So, the end of another year is upon us. For many people, this is when we begin to take stock of where we are in our lives and what changes may need to happen in the coming year. We call these ‘new year resolutions’.
For most of us, our resolutions focus on improving the quality of life for ourselves and those we care about. Sometimes this involves a change of living situation.
Ask yourself the following questions: Are you happy where you are living? Does your current home and location still meet yours and your family’s needs? Do you want to expand your property portfolio? Or is it time to down size?
Here are my 5 top things to consider before you make the big decision:
- Gather information: All good change is informed change. Before you make any big decisions, do your research and talk to people who may know more than you. A change of job or family situation can mean different things to consider when buying or selling property. Appropriate contacts can include your solicitor, financial adviser, accountant, bank/broker and of course, your real estate agent.
- To renovate or not? Renovating can be a great option if you just need an extra room or want to modernise a few details. A good renovation can also add value to a property, increasing the saleability or rentability in the future. But a renovation can’t solve every problem with a home. Firstly, it can’t bring you closer to work or loved ones. It also may not be financially viable.
- Planning and preparation: If your potential move is driven by a desire to attend a certain school, check the enrolment criteria of your chosen school as there may be strict entry requirements to consider. If you are downsizing, you may have surplus funds from the sale that you need to know what you can do with. Maybe you need to prepare your home for sale – during busy periods, there can be a wait for good tradespeople. If you have recently completed building or renovation works, is all of your paperwork in order?
Please give me a call if you would like to discuss a valuation on your current property or options for buying and selling in 2018. For now, on behalf of myself and my team at Hodges Real Estate Bentleigh, we would like to wish you and your family a wonderful Christmas and a safe and happy new year!