Let’s be honest, when your family starts to grow, your living space can feel like it’s melting away faster than an ice block on a summer’s day. Suddenly, every spare corner is claimed by a playpen, a tricycle or an explosion of tiny shoes. Somewhere between tiptoeing around Lego and playing musical chairs with the cot and coffee table, the big dilemma hits: do you renovate so your current place will fit your expanding crew, or is it time to find new digs with room to stretch?
The right move is different for everyone, but the journey doesn’t have to be a game of guesswork. This is where a knowledgeable Mortgage Choice broker is worth their weight in gold, helping you assess your options, dodge financial potholes and land on a plan that fits your family’s needs.
Why the need to upsize is a Common Fork in the Road
Life with kids comes with a lot of “stuff”: prams, toys, and high-chairs galore. Suddenly, the home that felt spacious pre-kids seems more like a glorified cupboard. But the decision to renovate or relocate isn’t just about space. Families often weigh up other factors, like:
- Financials: Can you afford a more expensive home? How DIY-friendly is your budget for renovations?
- Lifestyle: Are there parks, schools, or childcare centres close by? Is the commute to work manageable?
- Emotion: Does your current home hold sentimental value, or are you itching for a fresh start?
It’s not an easy choice, but a Mortgage Choice broker can help remove much of the financial guesswork from the equation.
Renovate or Relocate? The Mortgage Broker’s Playbook
A Mortgage Choice broker will help you assess your current financial position and take you through your options, from leveraging home equity to exploring new loans. Here’s where a broker really shines when you’re about to make some big decisions:
Renovating through Refinancing
Love the location of your current home but need an upgrade to make it work? Renovating could be the answer. A mortgage broker can:
- Help you access equity: If you’ve been chipping away at your mortgage and your home has grown in value since you bought it, you might have equity you can tap into. A broker can help guide you on how to refinance your mortgage to access these funds.
- Set realistic budgets: Don’t forget the not-so-obvious costs. Renovations often spring a few surprises (that ‘open concept’ you wanted could uncover wiring that belongs in a museum). A Mortgage Choice broker will help ensure your loan repayments are manageable and include some wiggle room.
- Keep things simple: A broker will sort out the paperwork and negotiate with lenders, leaving you free to focus on choosing paint colours and tiles.
Relocating to Meet Your Needs
Sometimes, a new space in the perfect spot is the only solution. A larger backyard, better school districts, or simply a fresh start might make relocating more appealing. Here’s where mortgage brokers step in:
- Affordability: A mortgage broker will look at your income, expenses and goals to determine if taking on a larger loan is doable or if you’d need to sell your current home to make it work.
- Explain more complex loan products: First-home buyers might be familiar with basic mortgages, but upgrading families can explore options like bridging loans, which allow you to purchase a new property before selling your existing home.
- Break down hidden costs: From moving expenses to stamp duty, a mortgage broker will help ensure you’re not blindsided by unexpected expenses.
Considering the Big Picture
A Mortgage Choice broker doesn’t just crunch numbers; they help you think about the long-term impact of either decision. Is staying put in line with your family’s plans for the next 10, 15 or 20 years? Or would a move align better with your lifestyle and work commitments? They’ll ask all the right questions to help clarify your goals.
Pro Tip for Budgeting Parents
While working out the financial side of things, don’t forget to factor in the day-to-day expenses that come with raising children. This is where the Care for Kids childcare subsidy calculator can be a game-changer. Working out how much you’re spending (or might save) on childcare helps paint a clearer picture of your household budget. More savings = more funds for that dream kitchen or bigger backyard.
The Family Financial Checklist will also help you gain clarity over monthly costs and prepare you for those big financial decisions ahead.
The Takeaway for Growing Families
At the end of the day, the decision to renovate or relocate is a deeply personal one. It’s all about what works for your family, your lifestyle, your budget and your long-term goals. But here’s one piece of wisdom you can bank on (pun intended): involving a Mortgage Choice broker early in your decision-making process can save you time, stress and quite possibly money.
They’ll provide you with the home loan options that can help you secure the solution that's right for your family, now and into the future. And as you’re planning your next steps, don’t forget to check out tools like the Care for Kids childcare subsidy calculator to fill in any gaps in the financial picture.
Mortgage Choice Pty Limited (ABN 57 009 161 979, Australian Credit Licence 382869) and Smartline Operations Pty Limited (ABN 86 086 467 727 Australian Credit Licence 385325) are owned by REA Group Limited.
