IS UPSIZING ON YOUR WISHLIST?

With a generation of baby boomers entering retirement there is no end of information available regarding tips to downsizing from a home. Yet for a generation of homeowners with entirely different needs, what do you need to know when it comes to upsizing your residence?

Common reasons for upsizing

Chances are you’ve been perfectly happy in your first little house or apartment, but life evolves and with that so too do our living requirements. Reasons for upsizing may include:

marriage
having children
a growing or blended family
starting a home business
additional family moving in
buying a larger property while keeping the first as an investment
windfall/inheritance

Before you start…

Moving on to a new stage of life can be both exciting and scary. The most important task is to define your goals and do your homework before you proceed. Key points you should consider are:

Long-term goals

What are your future plans in terms of lifestyle, kids’ schooling, additional children, potential investment or financial return? When choosing the size, type and location of a property, asking yourself these questions will help you define the right property for both now and in the future.

Borrowing power

We can help you determine your current equity and potential borrowing capacity for your individual circumstances. If you haven’t had a property valuation for a while it’s possible that during that time, capital growth or renovations have resulted in equity you didn’t realise you had.

Ask us for a property report for your area

If you require a valuation we can assist you with a referral to our property valuation specialist to determine what potential equity you may have.

Additional costs

A larger home will also translate into increased costs. Some of the costs which should be factored into your financial considerations are:

Maintenance costs – lawns, gardens, painting etc. Swimming pool? Make sure you add pool maintenance
Utilities – include transfer costs, plus heating and cooling a bigger space will probably mean larger ongoing utility bills
Property taxes – council rates will most likely increase. Don’t forget stamp duty either – this is often a significant cost in a property purchase. Land tax may also be applicable
Home insurance – home insurance premiums will increase exponentially with the value of your new property
Furnishings – with more rooms to fill you may want to factor in not only more furnishings, fixtures and appliances but the need to review home and contents insurance
Renovations – are renovations part of the plan in order to ensure your new ‘dream home’ matches your dream?

Research and consideration of all possible costs involved in upsizing your property will help you move forward with confidence.

As your finance specialist, it is our role to help you explore finance and structure options most suitable to your individual circumstances and your future financial goals.

Getting ready!

So…you’ve explored your financial options and you’re almost ready to take the leap. What’s next? Now is the perfect time to start preparing for your big move, especially if you’re contemplating listing your current property for sale (or lease) in the next peak selling/buying season.

Decluttering

This can be both necessary and cathartic but remember you will also be filling a larger space. Assess items on usefulness – there’s no point in tossing something only to have to buy a replacement. Start packing and storing now – not only will you declutter your home ready for market, but you’ll also be ahead of the game come moving time.

Painting and repairs

Ideally, you will only want to spend as much as is necessary to ensure or improve the market appeal of your property. Seek guidance from our experts.

If upsizing your property is on your wish list this year then call our office and we will gladly book you in for a chat to discuss your options.

*Disclaimer: This article is generic in nature. All investment decisions should be considered wisely and based on your personal and financial circumstances. Seek proper advice before committing to any course of investment action. This is not deemed as advice.

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4 Tips For Finding That Perfect High Yield Property

By Kola Dev • March 19, 2025

Any property guru worth their salt will tell you that a dream property investment has nothing to do with a prestigious address or sleek amenities. The ultimate goal, is to find that perfect “high yield” property that will give you maximum returns for as little input as possible. Yield refers to the amount of cash a property produces as a percentage of its value and is calculated by the rental income you are receiving compared to the purchase price. There’s a lot more that goes into the calculations, which I’m happy to run you through, but to give you an idea on what to look for, I’ve put together some simple tips. 1. Do your research. There are plenty of stats out there that will give you the median rental yield for each suburb. This is a great place to start! 2. Look for dual income properties such as a house with a granny flat. You can potentially have two streams of rent coming in, meaning the chance for a higher rental yield significantly increases. 3. Have you thought about looking rurally? Country towns offer some great properties at a low price and because the cost of living is low, the rental yields tend to be higher. 4. Always think forward. Be on the lookout for up-and-coming areas and ask yourself if they’ll still be flourishing in five years time. At the end of the day, you need to be realistic. Just because a property has a high yield doesn’t mean it’s going to be a great investment. As a mortgage broker, I can talk you through your options for investment loans so you can see what your monthly outgoings might look like. Please call our team on (03)8657 8664 or email reception@futurefinancegroup.com.au to arrange an appointment.

7 Quick Ways to Upgrade Your Home

By Kola Dev • March 19, 2025

The continuing boom in property prices has tempted many homeowners to invest in renovations to maximise the value and then put their home straight on to the market. There’s no doubt you stand a better chance of enjoying a great return on your investment if you modernise your home. Properties that enjoy a mix of the traditional and the contemporary are in big demand among today’s buyers and nothing ticks the boxes more than a brand new kitchen or bathroom. Two increasingly popular features at the moment are a dedicated home office and a design that connects the indoors with a garden or entertaining area. But renovation projects of this size can become expensive. If your budget doesn’t allow for large-scale upgrades, there are plenty of ways to enhance the value of your home at little cost. Here’s a seven-point guide to upgrade your home. 1. Break out the brushes It’s amazing how a fresh coat of paint will improve a property. Don’t focus only on the walls but attend to the skirting boards, ceilings and architraves. Select neutral colours as these make rooms feel bigger. 2. Go green Small-scale improvements to your gardens work wonders. Focus on the front yard as this creates an all-important first impression. 3. That’s entertainment If your property lacks an area to entertain, this is a great low-cost project to enhance your property’s desirability. Consider adding a deck or a barbeque area. 4. Floor ’em A mixture of different floor types can make a home feel bitsy while a home with consistent flooring creates a great sense of flow. Replacing the floor can be a painful project but you’ll be amazed how much bigger your home feels. 5. Say it with storage You can never have too much storage. A bedroom without built-in robes is just asking for clothes on the floor. Think about storage in bedrooms, bathrooms, kitchen and laundry and looks at ways to create clever storage solutions in nooks and under the stairs. 6. Kitchen upgrades If yours is a little tired, don’t worry – you don’t have to rip it out and spend big dollars. Consider replacing only the doors, drawers and handles. You’ll achieve a transformation at the lowest possible cost and it will feel like new. 7. Unbeatable bathroom Like the kitchen, this can be an expensive renovation. You can avoid replacing tiles by using a professional company to spray-paint them. This treatment can also be applied to sinks, baths and showers. New tapware and shower screens complete the refresh for a fraction of the cost of ripping and replacing. Please call our team on (03)8657 8664 or email reception@futurefinancegroup.com.au to arrange an appointment. *This article is provided for general information only and does not take into account the specific needs, objectives or circumstances of the reader. Before acting on any information, you should consider whether it is appropriate for your personal circumstances, carry out your own research and seek professional advice.

7 Tips for Organising Your Finances Before You Buy A Home

By Kola Dev • March 13, 2025

There are many tips for buying a property, but there’s one essential element that no one can avoid - getting your finances in great shape before you start. Knowing what you can afford is a critical element of finding your first home or the next one that takes you higher up the property ladder. The most successful buyers begin their search with their finances in order and a pre-approval letter from their bank or lender. They know their budget and tailor their efforts accordingly. There’s no greater waste of time than visiting properties that are beyond your price range. Using a mortgage broker can help you shortcut the hours of research through various banking products and good brokers have detailed market knowledge and can offer an array of products. We can suggest the loans most suitable to your circumstances and assist you with paperwork, and review your credit history. We can also help you understand any grants or tax exemptions from state and federal governments that you may be eligible for. Below are a few tips for securing the finance that will help you find your dream home. 1. Clarify your finances If you’re a homeowner, you’ll need to obtain a valuation on your current property and provide proof of current earnings. A first-time buyer will ideally have 10% of the purchase price as a deposit to get the best interest rate and conditions for their first loan but the more the better. Money for legal fees, property inspections and taxes need to be set aside, too. Make sure your tax returns are up to date to prove your earnings. It will make life easier. 2. Low barrier to entry You can obtain a conventional loan with as little as 5% of its total as your deposit. Some government-backed loans do not require a deposit. 3. It pays to save The more you save, the less you borrow. And that means lower your monthly repayments for you over the term of the loan. 4. Go for a grant First-home buyers should research the current grants from various levels of government that are designed to encourage them into the market. 5. Credit crunch You’ll need a good credit history to be attractive to lenders. Check yours out by using companies such as Experian and Equifax. If your track record is not the best, we can discuss ways to address this. If errors appear in your credit history, dispute them immediately. 6. Find the right loan You can save thousands of dollars by choosing the right mortgage product for your situation. It pays to shop around and make a note of not just the interest rate but the fees that come with it and other services that may be offered. As your mortgage broker, we can guide you through this process. 7. Be pre-approved A written undertaking from your lender will help you focus on what you can afford, as well as signal to a prospective seller and their agent that you’re not kicking tyres. Watch out for lenders who will only “pre-qualify” you, as this represents only an estimate of what you can afford and does not offer any guarantees of intention to lend. Please call our team on (03)8657 8664 or email reception@futurefinancegroup.com.au to arrange an appointment.