The process of finding a new home and moving takes both time and money. This can be especially challenging for homeowners as they take factors like budget, location, and lifestyle needs into consideration when deciding when are where to relocate. Sometimes it’s necessary to buy a new home when enough factors indicate that your current home is no longer the right fit. Here are some signs that it’s time to sell the home you own and look for a new place to settle down.
You’re in the middle of a seller’s market.
A seller’s market means that the real estate market is tilting towards sellers, with more people looking to buy than properties available. This leads to low-interest rates and rising home prices due to the limited supply and high demand. Homeowners who sell during a seller’s market can turn an attractive profit fairly quickly. The first step in determining whether or not to sell is to look into variable home loan rates. The interest rate on variable rate loans fluctuates at the lender’s discretion according to the market interest rate set by the Reserve Bank of Australia. This variable interest rate can mean reduced monthly mortgage payments.
A basic variable home loan is a good idea for first-time borrowers looking for a lower interest rate and a simple monthly payment. Standard variable home loans feature discounted interest rates and allow borrowers to make additional payments on the outstanding balance throughout the life of the loan. A fixed-rate loan such as a home equity line of credit also, called a HELOC or home equity loan, has a fixed-rate on a lump sum payment. This means your interest payments will be the same throughout the fixed term.
You can compare variable home loan rates from different lenders seamlessly with iSelect.com.au to learn how an adjustable-rate mortgage, line of credit, or fixed-rate mortgage can benefit you. As with any mortgage product, creditworthiness will impact the qualifying loan amount, loan term, and rate loan. Explore variable rates with iSelect.com.au and feel confident about your next new home purchase.
Your home is becoming a money pit.
Keeping up with routine maintenance on an older home can become expensive. The roof, kitchen appliances, siding, and HVAC units all eventually need to be replaced. It’s time to consider buying a new home when your old home begins costing more money than it’s worth. For example, older homes often experience structural issues such as slab leaks that can lead to severe damage to your home’s foundation.
Slab leaks are pressurized plumbing or pipe leaks found beneath the concrete foundation or slab foundation of the house. Cracks in the concrete slab often occur within incoming water lines or sewer lines. The signs of a slab leak include high water bills, reduced water pressure in the hot water line, a smell of mildew or mold, warm spots in the carpet, corrosion of copper pipes, signs of water damage, and water leaks underneath the floor or in the yard. Noticing these common signs and seeking a professional plumber can reduce the severity of the leak.
If you detect the signs of a slab leak you should seek out the expertise of professional plumber from Streamline Plumbing. They have years of experience with slab leak detection, identifying the source of the leak, and providing slab leak repair. An expert leak detection specialist will find the location of the leak using modern techniques that prevent costly damage such as trenchless pipe repair. When it comes to expert foundation repair to keep your slab in top condition, rely on the specialists at Streamline Plumbing to get the job done.
Your neighborhood isn’t what it used to be.
Most homeowners purchase property for the location. You know it’s time to buy a new home when your neighborhood begins to feel a little iffy. The safety of your neighborhood can impact your home’s equity and property value. Or maybe you’re just outgrowing your neighborhood — another good reason to buy a new home. As your lifestyle changes, you may need to update your current living situation and make a move to a new location that better suits your needs.
Taking advantage of favorable market rates, facing costly home repairs, and protecting your home’s equity are some of the indicators that its time to buy a new house.