Climbing the property ladder can build your wealth and simultaneously meet the needs of a changing lifestyle.
Starting a family, growing your family or just looking for a lifestyle improvement are all great reasons to upgrade. But a new property will often come with a bigger mortgage and more responsibilities, which makes your choice of a new home incredibly important.
You must not only consider your current needs and financial ambitions but how they might change in the years to come.
As your agent, I’d love to help you identify the critical attributes of an ideal new home for you and your family.
Sometimes, it’s beneficial if you come with some “must-have” features. These might be close to good transport, schools, your workplace, or even a garden or pool or great wifi!
It’s also helpful to know whether your next home is just one of many intended rungs up the property ladder – or a forever home.
I can also assist you in valuing your current home, advise you on any improvements that might immediately add to its value, and help you put it on the market.
Here are my tips to help you upgrade to a new property:
Assess your budget – You need to know your numbers. You should have a good idea of the value of your current property, and the ceiling of your borrowing capacity. It’s a good idea to get pre-approval for your new loan before venturing into the market, and to sell your current property before you buy.
Prioritize lifestyle – This is more important than the quality of any property you might wish to buy. If you love dining out and restaurants, then you need to stick to neighborhoods where they feature. If you’re starting a family, then perhaps a home in a quieter area is more suitable, or a larger condo in a great location.
Financial growth – Homes that need some fixing can deliver the best financial gains. However, they are not plentiful. If you don’t fancy the workload of remodeling, then you may find investment opportunities in neighborhoods that are showing growth. As your agent, I can help you understand areas of potential.
What’s your style – Decide on the type of home you’ll be comfortable in. Are you seeking a larger condo with a view, a four-bedroom house in a leafy neighborhood, or something in between? Be sure of exactly what you’d like before beginning your search. If you’re not sure, consider a rental for a period to trial different home styles.
Consider your space needs – If you’re about to start a family, then bedrooms, bathrooms and kitchen are essential elements of an ideal property. A spacious garden is also a plus, but perhaps you can find a home near a local park.
Go for good bones – A well-constructed property will save you thousands of dollars in structural remodeling costs over the years. Pay attention to what might need updating and features that might be missing, such built-in wardrobes, which would have to be retrofitted. This is especially important if you extend yourself financially to make the initial purchase. Your budget may mean you have to wait before undertaking improvements.
Hot and cold questions – Be confident the properties you inspect are built appropriately for their climate. Family homes need to be comfortable, so ensure properties have good insulation and air-conditioning that covers the living areas and bedrooms. In new homes, you should expect to see passive heating and cooling.
Understand running costs – Large gardens and pools require maintenance and equipment and have running costs. Also, make sure you have budgeted for an increased expenditure for transport if you’re moving further out of town.