So you’re at the stage where you’re thinking about upgrading to a new home. But you’re a little unsure about taking on the debt that comes with it. In this post, we explore the good reasons why you shouldn’t wait to upgrade to the property of your dreams, even if it means taking on a little more debt.
Address the basics first
Before you make the decision to upgrade, it’s a good move to have a chat to your mortgage broker or financial adviser about whether you’re in the right financial position to upgrade. If you’ve done that, here’s some reasons why doing it now is the best option.
Two great reasons to upgrade now rather than wait
- Once you start wanting it, you’ll always want it
When it comes to upgrading, most people do it because they’re driven by an emotional desire to change their lifestyle – not purely for investment reasons. They might:
- need more space (to start a family or for older children)
- want a bigger house simply because they can now afford it
- do it as they’re friends and family are upgrading too
Our 13 years of real estate experience have led us to this conclusion: once the desire for an upgrade hits, it stays! You might put the decision on hold for a few years but it will stick with you, looping back into your mind again and again, keeping you wondering ‘what if?’.
- Waiting costs more money
If you wait, prices go up. Not only will your hip pocket suffer, so will your lifestyle. Why spend years worrying about upgrading when you could be spending them in the house you truly want, enjoying the life it offers?
Shifting your debt mindset
Once you’ve ticked your ‘budget and affordability’ boxes, you can then move on to accepting upgrading means more debt. In our opinion, debt isn’t necessarily a bad thing; provided you can afford it and you don’t over capitalise. The big positive is it will bring you a wonderful new lifestyle, one you can truly enjoy and be thankful for right now.
If you’re still unsure about upgrading, connect with us today. One of our experienced brokers can run you through your options and help you make the decision to get into your lovely new home.