5 Proven Strategies to Upgrade Your Home Without Losing Your Sanity

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About the video
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Are you feeling cramped in your current home and ready for an upgrade? In this video, we'll explore five strategies for upgrading your home without the risk of being left homeless. From simultaneous settlements to bridging finance, these proven techniques will help you navigate the process of buying and selling a home.

1 Simultaneous settlement: This strategy involves buying and selling a home on the same day. It's a rare but 100% possible option that can save you money on rental or lending fees. To pull it off, you'll need to be a suburb expert and have a clear idea of the type of home you're looking for. You'll also need to include a settlement condition or longer terms in your offer. Most lenders are willing to approve a loan even if you haven't sold your current property yet, as long as the sale is made a settlement condition.

2 Selling your home first: While selling your home first can be a good option, it does come with additional costs such as renting or moving back in with family. One way to minimize these costs is to rent back your property, either through a rent back clause in your offer or by upholding an existing tenancy agreement. However, this can reduce the attractiveness of your home, especially if the rent is below market value.

3 Bridging finance: If you don't have enough borrowing power to buy a new home without selling your current one, bridging finance can be a useful option. It provides a home loan to cover the cost of the new property until you receive the funds from the sale of your current home. Some lenders may even allow the interest on the bridging loan to be capitalized, meaning you won't have to make mortgage payments during the bridging period. The main advantage of bridging finance is that it allows you to take your time selling your home without having to rush into a new purchase.

4 Home loan portability: Home loan portability is a feature that allows borrowers to transfer their home loan to a new property without the need to take out a new home loan. Essentially it’s where you keep your loan but change your home.

5 Leveraging equity: If you have a lot of equity built up in your current home, you may be able to use it to finance your upgrade. This can be done through a home equity loan. Keep in mind that these options will require you to take on more debt, so make sure you're comfortable with the additional monthly payments before proceeding.