Should I stay or should I go?
Despite the rise in interest rates and cost of living, the latest CoreLogic Housing Chart Pack report shows national home values rose 2.2% in the three months to September; while this is down slightly from the 2.4% growth over the three months to August, house prices are still up on this time last year.
With interest rates staying the same for the past couple of months, latest forecasts suggest that solid price growth should continue, however, nothing is certain in today’s economic climate.
If you’re looking for a change in scene or lifestyle, you may well be asking yourself, should you capitalise on the rise in property values now? Or should you sit tight, see what happens with the economy, hedging your bets the rise will continue?
None of us have the magic crystal ball to know what the market will do!
If you are considering moving for no other reason other than your home has increased in value substantially here are some factors you will need to consider:
How much is your property worth?
Knowing how much your property could potentially sell for in the current market will give you some idea of what you can afford in your next purchase.
Remember too, to stand a chance to get the best price for your property, you may need to spend money on renovations and/or to upgrade your home.
We can give a free, independent and non-obligatory quote, and also advise on improvements which can add value.
Know your expenses
While your property may well fetch a good price, you will need to factor in expenses. This includes costs associated with selling the property, such as advertising and, assuming you’re looking to purchase another property, the costs associated with that purchase, such as stamp duty and legal fees.
And you’ll also need to factor in the physical costs of moving.
Decide on what you want with your next property
It’s all too easy to get caught up in the excitement of looking for properties, so be sure you know what you’re looking for, and what you’re prepared to compromise on.
Thinking about the lifestyle you want will help you decide on the location. Will you be working from home more? In which case you may want a property which offers a dedicated work space.
When it comes to viewing a property check out our quick guide for tips on what to look out for and questions to ask.
Be realistic
If you’re looking at purchasing a new home, remember, if your property value has gone up, so has just about everyone else’s. This may well limit your options of where you want to live and what you want to live in.
Be realistic with what you can afford for your next purchase, and don’t be too despondent if your offers aren’t accepted – take it as a sign there is better property for you around the corner!
Have the right mindset
Moving house is stressful, but having the right help and mindset does reduce the stress. And read our guide on how to reduce stress when moving.
We’ve been in the business for nearly 50 years, and our aim is to make your move as stress-free as possible.
Come and see us in the Cardiff office, give us a call on 02 4954 8833, or send us an email to: mail@apnewcastle.com.au – and we can talk you through the selling process and give you more information to help you make informed decisions.
Don’t forget to check out our Facebook page for handy tips on selling your property or what to look for when buying a property.