Are you thinking of “buying up” to a larger home? It may cost you a lot more than you think. It may be a lot more cost effective to turn your current home into your dream home with a home extension.
At Next Level Extensions, we have more than 70 years’ combined experienced in providing home extensions and second storey additions to homeowners in the Perth area. We have helped a lot of homeowners in your position save a lot of money and avoid the hassle of selling, buying and moving. Here are some factors to consider before you buy another home.
Costs of Buying
Here are some of the basic costs of buying a home: legal fees, stamp duty, building and pest inspection, loan establishment or application fee, bank valuation fee and title insurance. Other costs can also “pop up” at any time, depending upon your situation.
Costs of Moving
It costs more to move than you may think. You have to pay the movers to box and move your belongings. You may also have to pay new establishment fees for electricity, gas, water, phone and cable. Your new home will always be missing a few miscellaneous conveniences that your current home has.
And how about your time? It is going to cost you a lot of time and effort. It will also make your children have to say goodbye to their friends.
Another factor: transition time. Unless things go perfectly and you can settle on both properties simultaneously, you will either be paying mortgage repayments on two homes at the same time or you will have to pay to stay in a hotel for as long as a couple of months.
Costs of Selling
It also costs money to sell your old home. You have to pay for advertising and you have to pay a commission to the real estate broker.