Aaron breaks down buying a bigger home into three steps: fix up your current place so you can sell or rent it, get your finances in order by clearing debt and fixing your credit, then approach the new purchase strategically with your emotions in check.
Another tip from Aaron from diagnostics and Finance. Just a little bit on buying bigger. This is my model on how you can buy bigger. So three components, your own home, new home and finance. These are the three components that make buying bigger very easy, especially if you're going to live in it. If you can hold both homes and there's a whole range of other things there, let's do that too. So what happens if we, for example, look at our own home, if it needs work, we need to address that. So if it needs lawns done, all this work around the home, there's unfinished business there, we need to address that. And if it's all been addressed and you've got it maintained and ready, then it makes it a bit easier to be able to put it on the market or rent it out or whatever you're trying to do. If you are in a finance and your finance is unstructured or a mess, this needs to be worked out first. So if we can tidy up, what's going on? Is there credit cards you're not using? Is there? Are you at your limits on different things? Have you missed payments on different aspects of credit? Whether it's your home loan, credit cards, other payments, rates, notices, things like that, we need to really check out what's going on here first. And then if you're well structured and ready to go, this makes it really easy for coming in to buy a big gun. So if you're well structured and efficient, it makes it really easy and this is a progress. We can go from needs work to maintained. We can go to unstructured mess to well structured very, very easily. The next one. If your new home is if you do it in the wrong order, wrong order or unprepared. And there's different types of people's definitions on this. If you're in the wrong order, the wrong order means that we get interested into a new home before we get our old one ready to go and we basically follow, follow the red and then that makes it a little bit harder. It's not impossible. There are products out there that can help with paid credit cards and things like that. There are services out there to help get those in the right order. New home, you're prepared and you've got your other home prepared and you've got your finances in check. This all helps you get into shape for your new home. The biggest thing about wrong order is the emotion. Homes are emotional things. We live in them, we, we're going to spend a lot of time in there and we really need to get it right. So ready maintained home or it needs work. Let's check it out. Before we go out looking at things structured or a mess, unstructured or a mess, let's check that out and deal with that. Well structured and efficient. Let's jump onto our finances and make sure they're well structured and efficient. There's other videos that you would have seen with cross securitization interest only. Let's get that all sorted out. A new home or your McMansion. Make sure that we get the emotion out of the purchasing and make sure that our old home is prepared, finances are in order so that we are prepared for what's ahead. This is Aaron from Diagnostics and Finance.
