How to tackle your New Year property resolutions

The New Year is always a time for reflection and new goals and for many people property is a popular item on their resolutions list.

While some year’s resolutions end up getting put to the side, this year is going to be different. With the right advice and a plan of action for 2019, it is going to be the year you can make your property dreams become a reality.

Own your own home

Step one – Set up a budget and start saving. Having a solid savings plan in mind will help you work towards the amount you need for a house deposit.

Step two – Talk to a lender or broker and find out what your borrowing capacity is, or even better, get pre-approval in place so you’re ready to make an offer on a property as soon as you find one that meets your requirements.

Step three – Start looking! Check out properties online, attend open homes and chat to local real estate agents. Keep looking until you find “the one” that you’re ready to make an offer on.

Sell up and find somewhere new

Step one – Decide whether you want to buy first and then sell your current home or vice versa. In general, it makes more sense to sell your current home first so you know how much you have to spend when buying your next one. There are options such as bridging loans however if you decide to buy first and then sell.

Step two – Get your property ready for sale by cleaning, de-cluttering and carrying out all necessary repairs and maintenance. The better your property looks at sale time the more enticing it will be to would-be buyers.

Step three – Talk to a Professionals sales expert to get your home’s sale off on the right foot. They will help you find out what your home is worth and provide advice on what can be done to maximise your sale price, such as renovating or enlisting a property stylist.

Renovate or rebuild

Step one – Set yourself a budget. This will provide you with a solid guideline you can work within and help you to focus on what really needs to get done. Try to be conservative when working out your budget and have a little extra put aside in case building costs blow out.

Step two – Work out what changes will make the biggest difference to your home and add the most value. If you’re selling then kitchens and bathroom renovations tend to add the most value, however these rooms can be the most expensive to change too.

Step three – Unless you plan on DIYing you will need to engage professionals to do the hard work for you. Aim to get a few quotes so you can compare and get different ideas and advice about what can be done.

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