4 tips to be financially ready if you want to sell your home.
Get your financial ducks in a row
Selling your home can be full of highs and lows, both emotionally… and when it comes to your bank balance.
If you are harbouring an aversion to facing the financial impact of selling (and buying) a home, consider these four crucial points and get a step closer to deciding if the time is right to sell (or not).
1. Where are you now?
Before embarking on a significant financial upheaval, gain some more clarity around your current financial situation. Plenty of money left over after the mortgage repayments? Unruly credit card debt that needs attending to? What is your home actually worth – have you had it appraised by the professionals? It’s time to 'fess' up.
2. Your future self. Will they thank you for this?
Whether you are planning on upsizing or downsizing, a move will impact on the world of your future self – will finances be tight? Will you still be able to afford annual family holidays? Are there additional expenses you will incur with a move such as body corporate fees or increased maintenance costs that come hand in hand with upsizing?
3. Equity. What does it mean and do you have it?
No need to dig out the high school statistics text books, equity is a simple calculation based on your estimated property value less your loan balance. For example, your home has been valued at $525,000. You still have $400,00 to pay on your mortgage. Leaving you with equity of $125,000.
4. What will selling cost you?
Aside from a few extra wrinkles, the action of selling comes with some potentially hidden costs if not addressed early. From preparing your home for sale – is the exterior in dire need of a touch up? Through to costs associated with putting your house on the market – will you go for the full marketing package? Right through to the act of moving itself – will you need storage and/or professional movers? Consider all the expenses, so you’re not left with any nasty surprises.
A love of spreadsheets is an acquired taste, which is why we’ve developed an easy to use worksheet to help guide you, that will give you a clear picture of the financial position associated with your home. While it doesn’t cover everything you’ll need to know, it’s a great starting point for a discussion with a professional.
So get your files and pen ready and download the worksheet included in our eBook To sell or not to sell.
Everyone has a slightly different reason for thinking about moving. But whatever your reason, the desire to move on is a big deal. Download our free eBook 'To sell or not to sell' for tips and advice to help you decide if 'now' really is the right time to move on.
NZ Gardener and Ryman Healthcare are on the hunt for the 2020 Ryman Healthcare Gardener of the Year! We're looking for green thumbs doing heroic work for their community.
Do you know someone sharing the veggies they've grown with their neighbours? Perhaps locals restoring a park in the area to bring back birds, or a group of neighbours doing a great job in their community garden. Nominate them today!
Click here and tell us why they deserve to be this year's Ryman Healthcare Gardener of the Year.
Would you pay $40 for a cheese toastie?
You might do if it came with a lobster tail sat between a golden Volare brioche, buffalo mozzarella, crayfish oil and crispy Vandy bacon crumbs.
The dish is just one of many over 30 Waikato's chefs have let their creative minds run wild for during this year's Meyer Cheese Melt Challenge.
The competition, which sees a reimagining of the classic cheese toastie, is back for its second year and the entries are crazier than ever.
To read more about other toastie creations at this year's competition, click here
Think you know how old your dog is? Think again.
Multiplying by seven isn't accurate, a new study says. Researchers at the University of California San Diego School of Medicine and other leading health institutions across the country have now debunked that common belief.
According to their findings, a one-year-old dog is similar to a 31-year-old human.
To read about the how to calculate our dog's age, click here