ready for more space? A second bathroom? Better weather? Or just a change of scenery? Now is the time to make that move and find the home you’ve been dreaming of.

There are more houses on the market right now than we have seen for a long time. And many of those properties are being marketed with attractive asking prices, which makes it easy to work out if a home is in your price range.

Here are 5 steps to work through if you are considering a move:

Step 1. Where do you want to live?

What location makes the most sense for your family over the next 5-10 years? Spend time in your potential target areas and decide if you actually like them. Visit local cafes, go for bush walks, try the playgrounds, check out the schools and talk to some locals. What is the morning commute traffic like? What transport options are available?

Once you have settled on one or two target areas, start looking at properties for sale and find out what houses are actually selling for. What is the buyer competition like? Are the open homes busy, or quiet? How long are properties staying on the market? Does the style of housing in this area suit your ideal lifestyle?

Key question: After spending time in your target areas, do you still want to move?

Note: It’s totally ok to change your mind at this point and decide you like your existing home too much to leave.

Step 2. Get an appraisal on your own home.

Now you need to understand how much you could sell your own home for. That’s where we can help. We can give you an up-to-date market appraisal (value estimate) on your home, while offering tips and suggestions to help you get the best possible price.

Call us today to book your free consultation. We often meet with owners who are 6-12 months away from going on the market.

Step 3. Finance = sorted

Now that you know what you might get for your property, speak to your mortgage adviser so you can get a feel for what you can afford to spend on your next home.

Work out if any bridging finance options are available to you and discuss hypothetical scenarios with your financial adviser. For example, how much could you afford to spend if your own home sells for $100k more than you expect? What about $100k less?

Key question: Can you afford to buy the type of home you want, in your target location?

Step 4. Understand supply and demand in your target area.

Do you need to be a cash buyer? Or are subject to sale offers ok? This is a key point and will determine whether you need to sell your existing home first, or, whether you can offer on your new home subject to the sale of your existing property.

It all comes down to buyer demand for the type of properties you are interested in. If the market is quiet, you should be able to make conditional offers. On the other hand, if the properties you want are in high demand, you might need to sell your existing home first or secure bridging finance to have any chance of getting your offer accepted.

Step 5. Start making offers.

Find a home you like and go for it!

Make sure you do all your research before offering or have conditions in the contract to allow time for due diligence with your building inspector, lawyer, finance provider, local council and any other specialist advice you need.

Always get expert advice on contract wording, especially around ‘subject to sale’ conditions, before you sign any offer document.

Trust the process

Last but not least, it’s important to understand that upsizing your home is a journey. You might get the first house you offer on, or you might make 10 offers before you strike a deal. Be patient and ready for anything. And if one home doesn’t work out, don’t give up. There are plenty more out there!