Looking to upgrade, downsize or move? The choice is yours!
Buying a property is probaby the biggest financial commitment you’ll make in your lifetime. If you've been in your home for a while now and you feel like it's time for a change, then you're likely to have a few options available. Do you renovate? Do you keep your home as an investment? Do you sell? Or are you at the point in your life where its time to downsize? The decision can be tough.
Upgrading
Do you love where you live but need some more space? Is your kitchen looking a little worse-for-wear? You may decide that upgrading your current home is the way to go. Do your sums on not only the cost of renovating your home, but also the cost vrs selling and moving. You might even want to take into account the additional equity that you may add to your home.
Your home loan costs and how to structure your loan for renovations, is where we come in.
Moving
You've had a think and purchasing a new property is the way to go. Have you thought about renting your current place out and switching your owner occupied to a rental? This in itself presents a new world and, if its what you are wishing to do, its a great idea to have a chat to a real estate agent to understand the rental process.
If you've decided to sell your current property and start searching the market for something new, then its a great idea to find out what your potential borrowing capacity is, what your repayments might look like and even have a pre-approval up your sleeve.
Chat to us about home loan costs, loan structure, borrowing capacity and pre-approval.
Downsizing
Whether you are downsizing as your current home is getting too big, or if you are looking to retire to the beach, or just a smaller home there are still multiple things to consider. Does your property still hold a mortgage? Do you need to borrow additional funds and what does that look like?
No matter which option you are looking at, check out some things you need to consider to get yourself purchase ready -
Think Pre-Approval
If you are close to making the jump on a property, pre-approval might be a great first step for you. Pre-approval means you are 'pre approved' for up to $x with a particular lender, based on your current circumstances. It can also make settling your end loan quicker and can provide you with that peace of mind of what your current borrowing capacity is and what your repayments may look like.
Home Loan Checklist
You have a checklist for your wants and needs in a property, but have you thought about your checklist for your home loan? Take into consideration things like:
- How much can I afford to borrow?
- How much can I afford to repay?
- Have I got a deposit saved or can I utilise the equity in my current property?
- Have I thought about what my home loan should look like (variable, fixed, split, package?)
Private Treaty Sale vrs Auction
Purchasing a property through private sale (offer through vendor or real estate agent) provides you the ability to review the contract, negotiate price and negotiate terms of the contract including building & pest and finance clause.
Did you know that purchasing at auction removes this ability? An auction is a final sale, no cooling off period, with an immediate deposit required and limited number of days for finance and settlement. You can request a blank copy of the contract prior to auction for your conveyancer to review to make sure there are no hidden gotcha's.
Downloadable Guides -
Ready to find out how we can help you today, as well as down the track?
02 6617 4230 | 0425 293 453
🏠 8/38 Ocean Avenue , Casuarina, NSWAppointments Available:
Monday - Friday: 8:30am - 5:00pm
After hours by appointment
