Finding your ‘forever’ home is the dream of many Australians. However, very few of us can buy our dream home the first time we set foot onto the property ladder, and that’s why, for many home owners, buying and moving into that ‘forever’ home is a process of selling and packing up one house and trying to get into another, which can be a very stressful juggle indeed. In fact, new research by ING Australia reveals that upgrading to your ‘forever home’ is as stressful as starting a new job, planning a wedding or becoming a parent.
Buyer’s Agent and CEO of propertybuyer.com.au, Rich Harvey, has years of experience helping Australians make the transition to their dream home and shares his tips for reducing the stresses associated with upgrading from a smaller home.
1. Be sure to get your finances pre-approved and be clear on your budget
“The best way to get started and ease the stress of upgrading a home is to determine your exact budget from the outset and only be looking within this budget. If you want to ease the stress of mortgage repayments, consider taking in a flat mate for a short period of time prior to, or after upgrading. According to ING’s research, almost a third (31%) of people that upgraded last year took on a flat mate to ease the financial stress of a larger mortgage.”
2. Create a ‘Buyers Brief’ and be clear on your ‘essential’ and ‘desirable’ criteria
“Develop a wish list of everything that is essential for your new property as well as some desires and turn this into a ‘buyer’s brief’. Identifying and outlining these needs and wants will give you a focused guide with which to review properties and will ease the process of searching for your dream home.”
3. Trust the process and don’t take any shortcuts
“Finding your dream home can be a lengthy process, ensure you are doing all of the necessary research into a home and an area, keeping detailed notes when researching and viewing properties for future reference. It is also beneficial to build a network of agents in the area you are viewing when attending open houses. These agents may have properties that better suit your brief so communicate what you are looking for and work with them to find your dream home.”
4. Once you have found your dream home, carefully appraise the value to determine the right offer to make
“Unfortunately, the stress doesn’t always end when you have found your dream property. Ensure that you undertake a comparative sales analysis looking at other properties on the market in the local area to determine the best offer to make. Putting in the extra effort now may save you years of stress down the line.”
5. Get professional assistance
“The prospect and process of upgrading homes should be exciting! Consider engaging a buyer’s agent to take the stress and emotion out of the process. Buyers agents have the connections and networks to find your dream property as well as the market understanding to negotiate the right offer for you.”
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