TIPS AND CHECKLISTS
For the next home buyer you would want your next property purchase to be a good financial move. Here are some things to consider before buying your next property:
- LOOK FOR NONTRADITIONAL FINANCIAL SOLUTIONS
Friends and family could come in handy when it comes to financing your second home. There’s always the option of borrowing from friends or siblings, potentially saving you from the thousands of dollars’ worth of mortgage insurance.
- PROTECT YOUR NEW HOME
Seeking protection for your property should start even before the actual purchase. Inspections should be done ahead so that you’ll have ample time to handle repair issues. Purchasing title insurance could also come in handy should there be problems like debt claims on the property after the sale. So you’ve decided to buy a new home and realized that you cannot afford owning multiple properties. The logical option would be to sell your existing home to make way for the purchase of a new one. But before doing so, think about these things.
- AFFORDABILITY OF NEXT HOME
If your target property is more costly, this would be called “trading up” in the real estate world. Assessing whether you can afford a trade up is imperative. A simple rule of thumb: unless you had an income and asset increase since you purchased your existing home, purchasing a more expensive home could be a bad move.
- SELLING PRICE
After estimating the worth of your existing home, it’s time to decide about the price. Nobody wants to give away their property. Still, try not to inflate the selling price of your house to the point where comparable houses would sell for less. The temptation is always there, especially when you are not in a hurry to sell, to lure in an uneducated buyer. Thanks to the internet uneducated buyers are a thing of the past. You could have a hard time finding a buyer. The longer your property sits in the market, the more prospective buyers become wary.
Cash Back Mortgage simplifies the process of buying your First Home.
Call us for your FREE First Home Buyers E-book on 1300 640 988
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