Finance for upgrading your home

Upgrading usually takes some planning and there’s quite a few considerations / options we’ve helped clients to explore:

• Renovations: If you love the location and “shell” of your current home, you may like the idea of upgrading through renovations. If you’ve had your home for some time, you’ve likely built up some equity in your home that can be used to fund the renovations. Our mortgage brokers can help you refinance / cash out to achieve this.

• Purchasing a new home: If you’re upgrading through buying an established house, it is wise to talk to your mortgage broker months in advance to consider your borrowing power and how much equity you have in your current home. This will impact decisions like whether you need to first sell, then buy or whether you could buy your dream home and turn your current home into an investment property. These are all strategies which our mortgage brokers can help you with.

• Building your dream home: Construction loans operate a bit differently to a standard loan when buying an established home. See our previous post for the details. Some other considerations would be whether you would need to sell your current home and rent during the build period, or if you’re able to hold your current home until the build is complete.
  
  We’ve helped clients finance their home upgrade in all the scenarios above. All are achievable with enough preparation and strategy. If you’re planning an upgrade of your home in the future, book in a free consultation with us to see which strategy would work best for you.