Page 1

Why tell your broker you are sprucing up your house to sell?

Moving house is exciting, especially if you are upgrading!

• Start looking at prospective homes and provide us with the maximum purchase price for the type of home you would like.

Getting a clear idea of your financial situation and arranging finance ahead of time can save you unnecessary headaches later on and let you focus your energies on house hunting.

• Get finance pre approval to purchase your new home based on these calculations.

In a market of tightening bank and mortgage insurance policies it is now even more important to have your financial situation fully credit assessed before placing your home on the market. Lenders servicing criteria and mortgage insurance policies have tightened in recent times so you can’t assume you will be able to afford the property you want. If you leave it too late to see if you can obtain finance approval you could find yourself in a bit of a bind if you are in fact unable to buy the type of house you had in mind If your home is priced right, you will hopefully sell quickly. However, if you sign a contract to sell your home, it is binding. If you leave it too late to see if you can obtain finance approval you could find yourself in a bit of a bind if you are in fact unable to buy the type of house you had in mind.

So what should you do before you list your home for sale? • Get a realistic estimate of the value of your current home and plan for the reality that the actual sale price may be higher or lower. It’s prudent to do your finance calculations on the lowest price. • Ask us to help you calculate how much you’ll actually walk away with (after bank, agent, and solicitor’s costs).

Your solicitor can also help smooth the transition to your new home. It’s worth touching base with your solicitor before you list your property to consider whether you should include specific clauses in your sale or purchase contract to suit your needs, eg: • Settle contemporaneously (same day, most likely an hour or two apart). • Make your new purchase subject to the sale of your existing home. • Extend settlement time on your current home to allow you more time to find a new home. • Obtain early access to the home you are purchasing. Call our office today if you would like us to run the numbers for you so you know your limits and won’t be under pressure or fear that you have gone beyond your means. Ask us for copy of our article “Doing the numbers – 7 steps to being financially ready” to ensure you are fully prepared.

FINANC IAL STE PS! Doing th The fin

ancial

e num

steps to

bers

unde

Whilst there are rtake be home many thin fore yo to gs that financi maximise its ur next you wil al imp l need acts dur selling price, a new to do phy it home. ing the sic Sellers sale of is important before to und ally to your your exi sho listing ers their hom uld spend stin some tim g home and tand all the e with an age e getting the nt: financi purchase of ally Deter prepar ed from age mine how mu conser nts within you ch your hou vative in your r local area se is worth – or invest Obtain expect ations. a ma in a pro perty val rket apprai sal uation Est . Be convey imate your cos ancer, ts to sel pro moving home. perty adjust l – Agent’s fee service ments Make sur and sur s, advertisin provid e you ers so that the shop around veys all add g, solicitor/ to se can to be factor get the mo the cost of st cos ed into Understa your fina t effective nd you – Make ncial pla r exi sure you ns. that the unders sting mortgage re are tan pay no hidden d the cos t of exi out and associ costs or ting you ate d break break fees (we r existing loan to costs can hel p you wit ensure Determin h this). e outsta nding ma the cost of ma home and avo intenance item king necess ary rep id buyers s airs – Fix discou will help imp ing nting the rov purcha e the value of se price. your Estima te you loan valuation application r costs to buy fees, tra a new and len counci hom nsf der er e l adjustme inspection, pes's legal fees, and mortgage – Costs may sol inc sta nts t icit lude ins mp dut for cou or/con connec ies, vey ncil and pection, hom tions. e and con ancing fee water s, rates, moving tents insura building/ nce, expens es and Be utility marke prepared to neg t. strategy Be realistic abo otiate - Buyer and stic s expect ut your k to it. selling to get a price. Once you Understa good deal in tod nd you will fill have all your r negotia ay’s in figures tion tog your new the gaps and arrang ether, make home. e finance an pre-ap appointment proval and you with us. We r budget for

1

2

3

4

5

6

You ca

n then

list your

proper ty and star

t hous

e hunt

ing!

why tell your broker your sprucing up your house to sell  

why tell your broker your sprucing up your house to sell

Read more
Read more
Similar to
Popular now
Just for you