Financial Tips For Upsizing Your Family Home (4 Video Links)
You love the home (and the area) that you’re currently living in; it’s a wonderful place to live. But the fact is that it’s just not big enough for your family anymore – your kids have grown and the amount of space that you once had now feels very limited. Your home is no longer big enough for you and your children and the time has come to upgrade your property for somewhere a little larger.
The issue is that you’re not quite sure how to go about doing so, as there’s a lot that you need to think about and take into account, including the financial side of things and making sure that the move is as affordable as possible.
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Bearing that in mind, below is a guide to a few financial tips to help make upgrading your family home a little more affordable (and achievable). Read on for everything that you should know about upsizing to a larger property and gaining a larger family space.
Get your home valued
The first step to upgrading your home for a larger property is to get your property valued. It’s a good idea to find out what the value of your property currently is and to work out a rough estimate of what you might be able to make from it.
This is an important step because it will help you to determine how much money you will have from the sale of your current home to put into a new, larger property as a deposit.
Look at the support that’s available
The next step is to look at the support that you have available to you. Take the time to look at your mortgage and jumbo loan options, to see if you might be able to borrow a larger amount of money, to make buying a larger property a little more affordable.
If you’re not sure what’s available to you, you might want to take the time to speak to a financial advisor like Kevin Canterbury, to see if they are able to advise you about what your options are. Sometimes, there are more options available to you than you might think, so it’s worth taking the time to have a chat and discuss what they are.
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Determine areas prices
If you are serious about buying a larger property to give your family some much-needed space, then it’s a good idea to determine area prices. It might be that you’re currently living in a more expensive area, which means that property prices are higher for less property. Whereas, if you were to move your family to a more affordable area, the chances are that you could buy a larger property for a similar price.
You might not want to move to somewhere else, but if doing so will give you more bang for your buck, then surely it’s a worthwhile compromise to make?
There you have it, a few financial tips for upsizing your family home and finding yourself a larger property that will give everyone the additional space that they need.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies