Today, I’d like to talk to you about your next property and what to think about when you buy one.
Upsizing, downsizing or relocating your home can be such an emotional time, sometimes filled with a lot of risk and uncertainty.
It’s important to explore your options, seek the right financial advice put yourself in the best possible position
Recently, I met a young couple with two gorgeous children and all they talked about is buying their new home I just had a meeting with a young couple with two gorgeous children and they talked about buying their next property as they would like to upsize
And they did talk about being very close to their friends
But there is more to consider than just friendships
So these are 7 things to think about before buying your next property
Number 1: set your goals. Discuss with your partner what’s really important to you in your next property, how you want to live your life, but keep long term in mind, because you are buying for the next 10 years.
2. Consider school, childcare options. It is important to do your research before you start. Moving to a new home will create new friendships and new networks
3. Paying off your debt: think about how you will afford to buy a new home, how much mortgage do you need to have, deposit on the house, are you happy to pay Lenders Mortgage Insurance and how much your repayments are going to be on the new home. Prepare for unexpected eventualities with a solid financial plan
4. Take your time and seek help. If you have friends with older children, talk to them. They will tell you what challenges they faced when they moved to their new home.
5. Consider Renting – sometimes you don’t need to buy a property, you can just rent.
6. Consider selling or not selling your existing property. Sometimes it might be better to keep it for the long term financial goals or if your cash flow is going to be impacted, then maybe it is better to sell it.
7. Take into account your new rates and all the other expenses that you will have with the new property
Disclosure Statement: The trustee of the EWIG Investments Trust trading as TruWealth Advice Pty Ltd is a Corporate Authorised Representative of TruWealth Group Pty Ltd. ABN: 71 619 420 423. AFSL: 499444
General Advice Warning: The information in this communication is provided for information purposes and is of a general nature only. It is not intended to be and does not constitute financial advice or any other advice. Further, the information is not based on your personal objectives, financial situation or needs. You are encouraged to consult a financial planner before making any decision as to how appropriate this information is to your objectives, financial situation and needs. Also, before making a decision, you should consider the relevant Product Disclosure Statement available