Stuck at home and wanting to renovate? Here’s what to consider.
With so much time at home, could there be a better time to tackle your home improvement to do list?
Here we take a look at a few things to consider from the scale of your renovation through to funding your project during COVID-19.
Dipping into DIY
Has staring at an unsightly feature wall more often these days prompted you to pick up the paintbrush? Or, now that your weekends are freed up of social activities and kids sport, it may be time to roll up the sleeves and get into some landscaping before the next big bbq (whenever that could be!).
Either way, it’s a great time to tackle those smaller jobs around your property, and it could make home life much more pleasant - especially at a time when you're at home more to enjoy it.
Although be careful before heading down to the hardware store during these coronavirus days, police are issuing fines to those who venture outside without a valid reason. While some retail businesses such as Bunnings continue to welcome customers, despite their strict rules around social distancing, it’s best to check with your local store what their safety measures are. You will need to check government websites to ensure you have the most up to date information on restrictions and non essential travel, see business.gov.au.
Large scale renovations during lockdown?
A renovation such as a new kitchen or bathroom can transform your day to day life dramatically and it may seem like a good idea when you have more time at home - however the bigger the project, the more critical it is to get things right and put aside a fair amount of time and effort, particularly in the planning stage.
While we don’t have a crystal ball on what the future holds, it’s important to keep property values in mind. You don’t want to overcapitalise, especially if you're planning to renovate and sell shortly after as you may not recoup your money the way you expect to. However, if you intend to stay in your home for a while, this may not be a consideration.
You may also be wondering if you can have tradespeople in your home during COVD-19?
In short, yes, many tradies are still out and working but always best to check. While it may seem a bit strange during these coronavirus days to have people in your home - you will need to ensure both yourself and the tradespeople are taking all the right precautions and following the Department of Health’s social distancing and health and safety guidelines.
We’re here to help
When it comes to finances, it’s important you work out what your renovation will cost and how you intend to fund the project. Depending on the size of your project, you may want to consider alternatives to dipping into the savings.
Some fundings options to consider could be using funds from redraw in your home loan if you are ahead on repayments, a personal loan or maybe applying for cash-out release on your existing property. That said, some banks are changing their policies around cash out right now in response to the coronavirus pandemic, so best talk to your broker before you get too far down the track.
Contact your local Mortgage Choice broker today, and they can help you explore the funding options available to you based on your personal needs.
