Professionals Real Estate More competitive prices in the upper end of the property market in Western Australia have meant that now is an excellent time to consider upgrading your property.
Over the last three months, Professionals have received a rising level of interest from people wanting to upgrade their home to take advantage of these competitive property prices and we expect this trend to increase during 2011.
Making a decision to sell your home and buying a second home is often one of the biggest decisions a homeowner is likely to make. Homeowners who are deciding to move to a new home should put in place an action plan to ensure that the process remains smooth. Key tips that you should consider as part of this action plan include:
- Decide as early as possible if you can afford to buy your next home before selling your existing home. This is likely to involve extra short-term borrowing, however you save on the cost of rental accommodation. This strategy mostly suits homeowners who have significant equity in their existing home.
- As soon as you decide that you want to relocate, take an active interest in likely areas and properties that will suit your needs. When choosing properties for inspection, stay focussed on the type of properties which suit your needs.
- Keep a close eye on the properties that are selling in your area. In particular, keep a record of the selling prices of similar properties to your own. Remember to focus on the selling price because this is the best guide to the probable value of your own property.
- Make early contact with real estate agents in your area that are actively selling properties and discuss the range of services that they offer. This will help you eventually select the agent to assist with the sale of your own property.
- Select an agent that understands your overall objectives and can provide you with an honest appraisal of the value of your home and implement an effective marketing strategy. The same agent may also assist you in identifying your new home.
- You could consider making a subject offer on the home you would like to buy based on selling your own home first. The success of this strategy will depend on the effectiveness of the real estate agent selling your own home. The longer it takes to sell your own home the more likely it is the home you would like to buy might be sold to someone who has made an offer purely subject to finance approval.
- If you plan to use rental accommodation in between selling and buying, put yourself on the shortlist for rental properties with agents, as early as possible. You should make sure that you have a number of personal references which will be contacted by the letting agent during the application process.
- Arrange a family conference as soon as possible and carefully discuss what each family member is expecting from moving house. This is a crucial step because it is surprising how many property transactions are complicated at the last minute by family members who suddenly declare their true feelings about the property they are selling or buying.
- Employ a professional transport company to move your house contents. Many people underestimate the amount of valuable possessions they have in their home and how easily they can be damaged when being transferred to a new property. Businesses like Thrifty can also provide you with packing materials to ensure your belongings are not damaged in transit.
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