Outgrowing your house? Let’s make a smart move!
Lots of families I speak with lately are feeling the itch to upgrade - more room for kids, a bit more outdoor space, or a home that is more aligned with your family’s needs.
Once you make the decision that something needs to change, it can feel so exciting that you just want to make a move as soon as possible…but before jumping into selling or buying, you’ll want to get clear on whether the numbers truly stack up!
Let’s have a look at some things to consider, and even some alternative options just in case!
Get a realistic picture of your current home
If you're thinking of selling, stop and ask:
What’s our home’s real market value right now?
After paying off our current loan, how much cash will actually be left?
How much of a deposit will we need to buy our next home?
Knowing exactly what sale proceeds you’ll have in hand is crucial.
Work out your borrowing power
Once you’ve estimated your sale proceeds, it’s time to check your borrowing ceiling. Chat to a mortgage broker to see:
How much you can borrow with your income and expenses
What repayments will look like, and if your budget can handle them
Whether you’re actually getting good value for money in your next move
Play out some different scenarios
Sometimes holding onto your existing home and turning it into an investment property makes more financial sense. You can tap into its equity as a deposit for your next (larger) home, and earn rental income. It might pay off more in the long run.
It’s so worth crunching the numbers on some different scenarios to figure out the path that makes the most sense for you!
Explore renovation or extension alternatives
Instead of moving, would adding a dwelling or converting your garage work? It could be more cost‑effective and less stressful than buying.
Of course, there are some points to consider there too:
How much will your repayments increase?
Will an extension or upgrades actually add to the value of your property to justify sinking more money into it?
Talk to a mortgage advisor!
It’s rarely a one-size-fits-all answer and your unique circumstances have to be taken into account to come up with the best plan. Talking to a mortgage advisor (over here!) will give you an opportunity to play out all the different scenarios, fiddle with all the figures and get a true sense of how each option will impact and/or benefit you financially.
Whether that’s moving, investing, renovating - or a bit of all three - having the full picture means you can act with confidence.
Upgrading your home should support your family’s next chapter - not make your life harder! And sometimes staying where you are, but reshaping the space (or keeping it and building elsewhere) makes the most sense. If you'd like help running the numbers and weighing your options, that’s exactly what I’m here for!
