Buying a larger home
As your family expands - babies come along, teenagers take over, and parents want space - housing needs to change. Before you organise the removalists, look at the list below and ensure you are making the best financial decisions.
Do you sell or keep your current property?
You will need to consider whether you will be keeping your current property or selling it. If you decide to sell your property, you’ll need to decide whether will you sell first or buy first.
Are you planning on renovating your current and/or your new property?
If you are keeping your current property or looking to increase its sale value, will you need to factor in some renovations, such as new carpet, painting or major kitchen appliances. Do you plan to renovate the larger property as well? You'll need a lender that takes this into consideration.
Should you stay with your current lender?
Negotiate the best deal for you with your current lender and then compare it with the best comparable deals with other lenders. Compare loans that have similar features and be confident you have the best one for you. A Yellow Brick Road adviser can do the ground work.
Other costs to consider
With larger homes come larger expenses. Think about all the new furnishings you will need for your larger home, the big screen television, the double door refrigerator and any initial renovations you may be considering. Other increases to expect are on insurance premiums, utilities such as water, gas and electricity may increase, land rates and even maintenance costs of the property.