Upgrading simply means selling your current home and purchasing one that's a little further up the property ladder.
There can be several reasons for upgrading, such as a growing family and needing more space or you may be hoping to secure a better location. You may be keen to relocate from an apartment to a house or you may be moving for work purposes. Whatever your reason, it is important to think through the financial aspects. You have hopefully built up equity to help facilitate an upgrade, but you should also consider how you will fund the move. The process of upgrading can be an opportunity to refinance your home loan. This involves taking out a new loan to pay off your current loan.
GET AN ACCURATE ESTIMATE
Your local real estate agent can provide a market appraisal of your home. Once you have a market appraisal you will have a good understanding of where your property sits. Intercorp Financial Strategies will be able to arrange a formal valuation as part of your pre-approval process. A formal valuation carried out by a Certified Practising Valuer (CPV) or Residential Property Valuer (RPV), which involves inspections inside and out, and can provide a more accurate figure.
CHOOSING A QUALITY REAL ESTATE AGENT
It is sometimes difficult to choose the right agent, so ask your friends and family for a recommendation. They will be able to provide you with a firsthand account of what it was like to deal with them from start to finish. The ultimate driving force in getting the results you want is selecting the best agent. As mortgage brokers, we deal with many real estate agents, so if you are not satisfied with your friends and families recommendations, please do not hesitate to ask us if we know of any good agents in your area.
MARKETING YOUR HOME
It is important to remember that marketing costs for the sale of your home may not be included in the agent’s selling fee. To calculate your total net profit, you will need to ask the agent for a full list of their fees.
REPAIR AND REFRESH
You want potential buyers to notice the wonderful aspects of your property, not the things that are in need of repair or replacement. Hire a professional cleaner to give your home the once-over before the run of inspections. Hiring a professional handy man to tie up the loose ends also makes sense.
At Intercorp Financial Strategies, we have a team that can provide sound mortgage advice and high quality financial services. We are an experienced mortgage broker in Wangara headed by Bevon Sinnott. Contact Bevon today by emailing him on [email protected].