Many families choose to move into a bigger and better home when they have children. There are also those who upgrade their homes to reflect their success in life. Whatever the reasons, you might want to consider the following factors before making your choice:
Location
Moving to a new location would mean readjusting your current travel routine. Your new home should ideally be located near your work place or schools if you have children. It would not make sense moving to some place far away where you have to spend hours on the road every day just to get to work or school.
Amenities/Neighbourhood
You should also check out the surrounding area of your new home. A well-developed neighbourhood would mean easy accessibility to various amenities such as public transportation, schools, hospitals, shop lots and eateries. For families with children, relocating to a new home which is near a reputable school would be ideal. Safety and reputation of the neighbourhood should also be considered.
Property market sentiment
Upgrading to a new home would mean buying a new house and possibly selling the old one. You would want to get the best deal in both transactions and this is affected by the timing of your sale and purchase.
It would be wise to buy a new house when there is an oversupply of residential properties so that you get more choices and better bargaining power. You might also want to consider the timing to sell your property after moving into the new place to get the best deal. An experienced property agent would be able provide some insights in this area.
New vs. Resale
There is also the question of whether to upgrade to a newly-built residential property or an existing house. Each of these options has its pros and cons.
Newly-built houses are generally cheaper than existing houses. You can also be assured that you are getting a brand new house. However, as with all new residential developments, you will need to wait at least two years for the project to be completed. There is also a risk of delay or abandoned project.
With an existing house, there is no waiting period. You can move in almost immediately after the key is handed over to you. Existing houses also offer more options in terms of location and layout. However, you would need to pay more as the price of these houses appreciates over time with the increased value of the land on which they are built.
Condition of property
If you opt to buy an existing residential property, you would need to inspect the condition of the house. A poorly maintained house may present many problems such as leakages, cracks or other damages. Then, you would need to spend more money for repairs.
Affordability
The most important deciding factor would be whether you can afford to pay for your new home. It is necessary to examine your current income level and the amount of loan which you could get to finance the purchase of your new home. You must also include any repair or renovation expenses into the total cost of purchase.
Conclusion
Whether you are upgrading to accommodate a bigger family or changes in your lifestyle, your new home should suit your needs in terms of location, size, design, neighbourhood and budget. The timing of your move should also be planned to maximize the value of your money by getting a great deal on the new home and top dollar for the sale of your existing property. Careful consideration of all the above factors will enable you can make a smooth and enjoyable transition to your new home.