Upgrading your home in a rising market (the cost of delay)

The humble “upgrader” is the biggest segment of the Australian property buying market.

So much of our media attention is focused on first home buyers, investors, renovators and even downgraders. Little attention seems to be paid to those people that aspire to simply owning a better home. A better Australian dream.

Anyone who is thinking of upgrading to a more expensive property should take a good look at the following comparison. A 10% market increase will cost you a large amount of money if you delay.

Upgrading can be tricky when it comes to finance. There are a range of options that need to be considered and calculated. Some will “sell first and buy later”, others will try to keep both properties and some will go for the bridging loan option.

 

Michael Daniels, B.Com
State Manager NSW & ACT