Central Coast Home & Lifestyle Autumn 2021

PROPERTY and FINANCE

Landscaping can increase home value A striking, well-manicured yard helps to frame the exterior of your home. Hedges and shrubs can add height and create unique perspectives and dimensions for a property, creating interesting focal points, accents and backdrops. Additionally, they can be trimmed to specific shapes for

added beauty and curb appeal. Strategically planted hedges and shrubs can help disguise problem areas of property or hide secure areas of the property. An added benefit of planting shrubs and hedges is that they can help define or shape a property. They offer privacy, shade, and noise reduction by providing shelter around a house and garden, tender plants are protected from damaging winds and they will grow twice as fast. One of the best benefits of shrubs and longer it takes to sell your property, themore interest your new loan will tend to accrue. In addition if you don’t sell your existing home within the bridging period, you will typically be charged a higher interest rate. If your current home loan lender doesn’t offer a bridging loan, you’ll need to switch, which may result in early exit fees from your current loan (especially if you’re switching during a fixed interest rate period). It’s important to always read the key facts sheet and other loan documentation, as well as the lender’s terms and conditions, before making a purchase decision. Alternatives to bridging loans A bridging loan is not the only option to consider when buying a new house before selling your existing one. Other options could include: Altering thepurchasecontract- Depending on your circumstances, it might be possible to add a “subject to sale” clause on the contract for your new home. This means that the contract on your new home wouldn’t become unconditional until you have sold your existing home. Consult a qualified professional for advice before considering this option. Negotiating a longer settlement period on your new home could allow you some extra time to sell your existing home before your loan for the new one begins. If you are considering taking on a bridging loan, it could be a wise idea to also consider seeking financial advice from a suitably qualified professional.

hedges is that they can often be very low maintenance. Many varieties are easy to maintain and keep healthy, with little pruning or trimming needed throughout the year. There are also a wide variety of shrubs and hedges to choose from, depending on owner preferences regarding leaf size, future growth patterns, shapes, flowering options, and colours. In addition, most shrubs and hedges are evergreen so the property owner can enjoy lush green colour throughout the seasons.

Facts about bridging loans

It’s important to look at the pros and cons of bridging loans, because like any financial option, it’s important to do your research and compare your options before diving in. Bridging loans could help ensure you can buy your property straight away without having to wait for your current home to sell. Depending on how your loan is structured, during the bridging period you may only need to make repayments on your current mortgage. If the timing is right with the bridging loan and the sale/purchase, it could be possible to avoid the costs and hassle of having to rent a home in the period between the sale of your existing home and settlement of your new home. If you don’t sell or sell for a price that is not high enough or if you don’t sell your home in the required time, you could be left with a large interest bill, or risk the bank stepping in to sell your home. If your property sells for less than you expect, you could also be left with a larger ongoing loan amount, which could risk putting you into financial difficulty. It could pay to have a back-up plan. Bridging finance may require two property valuations (your existing property and the new property), which could mean two valuation fees, as well as other fees and charges for the extra loan. Interest is usually charged on a monthly basis, so the

41 Home & Lifestyle Magazine | Autumn 2021