Reasons to move and when to do it
There are multiple reasons for shifting from one property to another. Once you've decided to make the move, you may need to organise a mortgage refinance and of course, find the next home that's right for you.
Here are some reasons why you might consider moving and the steps you should take when you decide to make the change.
An extra bedroom
Whether you're adding to the family or children who once shared a room now need their own space, an extra bedroom - or two - is a common reason to move houses.
If you're going to move for this reason, it's worth considering how much this is going to cost you. For instance, is there a significant price difference between a two- and three-bedroom house in the area you want to live in?
Furthermore, if there's only a marginal increase to obtain a fourth bedroom, then you might consider going even larger.
However, you want to be realistic. No one enjoys having a home that is too big for their needs and faces higher power bills because of the added space - so be honest with what you really need in the medium to long term.
Cheaper mortgage repayments
Feel as though you're paying far too much each week or fortnight?
Before you decide to downgrade to a smaller property, consider what other options are available to you. For instance, you could take out a mortgage refinance on your existing property and switch to a fixed-rate loan.
This could provide you with a more concrete idea of how much your repayments will be, making it easier to budget for them.
Alternatively, you might take out a mortgage refinance so you can switch to a loan with special features.
For example, an offset account reduces the amount of interest payable on your mortgage.
If you have a $200,000 loan and $15,000 in your offset savings account, you'll only pay interest on $185,000 of the loan.
This could reduce your payments enough to stay in your current home so you can continue to build up your equity in it.
A new job
Whether you've taken up a more senior position at a new company or your existing employer is relocating work premises, job changes often force people to consider moving.
If you factor in the time it takes to travel to and from work each day, shifting suburbs could be worth it if it means drastically cutting your commute time.
However, be sure to consider whether this will affect how long it takes for children to get to school or your access to nearby parks and other amenities.
Not only will you want to consider how much you could save when it comes to travel time, but it's also worth thinking about how much you're currently spending on travel costs and how this could change if you move to a new property.
A new job provides a fresh opportunity, so embrace the change and carefully consider how your living situation can still provide you with the right work-life balance.
When to move?
Whether you need more space or a better location, once you've made the decision to move you're probably excited to get the ball rolling.
It's worth considering a few things before you start making offers on the perfect new home, however.
First of all, you'll need to have a chat with your lender about your plans to move. If you're upgrading, you'll need to prepare for an increase in your mortgage repayments - you might need to cut down on other costs if your weekly incomings are not changing.
Families with young children may wait until the summer holidays to move, but this can be a popular time to buy, which could push up house prices.
If you want to get a good deal on your new home, you might consider moving in winter. Though it's chillier, you could obtain a more favourable price on your perfect new home, easing up your mortgage repayments.