Maybe you’re renting, or just looking for an upgrade from your current home, whatever the reason, you’re starting to feel like it’s time for a change. Moving is a big decision, and it takes preparation. You definitely cannot just do it overnight, that’s for sure. Here’s some things you need to consider planning for before you can think about moving house.
If you’re renting now, things are definitely a little easier on you in some ways when compared to homeowners having to sell up and buy a new place, with all the negotiation and faff, there can be a lot of extra stress, bother and cost.
When it comes to making the jump from renting to buying a new home, you’ve really only got to have a couple of things. You need a sizeable chunk of cash as a deposit, at least 10% of the property value, but ideally 20% or 30%. The more of the property you’re able to buy straight-up, the less you’re going to have to pay in mortgage interest.
If you’re worried about paying off the mortgage, remember there’s loads you can do in future to pay it back sooner than planned. The important thing is getting away from the dead money of renting.
You also need to be totally financially stable. That means three to six months’ worth of expenses saved up, as well as solid ongoing employment. You can’t really be thinking about uprooting if you don’t have these basics.
If you’re looking to continue your journey on the housing ladder, then I’ve got good news for you. It’s a sellers’ market right now. With a limited overall property inventory, as well as other factors, house prices are going up, and the average listing time prior to sale for properties was just 39 days. That means in just over a month, your house could be sold, and with a tidy profit too.
Like I mentioned earlier though, if you’re looking to sell up and go for something even bigger and better, that’s going to be a pretty involved process. You’ve got to sell your current property, find a new home and negotiate a deal. Going through that, you’re going to be needing total financial stability, again with 3 to 6 months’ worth of savings in the bank.
Before you look at selling your home, you need to be looking at what you can do to give it a bit of a boost. I’m talking thorough, deep cleaning, new coats of painting, getting rid of clutter, maybe throw a mirror in the lounge, whatever it takes to make it look bigger, cleaner and full of potential.
Don’t forget the front yard either, you can’t overstate the importance of a good first impression. With some nice new shrubs and flowers, a little trimming and mowing the lawn, your house could be the prettiest on the block, and that could see you selling quicker and for more cash than otherwise.