Today – A guide to buying a bigger home is a Guest post
Buying a bigger home may become necessary as your family expands. You and your family may need more space, a garden for the kids or extra rooms. However, the price is still a deciding factor for many home buyers so let’s have a look at some things you should look for when buying a bigger home.
A guide to buying a bigger home
Always think of your budget
When you go looking for a bigger home, try to keep in mind exactly what you and your family need. If you only need one extra room then don’t go for a house with two extra rooms that you don’t need. You may be looking at homes with your heart in mind and not your head which can lead you to choose something that is out with your budget or that is already off the market.
Also, consider if you can afford a bigger home. Research mortgage rates and consult with a financial advisor to decide whether you can afford to take on more debt at this time. You may want to save for another couple of years or add some improvements to your current home in order to raise the asking price.
List your current home first
Avoid looking at new homes before you put your current home on the market first. The price that your home actually sells for and the asking price may be drastically different, depending on how long it takes to sell. The price your home goes for will affect the budget you have for your new home therefore you do not want to jump in without considering this.
Obviously your new home will be more expensive than your current home therefore it is a good idea to see how much you can reduce your mortgage by before you look at new homes. You may have to take a lower price than expected for your current home if there is a purchase deadline on the new home you choose. Avoid this by dealing with your old home first.
A guide to buying a bigger home? Work with a good team
When selling your old home and buying another, there will likely be a lot of paperwork and several people to work with. Often, communications can break down if you are not working with the right people so get recommendations from other home buyers before you choose a mortgage advisor, a solicitor and insurance provider. You need to ensure that everything is signed and completed before deadlines therefore give yourself plenty of time between selling your old home and buying a bigger home.
When buying a bigger home, it is easy to pick your dream house rather than the one you can afford. However, buying a new home means selling your old home as well so you must ensure that you take this into account before jumping onto the market. Wait until the market is right for selling and get the best price you can for your old home to ensure that you can afford to pay the mortgage on a larger home.
If you are looking to move quick, another solution is to go through a property buyer such as Tom Craven Property Buyers who will take care of all the paperwork making way for a quick sale of your old home for you so the only thing you will need to worry about is moving into your new home.
I do hope this guide to buying a bigger home has proved helpful
A guide to buying a bigger home is a collaborative post – you mihgt also like my post on what to consider before buying a house