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.
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.
Here are some 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 if you can.
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 are featured. If you’re starting a family, then perhaps a home in a quieter area with extra space is more suitable.
What’s your style – Decide on the type of home you’ll be comfortable in. Are you seeking a larger estate home with acreage, a low maintenance garden home, or something in between? Be sure of exactly what you’d like before beginning your search.
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 yard is also a plus, but many neighborhoods offer common areas for recreation as well.
Go for good bones – A well constructed property will save you thousands of dollars in structural remodeling costs over the years. Think of items you might want to add down the road and then ask yourself is this cosmetic (easy enough to do) or structural (moving walls costs a lot of money) – try to fit the long term structural needs into your plans so you don’t have the expense later. This is especially important if you extend yourself financially to make the initial purchase.
Hot and cold questions – Family homes need to be comfortable, so ensure properties have good insulation and air conditioning that covers the living areas and bedrooms. We are known for our incredibly energy efficient homes and we take many steps to ensure your comfort no matter what season it is.
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 commuting to work if you’re moving further out of town.
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