Ultimate guide for home upgraders

Is it time for a home upgrade? Whether your family is outgrowing your Sunshine Coast home or it’s time to find our forever home, we have the ultimate home upgrading guide just for you. With the property market not showing any signs of slowing down you might be wondering whether you should sell or renovate. Read on for all the answers you need..

How to know it’s time to upgrade

Do you love where you live, but not your house? Has work changed and your commute is longer now? Are your kids getting bigger and need their own rooms? Have you transitioned to working from home but you don’t have space for a separate office in your current home? 

There are many reasons in life people decide their current home is not working for them anymore. Usually, you know it’s time to upgrade. But, exactly how to upgrade is where most Sunshine Coast homeowners get stuck.

Should I renovate?

Australians are a nation of renovators. We love a good reno before and after on social media or TV. But is it right for you? Before you jump on the reno bandwagon, it is worth considering the following questions.

  • Do you have enough cash – or access to your current home’s equity – to cover the full cost of renovations as well as a good buffer for budget blow-outs?
  • Can your family deal with months of renovations while living in the house? Or do you have somewhere to stay during major renovations?
  • How quickly do you want to upgrade your home? Would it be better to sell up and buy so you can move right in? Or are you willing to take the time to renovate your current house for long-term gain?

There are many advantages to renovating your home to upgrade it including that it can be cheaper than buying a new house, you get to stay exactly where you are and it can increase the value of your home.

On the flipside, you should be wary of overcapitalising and going over budget as well as whether you can achieve your “dream home” by changing your current one.

The good news is that in this property market, your equity in your current home has likely increased and refinancing with a mortgage broker can be an effective solution to paying for renovations without the stress of selling and buying another property. 

Should I buy and sell?

Renovations are not for everyone, or every house. Upgrading your home by selling it and buying a better one can sometimes be the smarter decision for Sunshine Coast homeowners. You’ve gone through the process of buying a house before so you know what to expect. You’ll know all the things to look out for when inspecting a property and making your offer. You know that getting pre-approval through a mortgage broker is the best way to confidently make the right offer.

When contemplating buying and selling in order to achieve your home upgrade, consider the following factors:

  • Buying and selling includes packing and moving, however, some people prefer this to the prospect of messy and unpredictable renovations.
  • Whereas renovating can suffer budget blowouts, buying and selling houses the costs are known. When working with an experienced mortgage broker, they will manage the housing finance for you!
  • Finding the right property will take time and includes inspections, the offer process, as well as figuring out your finance options.
  • Buying can be more expensive than renovating your current home, however it’s important to consider all the factors involved in both options before making a decision.

Did you know that there are many financing options available when trying to sell and buy houses at the same time?

Should I knock down and rebuild?

An alternative to renovating parts of your current home is a complete knock down and rebuild option. This is when you completely demolish your existing property and build a new one on the same land. Here’s a quick snapshot of things to keep in mind with this option:

  • If you are in a good location, the land value will be higher than the value of your house on top of it. By rebuilding, you retain and increase the overall value by having a new house on the existing land.
  • If your house needs major renovations to upgrade it, a knock down/rebuild can in fact be cheaper with the right builder.
  • Similar to renovations, a full rebuild is going to take time and delays are common.
  • You will need alternative accommodation while your current house is demolished and your new one is being built.
  • Watch out for any local council approvals and pitfalls for rebuilding on your land.

If you think rebuilding will suit you, talking to a mortgage broker is a good first step to understanding finance options available to you before you start getting quotes.

How much should I spend on my home upgrade?

No matter what option you choose, financing your home upgrade is going to be a big consideration. If you are looking to renovate, you want to spend enough money for worthwhile improvement while avoiding overcapitalising. If you choose to buy and sell, you need to consider the market and whether you’ll be able to buy the right property after you sell your current home. If a knock down/rebuild is for you, you’ll need enough cash and a buffer just like you would with a reno.

Researching the property market is a good first step to understanding what you might get for your house if you sell it, and what the properties that suit your upgrade dreams will cost you. Seeking quotes for renovations and full demolish/rebuilds will then help you compare the options.

How much can I afford on my home upgrade?

It’s not much use dreaming of a home upgrade and researching costs if you don’t know how much you can afford! If you haven’t talked to a mortgage broker in awhile, now is the perfect time to see how we can help you achieve your dreams. Mortgage brokers have a legal duty to work in your best interests so we will always take the time to understand your goals and personal financial circumstances before recommending options.

If you are wanting to renovate, we can help you understand how much equity you have in your current home that you could access to pay for the upgrades. If you are wanting to buy and sell, we can assist with a range of financing options to make it work for you. If you are wanting a knock down rebuild upgrade, we can advise of the financing process you’ll need to pay for it.

What is rentvest and should I rentvest for my home upgrade?

Rentvesting is one further option to consider to achieve your property dreams. Rentvesting is where you rent a property that suits your lifestyle needs while owning an investment property in a location you can afford. This is an increasingly common trend in Australia and many Sunshine Coasters find this is a way to get into the property market without sacrificing their property dreams.

Checklist for home upgrade

Here’s a handy checklist when upgrading your home:

  • Research all your options to decide what is right for you and your family
  • Make a budget
  • Find your current home’s value 
  • Apply for conditional approval for finance

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What our Clients Say

Sunshine Coast Financial Solutions - Mortgage BrokerExcellentSunshine Coast Financial Solutions - Mortgage Broker5.0 Based on 485 reviews fromSee all reviews review us onAimee BiceAimee Bice ★★★★★ I highly recommend Chris and his team @ SCF Solutions to anyone going through a divorce or any other life transition that involves financial decisions.Chris’s expertise, practical approach, and easy-going nature provided the clarity I needed to make informed decisions about my financial future. Chris’s open and honest manner empowered me with a strong understanding of my financial position and lending capability which eased the burden associated with the division of the matrimonial home. He treated me like a priority and provided valuable guidance and support every step of the way as I navigated through an emotionally challenging time.Communication during critical times in the process such as loan approval and settlement was outstanding, even when this fell over the Christmas/New Year period. Someone from his team was always available to answer any questions or concerns and provide reassurance when needed.Second time I have engaged Chris over the past 8 years, and I can proudly say I will remain a lifelong customer!If you want the best possible mortgage to suit your specific financial situation then you can’t go past Chris and his team.Jill EllisJill Ellis ★★★★★ Chris and his staff members are always very helpful and informative.Callum EllisCallum Ellis ★★★★★ Another brilliant experience with the SCFS team. Excellent from start to finish - thanks so much Chris and the team 👍Sophie FrohloffSophie Frohloff ★★★★★ Spoke to a few of the team at SCFS and couldn’t fault any of the staff! Most of our homeloan process was with Adam and he was exceptional, took extra time to explain whatever was needed in detail when it didn’t quite make sense to us. Great communication from the team, 100% recommend!Melissa FreemanMelissa Freeman ★★★★★ Excellent, thank youRyan76314Ryan76314 ★★★★★ My partner and I had Jo and Shanina from SCF help us with our home loan, everything was quick and effortless which is what we wanted. Highly recommend them!We also just had a 1 year review from Tracey and she ensured we were still getting the best rate :)Mark RussellMark Russell ★★★★★ AmyAmy ★★★★★ Chris and his team have helped me again to buy a property which was a stress free and quick process. I have complete trust in Chris and would highly recommend his business.BaykaiBaykai ★★★★★ Chris and the team have been very helpful throughout the process keeping me informed every step of the way.SCF saved me lots of money from my current loan and will keep an eye on it from now on.Well done teamDanica RizzoDanica Rizzo ★★★★★ Adam and the team made our process super easy and they were very helpful. Would definitely recommend them ☺️stacey angelidesstacey angelides ★★★★★ Chris and his team made financing our new home purchase a smooth process that left nothing to chance. With his support we were able to confidently bid on and secure our dream home and he made sure we had the very best deal we could achieve in record time.Chris coached us through each step and was always available to answer our questions and provide guidance when we needed it.Overall his team is professional, friendly, helpful and always approachable.We couldn't have achieved the result we did without his help and we would definitely use his services again.We can thoroughly recommend Sunshine Coats Financial Services and Chris Wilson to anyone looking to arrange their finance. You won't be disappointed!Tom PearceTom Pearce ★★★★★ Chris & the team have been fantastic from start to finish. Patient, professional & supportive throughout the whole property purchasing journey. They have gone above and beyond to help me into a property, I am very happy with my experience from start to finish. I can’t speak highly enough of their transparent and professional approach.Joy DyerJoy Dyer ★★★★★ Once again, Chris and the team at SCF have provided us with excellent service. They are professional, efficient and always available to answer questions and concerns. We would highly recommend them.Ersen TuzluErsen Tuzlu ★★★★★ I recently purchased my home using the SCF Solutions for my financial needs, and I must say that I had a fantastic experience. The person who handled all my transactions on my behalf, Daryl Hermann, was extremely meticulous and efficient. His attention to detail and promptness in completing all the necessary tasks left me truly grateful. I highly recommend SCF Solutions for anyone in need of financial services. Thank you, Daryl, and the entire team at SCF Solutions for your outstanding support!Alan MurrayAlan Murray ★★★★★ Chris and his team were absolutely fantastic.Clear and transparent from the start, SCF made the experience of buying our home seamless.Highly recommend SCF for your lending solutions.Craig JenkinsCraig Jenkins ★★★★★ So much thanks to Chris and the team at SCFS. We had a very difficult and compressed settlement subject to many finance extensions. The whole way through the journey the whole team were absolutely professional and got us into our new home.I Very highly recommend there services toAll.Your sincerelyCraig Jenkins & Katherine ThompsonJustin WijayaJustin Wijaya ★★★★★ Adam and the team at SCF have been fantastic in finalising my re-finance. Adam provided insightful knowledge on lenders that would be more suited to my situation and the best avenues to go forward with. He achieved my expected result within a really short timeframe. No question was too silly. Can’t recommend Adam enough.Amie FitzgeraldAmie Fitzgerald ★★★★★ The team were amazing to work with. They made the process so easy, kept us updated on the process and gave us multiple options to achieve our goals. Couldn’t recommend them enough!!Peter NotmanPeter Notman ★★★★★ Chris and the team make it so easy and hassle free. Cannot recommend them highly enough and wouldn't use anyone else apart from them.Candice ShippCandice Shipp ★★★★★ Chris is very professional and always does everything to help us out!Sonia LynchSonia Lynch ★★★★★ Chris and the team were fantastic in helping us get our mortgage for our first home in Australia. They helped us through the process and were supportive, attentive and helpful throughout the entire process. I would heartily recommend SCF!Elliot BakerElliot Baker ★★★★★ Chris was great to deal with, straight to the point and got what we needed done. Explains everything you need to know in detail.Extremely happy with the outcome 👌🏻Tony DavisTony Davis ★★★★★ I am a repeat client of Chris and his team. In every experience I have had has been 100% positive. Chris and his team do everything possible to make every step through the process explained and run smoothly. I highly recommend anyone looking to finance or refinance to talk to Sunshine Coast Financial Solutions.Sam McGuireSam McGuire ★★★★★ the scfs team were fantastic from start to finish in getting my new loan. Nothing was a problem for them. Getting everything sorted very fast. Very fast replies and always keeping you updated.I can't recommend daryl and the team enoughThanks againFleur BrennetFleur Brennet ★★★★★ Chris, Shanina and the rest of the team were so super helpful, understanding and really got the best rate for me! Not only that their communications were so clear, consistent and they were always available for help and advice! Would highly recommend to anyone!! Thank you team!!Daniel SwartDaniel Swart ★★★★★ SCFS have assisted us with brokerage a few of times now and Chris, Matt, Shanina and the team have been fantastic every time!Brooke ThomasBrooke Thomas ★★★★★ We recently worked with Chris and his exceptional team. The experience was nothing short of magical – the team worked seamlessly to navigate the complex world of mortgages. Their expertise and dedication made the entire process smooth, leaving us thoroughly impressed. I highly recommend this team for anyone in need of mortgage assistance.Jarryd duffyJarryd duffy ★★★★★ Another positive experience with Chris and the team. We won't go anywhere else after dealing with Sunshine Coast Financial. Honesty and transparency as always.Teagen AllisonTeagen Allison ★★★★★ A huge thank you to Chris and the team who helped us secure a loan in only 2 days.We sent the enquiry last Monday and by Wednesday had the approval.Chris and the team even managed to secure us a better interest rate.Incredible service as always. Hassle free and such an easy process.We cannot recommend enough.Matthew TerrillMatthew Terrill ★★★★★ Proactive and excellent to deal with, would recommend highly to anyone.CSCS ★★★★★ Daryl helped with refinancing my home loan. The whole process was quick, seamless and very professional. I would highly recommend SCFS for their services and diligent work.Simon RoperSimon Roper ★★★★★ Chris and his team are consummate professionals, with incredible knowledge of the finance industry. Found us the best deal quickly and had approval in record time. These guys are a must if you want finance without fuss. We cannot speak highly enough of this Company.Luke RyanLuke Ryan ★★★★★ Chris and his team went above and beyond. We were first time home buyers and knew nothing about mortgages and the purchasing process. The process was made simple and stress free by the SCFS team.We purchased a property just before Christmas and Chris & his team were prompt and efficient and worked hard to make sure everything got over the line before the holiday period hit.I can confidently recommend their services. The real bonus here is that this is all at no cost to the purchaser. I will be using SCFS for any future loans and recommend their services without hesitation. Get around it and give them a call.Janine JGJanine JG ★★★★★ Chris and all the team at Sunshine Coast financial solutions have been absolutely fantastic. I cannot fault their service, professionalism and assistance with all my financial needs when I was obtaining finance.. refinancing and buying land. I'm not savvy at all in the finance area so the staff were incredibly helpful and highly efficient at getting me all the information I needed and helped me to understand what I was doing. I highly recommend them to anyone who needs help in this area. Thanks to Shanina especially... You really know your stuff and I couldn't have done all of this without you.Emily HallEmily Hall ★★★★★ My partner and I recently worked with Daryl, Chris and the team at SFC solutions and I just have to rave about them! They made the whole mortgage process a breeze. From the moment I reached out, they were super responsive and attentive to all my questions. They really took the time to understand my financial situation and goals, which made me feel confident in their expertise. They guided me through each step, explaining everything in simple terms. I couldn't believe how smoothly everything went. Working with Daryl, Chris and the team took the stress of being first time buyers away. If you're in the market for a mortgage, I highly recommend giving them a call. They're the best!Sarah FairleySarah Fairley ★★★★★ The team were fantastic. We got an appt the next day and they started working on getting us finance straight away. Such good communication, so friendly and went the extra mile for us, definitely recommend!!Des EichmannDes Eichmann ★★★★★ Damon AveryDamon Avery ★★★★★ That's team,Made it so easy, great communication, will be back when we need to refinance again!!!Tiaki ChaplinTiaki Chaplin ★★★★★ Thank you Chris & Team! You’ve done it again. It’s been 2 years since we first approached Chris at SCFS to assist us with remortgaging our home at the time which he did and we had an exceptional experience. We have since moved entering the market again recently and we would never go anywhere else, this time is no exception to the last - another exceptional experience. Chris and his team are so professional, incredibly efficient and extremely knowledgeable not to mention down to earth. I would recommend Chris and his team at SCFS to anyone requiring mortgage assistance and I would even go as far as to say that you’re mad if you don’t. Thank you for making our dreams come true, yet again. So bloody grateful guys! Thank you! 🙏kelvin scottkelvin scott ★★★★★ Chris, Matt and the team at Sunshine Coast Financial Solutions were incredible throughout the whole process! Guided us through step by step and we're happy to answer any questions and give advice. Super quick to respond and reassured us confidently as we navigated applying for a home loan.tisa imlachtisa imlach ★★★★★ We have been using Joanne from SCF Solutions for a number of years for all of our mortgage services. Joanne always goes above and beyond, ensuring a smooth and efficient process. We recommend her services to everyone we know looking for mortgage solutions. 10/10 for service, friendliness, security and trustworthy communication.H PettyH Petty ★★★★★ Highly recommend. Excellent customer service.Ika AlbersIka Albers ★★★★★ My partner and I are first home buyers and new to the country. Navigating this landscape therefore was extremely unfamiliar territory for us hence looking for support. After a google search and reading through the reviews it was a no brainer to give these guys a call. And I can confirm everything that has been shared in other 5 start reviews. Chris and Daryl have been supporting us through our Journey and they have helped us with everything and anything. Answering many, many.... many questions, being incredibly patient and superb in their followup. As we have one foreign income in our household some things were a bit tricky when it came to finding bank for a mortgage. Chris has helped us tremendously (and still does) along this confusing journey of buying a house. They never forgot about us and have been on the ball from the get go. The conversations where light, informative and always clear. We also had a few laughs along the way, making it even more of a pleasure to work with them.I wholeheartedly recommend Sunshine Coast Financial Solutions. Give them a ring and you'll experience it for yourself.David UprichardDavid Uprichard ★★★★★ Chris and the team were a pleasure to work with and were very efficient and helpful with every step of the way.Louise OwenLouise Owen ★★★★★ SCF have been incredible during the process of buying our first home. They went above and beyond to make sure everything went perfectly and made sure we received the outcome we wanted. They were quick and responsive and gave great financial advice. We will be recommending to all our family and friends. Thanks Chris and team!Daynah LawrenceDaynah Lawrence ★★★★★ Chris and the team at scf are fantastic, I can't speak highly enough of them. My husband and I were first home buyers and Chris was completely transparent with us the whole way. They also worked very first as our situation was time sensitive. We could thank the team enough for making things happen for us, and securing a great rate. We have snd will continue to recommend scf to people. Thanks again.Casey HenslerCasey Hensler ★★★★★ Huge thank you to Joanne at SCFS! She was our saving grace when going through the process of buying and searching for property. She made it clear and easy to understand our budget and made the process of obtaining finance a breeze! Joanne is so polite and lovely, and made our experience with SCFS easy and enjoyable! We will be using her again in the future!Patrick ConwayPatrick Conway ★★★★★ Thanks to Chris, Matt & Shanina on helping us get our first home on the coast. Such a relief to finally get finance, being a sub contractor FIFO worker makes it tough getting finance. Chris and the team were great every step of the way. Highly recommend, cannot thank them enough!Cameron PrichardCameron Prichard ★★★★★ Chris and the team were awesome every step of the way. Always happy to return emails or calls even when out of office hours. Buying our first property we were nervous & stressed but the team made us feel comfortable and made the experience stress free would highly recommend to anyone needing there assistance.Meer DeeMeer Dee ★★★★★ Fantasticjs_loader