Stay or Go?

  • Easy, 4-step plan to help you decide whether to sell now or stay put 

    If you own a home it will happen to you! One day, when you least expect it, a thought will occur to you . . . “If only we had an extra bedroom” . . . Or “. . . A rumpus room” . . . Or “. . . A pool” . . . Or, something else you don’t already have. Perhaps you’ll think, “If only we had a single storey home rather than a two storey home”, or “If only we didn’t have to spend every weekend mowing such a large back yard”. Maybe you’ll think, “If only we lived in the next suburb” . . . Or “If only we didn’t live next to these neighbours” . . . Or “If only we lived on a quiet street” No matter how hard you try, no matter what you do, one day you’ll have thoughts similar to these. And before you know it the next thought will be “Maybe we should consider moving” The thought of moving home can at the one time conjure up feelings of both pleasure and of pain – the pleasure of moving to a new home and the pain of the selling process (after all, who likes packing). So, for many of us, the hardest part is not selling but deciding to sell. Some of us are plagued with questions such as “When is the best time to sell ?” . . . “Should we wait till prices are higher ?” . . . “What if we can’t find what we like ?” Over the years we have developed a quick 6-step plan for our clients that has been able to assist them with the thorny question “Should we stay or should we go ?” and in the next few pages we will share these simple secrets with you. Each step in the process begins with a question. Ask yourself each of these questions, record your answers where provided, and at the end your decision will be easy. So, let’s start with the first question . . .
    Step 1 

    How happy are you with your present home? 

    No matter how long you have lived at your present home there have probably been days when you have been really happy with your home and other days when you’ve been unhappy. Many factors can combine to generate an overall feeling of either contentedness or dissatisfaction with your home. Such factors might include:- 
  • • Size of the home and of the rooms in relation to the size of your family 
  • • Facilities such as the number of bathrooms and toilets 
  • • Size of the gardens 
  • • Number of bedrooms 
  • • Additional living areas such as rumpus room or family room
  • • Quality and / or condition of the property 
  • • How well you (or your kids) get on with the neighbours (and their kids) 
  • • Noise from traffic or other sources • Distance to facilities such as shops, schools, parks, restaurants, hospital / medical services 
  • • Ease of available transport – trains, buses, taxis etc What factors influence whether you are happy or unhappy with your present home ? 

    Step 2 

    How much will you get for your current home? 

    The property market moves every day. Every day properties are bought and sold. Every day new properties come on to the market and others are withdrawn. Whenever the number of properties on the market changes and whenever another property sells in your marketplace the value of your home changes, even if only slightly. So, if you are considering selling your property, give us a call and have one of our experienced team with our local knowledge give you a free appraisal of the market value of your home.
    Step 3 

    Will the bank lend you what you need to buy another home? 

    Now that you know how much money you would retain from the possible sale of your property the next step is to find out how much you can borrow. Today there are not only dozens of lending institutions ready, willing and able to talk to you about your next mortgage but each one of them seems to have dozens of different loans on offer – all with different features. How is anyone supposed to work out what to do? Easy! In recent years mortgage brokers have begun to proliferate. Mortgage brokers act as a middleman between the home loan borrower and the banks. As each of the banks have progressively cut back on services to the public over the past few years, mortgage brokers have taken the place of lending Managers in banks. Most mortgage brokers will come to your home at a time that suits you. They will take down all your details, record all your mortgage needs and then, with the aid of a computer assess which bank and which loan suits your personal circumstances best. Better still, they will complete all the paperwork for your loan application, follow up the loan approval process and charge you nothing for the privilege. That’s right, it costs nothing to have a mortgage broker organise your loan – they are paid a fee by the bank you choose when you decide on a loan. Once you have an idea of how much you can borrow you can complete the following . . 

    Step 4 

    Have you considered all the costs involved with moving home? 

    Moving home doesn’t come cheap ! In fact, if you were to write down all the costs of moving and seriously take into account the sense in parting with the money involved, many of us would never move. Of course, if we were to make all our decisions based on logical choices most of us would never do anything. So, don’t despair, the cost of moving may sound like a sizeable cost but the payoff (moving to a new home) is usually well worthwhile. So, for the sake of proper balance in this difficult decision-making process, we have included a list of (most of) the costs involved with moving home . . . 
  • • Bank fees 
  • • Building Inspection fee 
  • • Pest Inspection fee 
  • • Adjustments to Council rates / water rates 
  • • Mortgage application fee 
  • • Mortgage insurance 
  • • Removalist / truck hire 
  • • Stamp duty on the property purchase 
  • • Survey 
  • • Solicitors / legal costs (which usually also include contract preparation fee, mortgage search fees, settlement fees, bank cheque fees, photocopying, stamps, phone calls, strata search fees) 
  • • Agent’s fee on the sale of your current home 
  • • Rubbish removal / cleaning fees 
  • • And . . . The cost of new furniture at the new home (because, in may cases the old furniture won’t suit the new home !) 

    Now that you have absorbed the possibility of paying some of these costs in the quest to move to your new home the question remains . . . “Are you still willing to move ?”
  • If you are still willing to move from your present home to a new home that better suits your families needs, call Elders Real Estate Echuca today for the best advice and assistance.
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