Upsizing for a Growing Family

Are you sick of treading on Lego each time you walk to the kitchen to grab a drink of water during the night? Kids sharing rooms? AND they all want a puppy?

How to do this though - without tying yourselves in knots? It’s about timing your sale, managing your money, and making sure you don’t end up stuck between homes.

Know Your Numbers Before You List

• Estimate what your current home will sell for, minus what you owe and selling costs (agents, legal fees, etc).

• This equity becomes your deposit and moving budget for your next home.

Get Pre-Approval for Your New Mortgage Early

• Before you start house-hunting, speak to a broker (me!) to secure pre-approval.

• This lets you confidently set a budget for your next home, knowing what lenders will offer based on your expected deposit and income.

Plan the Timing: Sell First or Buy First?

• Sell first: Safer financially; you’ll know exactly how much equity you have, but you might need temporary accommodation or a short-term rental.

• Buy first: More convenient if you find the perfect home early but may require bridging finance so you can settle on the new home before your old one sells.

Bridging Finance:

• A bridging loan covers the period where you own both homes.

Hidden Costs of Upsizing

• Larger homes mean higher costs: stamp duty, moving fees, utility bills, council rates, insurance, and often more maintenance - factor these in so you’re not caught off guard.

Work With Professionals Who Can Guide You

• Selling and buying simultaneously can feel overwhelming - this is where having a broker experienced with upsizers can help you structure finance options, understand lender policies, and plan for a smooth transition.

With the right strategy, upsizing doesn’t have to mean unnecessary stress or unexpected costs - it's the exciting next chapter your family deserves. If you’re thinking of selling to buy bigger, let’s chat about how to make it happen seamlessly.