Humans are always looking to improve their lives and lifestyles. Most of the people would dream of upsizing where they live and how they commute. However downsizing is also an option if it would lead you to having better peace of mind, through probably moving into a smaller and hassle-free house in a semi urban area with more greenery and less noise.
Buying a completed house
When you are buying an already completed house in the market, there are several questions that you have to answer. First thing is the budget. Are you going to sell your current house and then by a new one? In that case are you planning to sell the present place for a higher amount, save or invest a part of the money and then use the other part to buy a house? If you are planning to do something like that, you should first look into the interest rates in the market. Consider how big a portion to invest and what amount to use to buy a house. Next you have to see if there are any repairs to the house you are going to buy and what sort of bathroom renovations Canberra cost are you looking at. It is important that you reserve some money for the repairs unless you are not doing them yourself.
Acting in a buyers’ market or a sellers’ market
Of course, in a sellers’ market, you will sell the present house first and then start looking for a new one. And if you are in a time where the market is a buyers’ market, then you can first go for a mortgage and buy a new house thereafter. However if and when you are going for a mortgage, first consider the interest rate of it. If you are planning to invest some money that you will be getting from selling the house you are living in now, do not forget to compare the interest rates; of the investment or of fixed deposits if you are hoping to save it all. Check them against the amount you have to pay for the mortgage that you are committing yourself into. Also have an overall idea of your general day-to-day costs and how a mortgage payment each month will fit into that. Contemplateon your future commitments such as kids starting school, spouse leaving a job etc.
Alternatives to selling your house first
Some fear for the idea of selling the house first and then buying a new one, because they think the buyers of your current house might want you out soon and there won’t be a place for you to stay thereafter. There are several solutions for this problem; you can of course rent a small place until you find a better place. You can also find a cheap hotelwhich is closer to offices and schools thereby reducing the cost for the commute and so on. Doing any of this, however, needs budgeting. Think of the time and the amount of money you are willing to spend for all this, because the house you are buying might have some serious renovation to be done such as requiring a new tiling service in Canberra for the washrooms or replacing a roof.
Running out of money half way through when you are trying to buy anything, is not a good experience. Hence planning to buy a new house when you are already living in one, is a platform where you can learn many things. All of this can help you when you start a new life in a new house.