All tagged Real Estate
Instead of solely focusing on interest rate predictions, concentrate on your own financial preparedness and the specific market conditions in Western Sydney. Talk to a mortgage broker to understand your borrowing capacity at different interest rates. Research the suburbs you're interested in and monitor market trends. If you find a suitable property that you can afford, don't necessarily let the current interest rate hold you back.
The children have moved out to start families of their own, the garden is growing wild and costing a fortune to maintain, and you’re spending more time cleaning the pool than swimming in it.
A new home better suited to a more relaxed lifestyle could be the answer.
“The reason most people downsize is they find their house too big in terms of upkeep,” says Melbourne buyers advocate David Morrell of Morrell and Koren. “Or they’re trying to take a bit of capital out.”
Apartments can offer low-maintenance living without sacrificing on quality, but not all are created equal.
Buyers accustomed to a large, freestanding house need to be picky when looking for an apartment that will suit their changing needs for years to come.
An apartment is the first rung on the property ladder for many first home buyers, especially those priced out of a freestanding or attached house in Australia’s priciest capital cities.
But when the needs of a growing family prompt an upgrade to a larger home, the question of whether to keep the first property as an investment may arise.
On the one hand, the sale of a sound investment too early risks potential future gains from holding onto the home as a rental, and increases the impact of transaction costs such as stamp duty and selling fees.
On the other hand, selling and realising equity in the first property and investing the proceeds into a more valuable asset can allow buyers to live in a better home that brings lifestyle improvements.
