Moving into a new home is an exciting and slightly daunting experience that comes with a lot of research and planning.
At Atria Real Estate we know that when you buy a new home, having solid guidelines to follow will help you know with what you need to do and when.
In our more than twenty years of professional real estate experience, we have helped many clients buy and move into a new home, so we created this new home buyer checklist to assist anyone buying a property. Let’s dive in.
1. Talk with the family.
Whether you are buying as a family or a couple, decide why you want a new home. Think critically about your motivations. Ensure that timing is right and that everybody is on the same page and clear on what will be the added value of moving into a new house.
2. Decide if you want to buy or sell first.
Once you have your reasons clear, decide if you want to sell or buy first. Both scenarios have pros and cons according to your circumstances.
Selling before buying.
In this case you will have a better idea of the liquidity available for your new purchase and you will be less likely to need a bridging mortgage. Also, vendors love cash! And with liquidity on hand, you will be able to make attractive offers on new properties without conditions around selling your old home. If you decide on this option consider the potential rental costs that may occur until you find a new home or the length of the settlement period you may want.
Buying before selling.
In this instance you are likely to avoid temporary accommodation and rental expenses, but you will need to take into account the cash you’ll need for the new deposit.
If you are still paying the mortgage for your current home and you need a mortgage for your new home you will need to consider bridging funding. So ensure that while you’re holding two mortgages you are comfortable with higher costs. Engage a mortgage broker for professional advice.
3. Market research.
Consider the market when you are selling and buying. Check out websites like reiv.com.au to get specific insights so you can make informed choices.
Define what lifestyle and space you want in your new home and search for suburbs and properties that can give you what you want. Use websites like domain.com.au or realestate.com.au.
4. Engage a real estate professional.
With so much at stake, it’s crucial that you take your time to find the right real estate agent that will guide you through the process. Ask them about:
Renovations. Inquire about what areas of your old place you need to renovate, to score a higher sale price. Ask them if they can get you in touch with a trusted maintenance team and get directions on timing (aka what to do and when).
Styling. A real estate agent is a professional that spends their days investigating the property market and talking to buyers. They know what’s going on. They know the buyer’s psychology. So ask them how to style your old property and present it in a way that will wow prospective buyers.
If you have found this new home buyer checklist useful and you need professional guidance on how to sell your current home and buy a new one, email us today or call us on 03 8680 9421.
