4 signs you need to move to a new home
When you first moved into your home, bright-eyed and happy with your new purchase, you might not have known that you would outgrow it one day. Whether you've started a family or all of your kids have grown up and left, there comes a time in your life where you may need to move onto a new house.
If you're experiencing any of the following signs, it might be time to think about selling up and moving on with a home mortgage.
You often make repairs
Ask yourself how many times you've had to make major repairs to your property in the time you've owned it. If it's happening frequently, it's a sign that you need to move to a home that's in better condition.
Some troubling areas include plumbing, cracks in foundations, roofs, leakage and sagging ceilings. Problems in these areas can often lead to extensive repairs, potentially resulting in hundreds of thousands of dollars.
Maintaining a problem home can be very expensive and will likely drain your savings over the long run, not to mention your peace of mind. Try to get rid of your lemon as soon as possible!
When you do look for a new home, make sure you obtain a builders inspection to ensure it's in sound condition to avoid this happening again.
Your neighbourhood has changed
The make-up of your neighbourhood can change over time. This could be due to a number of factors, including new developments, roads or even neighbours.
Do you remember how quiet your neighbourhood used to be? If you're finding yourself being kept up late at night by the student renters next door or traffic from a new nearby road, you might want to think about shifting to another area.
Alternatively, you may have outgrown your neighbourhood and need to move to a new area more suited to your needs. For instance, if your kids have reached school age, you may need to find a more family-friendly suburb with great schools.
Your kids have moved out
Have you become an empty nester? If you're unfamiliar with the term, it describes a situation where older kids have moved out of the house and left the parents at home alone.
There's not much use in living in a large family house if you're going to be retiring soon, so downsizing could be something to think about. By downsizing, you can reduce maintenance bills and ongoing costs that stem from your property while also putting leftover mortgage funds towards a retirement investment.
If you've decided you're ready to move on to your next home, speak to a loan specialist about the type of finance available to you. You might even find it worthwhile to refinance to secure a better rate or access more funding if your new home is more expensive.
Remember that as a home loan is usually taken for a long period of time, you need to ensure you're comfortable with whatever option you secure.