Families may feel that they have to settle in a smaller home as prices of homes are on the increase. However, here are four ways you can afford a bigger home for your growing family.
Sell first – It is a good idea to sell your home first and then look at buying a new home. Sometimes you may have to rent a home for a few months before you find something that suits your requirements, however experts advise that this is a better course of action than juggling two mortgages.
Don’t overprice – Avoid over pricing your property and instead look at pricing your home as per the market value. A home priced correctly will receive more offers, and therefore the seller would be able to negotiate with the buyer who offers the best price.
New home developments – New developments are often priced better. You will have to put out an upfront deposit of 1%-2% of the purchase price and then pay the rest closer to completion. Most builders will not negotiate on prices, but they will offer incentives like paying for the closing costs,
The suburbs – Although millennials are choosing to live in the city, it is a good idea to head into the suburbs, to get more value for your money. Often homes in the suburbs will be larger than a home of the same value in the city.