Posted on 08/02/2017 by Todd Pearce
Have you ever wondered why some families and buyers are confidently choosing to upgrade their homes in the current market? Even though it is down!
Did you know the slowdown in the property market is in fact financially advantageous for homeowners and property investors who want to upgrade their homes or buy investments properties?
Everyone knows that properties are drastically cheaper today than they were just a few years ago. Because of this, today’s property owners have the opportunity to trade up to a larger and a better quality home at a more affordable change over price than they could in the past.
The fall in prices provides these property owners who wish to upgrade an excellent opportunity to trade up to a better home with a smaller changeover cost. The gap in price difference between a more expensive home and a cheaper one is much smaller today than it was two, three or four years ago. We are also currently experiencing increased demand for lower priced houses and this provides a great opportunity to pay an even smaller changeover cost.
With the market currently bouncing around what I believe is to be the bottom of the property cycle, an increasing number of homeowners are realising that this is the best possible environment to upgrade their existing home to one that might have been out of reach a few years ago.
Undoubtedly when market prices are down people who understand this concept and upgrade their homes are the real Winners. When the market turns – and it has too sooner or later – property owners who have made the move and bought bigger and better quality homes in better locations will not only enjoy an immediate improved lifestyle but will also benefit from the increase in capital growth that will inevitably follow.