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  1. #1
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    Default Increasing mortgage, have you ever?

    Have you ever increased your mortgage by $100-200k in order to live in a different area or upgrade your home?
    Last edited by 2BlueBirds; 09-01-2013 at 18:34.

  2. #2
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    We did in 2009. We sold and bought and went from a $200k mortgage to a $300k mortgage. I would have preferred not to, but had to in order to buy a suitable home as we were in a two-bedroom unit.

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    nope , we are considering getting an "add loan " of about 20/25k later in the year to build a shed though .

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    Default Increasing mortgage, have you ever?

    We will be increasing ours by a few hundred thousand in order to upgrade in terms of space. But can't afford to do it until I go back to work.

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    Yes. I would rather not have had to but with a third on the way and a house that was already too small it was necessary.

  6. #6
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    Default Increasing mortgage, have you ever?

    We spent about $175k on second storey renovation to live in the area we are.

  7. #7
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    Default Increasing mortgage, have you ever?

    Yes we are increasing ours by about $220k to both upgrade our home and move to a beachside suburb. We have a modest 3x1 at the moment.

  8. #8
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    Default Increasing mortgage, have you ever?

    Yes, mid last year we increased our mortgage by 120K for a renovation. Although the total actual cost including drafting, extras etc is probably another approx 30K on top of that eek!!

    Our reno involves an extension of a 1920's Queenslander with an extra bedroom and ensuite plus a new kitchen and main bathroom and the addition of a large covered deck at the back of the house. The cost also includes internal and external painting.

    We are now 6 months into a supposed 6-8 week reno which has been quite stressful as we've been living with my parents in their townhouse (but that's a whole other thread - lol).

    Fingers crossed we will be moving back in this weekend and hopefully once ensconced in our "new" old house it would have been worth it . In our recent experience though, renovating definitely isn't for the faint hearted!!

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    Default Increasing mortgage, have you ever?

    Yep - we upped ours by about $300k to buy this house in 2009 , it was a great price on a huge block in our dream suburb down the street from my parents! It's increased in value more than that now so it was a great move

  10. #10
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    Thanks for your responses. Our $200k will increase by around $150-225k soon when we move to our dream suburb. I feel excited about it as I really want to move there, but sick at the thought (even though we can afford it now as dh has a higher earning job compared to before we had the kids ).
    Last edited by 2BlueBirds; 09-01-2013 at 19:38.


 

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