Moving On Up: How To Be A Winner When Upsizing To A New Home

There are many different reasons for wanting a bigger home. Perhaps the family is growing in size and numbers, or maybe you’ve just reached a greater level of personal wealth. Whatever the reasons might be, you should have your sights set on achieving the very best outcome.

Moving home is a big deal, and there are many factors to consider. Take each of the following five into account before making your final decisions, and you will not regret it.

 

#1. Stay Or Go?

 You’ve probably wrestled with the idea of whether to stay at the current property or move. But deciding to leave is just the first step towards the outcome. You must also think about whether you want to relocate to a new area. Leaving everything you know behind can be tough. However, it can also be very rewarding. Researching destinations is easier than ever thanks to the internet. As long as you know the neighbourhood, school situations, and career prospects, you should be just fine.

 

#2. Financial Gains

 There’s no escaping the fact that money matters. Succeeding in the real estate market is essential if you want to be considered a winner during the move. Selling the existing home at the best possible price is imperative. You can learn how to do this at patrickascenzo.com.au. Meanwhile, you must also think about what type of property offers the best value and future potential. Financial rewards now will additionally set you up nicely for any future moves. As for purchasing a new property, go the extra mile to haggle. Every $1,000 saved is a major milestone. After all, the bigger home is likely to cost more.

#3. Dream Or Fantasy?

 When buying a new home, there are many different avenues that you could take. No property you view will be 100% perfect, which is why the thought of having one built to specifications is very attractive. Not only can you create more rooms, but they can be bigger spaces too. However, there are many self-build disasters that you must look out for. Otherwise, your dream could soon turn into a nightmare. Still, if you have the patience to wait for the property to be built, it can be a winning option. Just remember that you’ll need to factor in the cost and hassle of temporary living arrangements too.   

 

 

#4. Ongoing Costs

 Upsizing doesn’t only involve increasing the size and cost of property. It usually brings a sharp increase in monthly bills too. You can find out how to reduce energy waste at sheknows.com. Those investments and daily habits can have a telling influence. Still, you must learn to appreciate that heating and running a bigger space will cost more money. If you don’t have the resources to meet those growing demands, it might be better to stick with a similar sized property instead. As long as you’re responsible during your calculations, you should make the right decision one way or the other.

 

#5. The Move

 Moving day is likely to be quite stressful. Sadly, the emotional and financial strains will become far greater when you haven’t taken the necessary precautions. Choosing a suitable removals company doesn’t just make it an easier process. It also gives you the emotional satisfaction of knowing that you’re insured against damage. For the small additional cost, it has to be better than taking the DIY option. Breaking something valuable would be a disaster. As they say, it’s always better to be safe than sorry.

If Amazon Couldn’t Make A Profit, How Can You?

Making a profit in a new business isn’t easy. In fact, many new enterprises run at a loss for a good while before they start to see a profit. The most famous example is Amazon. Despite changing the face of ecommerce, this internet giant operated for a whopping six years before seeing a profit. Even now, at $857 million, they’re way behind their competition. Yet, when you think of successful businesses of recent years, Amazon is up there. So, why has it taken them so long to see a profit?

In truth, start up costs, boosting sales and so on isn’t easy. Even for Amazon. But, there’s no denying that many small businesses can’t wait six years to see a return. Instead, they fold because there’s no way to continue.

To stop the same happening to you, it’s worth considering the fastest ways you can clear the path for profit. Read on to discover how.


Clear your starting debt fast

The main reason it takes a long time to see profit is that starting costs are so high. Most of us have to take out a variety of loans to even be in with a chance of making our ideas a success. As such, we’re starting our business way in the red. It’s no wonder, then, that it takes a while before our profits actually land with us. To solve this issue, it may be worth considering a bill consolidation loan. With one of these in place, all your debts will be in one place. You’ll no longer have to worry about many different outgoings. This will make it much easier for you to develop a fast-track repayment plan.

 

Keep your early expenses down

Every entrepreneur knows the importance of minimizing your outgoings where possible. What you might not realize is how extreme you need to go to see a profit. Avoid hiring staff, or even using top equipment, until you start to see success. Otherwise, it’ll be even longer before you see a profit. That said, you need to find a delicate balance here. Your products still need to be top quality. Otherwise, you’ll struggle to sustain a customer base. Know where you can and can’t compromise. That factory space may not be important right now, but the best materials for your product should always be a priority.


Use financial statements

Those early financial statements are essential, and never more so than when you first start out. Everything you need to know about making a profit is within those sheets. All you need to do is understand how to read them. Take note of your losses and profits to gain a decent understanding of the gap between the two. Make note, too, of when sales are at their highest, and see if you can extend that trend somehow. Once you have a few financial statements to hand, you should be able to develop estimated profit margins. With a bit of luck, this will turn profits from fairytale to reality!

Can You Outperform The Market As A First Time Buyer?

As a seasoned renter witnessing your hard earned cash lining the pockets of your landlord, you want to break free and see your money working for you. You no longer want to be moving homes every twelve months, and you want to put down roots. You’re keen to get a foot on the property ladder, but you’re nervous. This is the largest financial investment you will ever make in your life, and you don’t want to make a costly mistake. You consider yourself pretty financially astute, and you don’t want to lose money on your investment. In fact, you want to outperform the market and view your first property purchase as launching you a few rungs further up the housing ladder. Can it be done? Take a look at this guide to outperforming the market as a first-time buyer.

 

Choose Your Location Wisely

If you’re keen to see a more lucrative return on your foray into the world of property, you may need to take more risks. You could purchase your new humble abode in an area that is already established as an excellent neighbourhood. By doing this, you are guaranteed a return on your investment but maybe not in the realms of profit that you had foreseen. If you do your research and try to spot the next up and coming area, you can pick up a house for a minimal price before the regeneration of the area has taken place. If you have made a wise decision and you notice more property development in your chosen area along with an emergence of a cafe culture, greater amenities and transport links, you know that you are onto a winner.

 

The Property

Making a lucrative return involves getting your hands dirty. It pays to try and purchase the worst house on the best street. This way, you have more opportunity to add value to a property knowing the ceiling price of the road or vicinity and sticking to a budget accordingly.

Purchasing a fixer upper can be exciting and offer you the opportunity to design a living space bespoke to you. You will need to consider how you are going to pay for the property and the subsequent renovations. It’s wise to look into traditional bank financing options. By securing a loan at a favourable interest rate at a budget you can easily afford, you will be at less risk of becoming unable to afford the monthly repayments should interest rates spike. You can investigate home loans as well as specific renovation and refurbishment loans to suit your circumstances.

 

Short Or Long Term

Be aware that your plans may change. If you purchase a property with a short term investment in mind as you were going to fix up a small house and put it back onto the market to make a lucrative profit, you may need to alter those plans if the property market doesn’t remain as buoyant as you would like. Don’t sell for a minimal profit if the market forecasts are showing a sharp increase in house prices over the next twelve months. Be patient, enjoy living in your new renovated pad for a little while longer, and exit the investment a year later with optimum profit.

Getting your feet onto the housing ladder has never been tougher, and outperforming the market is becoming even harder. By following this advice, you have every chance of success when investing in property.