Tuesday, July 21 2015
Selling your old home at the same time as buying a new one can be challenging as it’s difficult to know where to start.
It might seem obvious, but the number one thing people overlook is actually finding out the full costs of a move including what they can afford and how much a lender will be prepared to lend them.
People often get so caught up in the emotion and excitement of looking for their perfect home that they overlook the financial realities and costs of such a move. There are a multitude of factors and costs that come into play when changing properties many which most people don’t anticipate. This often means people find themselves caught in a bit of a bind at the 11th hour and often have to wear a lot of unexpected costs to proceed and end up with a more expensive loan than they anticipated.
Not a great start to something that was meant to be a positive experience.
Getting a proper financial evaluation up front before you start looking means you can get a much clearer understanding of what your options are and the implications of different scenarios.
One of the tools we use for our clients is our Property Changeover Calculator. This allows us to assess the outgoing and incoming costs associated with a move so a client has a better understanding of their end financial position and likely ongoing costs.
We can also explore a range of “what if?” scenarios to assess the impact of different sales and purchase prices.
This means our clients are better informed upfront, and means we can determine the appropriate structure for their needs before they proceed.
Contact us to discuss your next move or even just to get a financial check up