Home renovation : the answer to an improved lifestyle?
It would seem that Australians’ addiction to DIY television shows is being felt closer to home, with 43% of homeowners planning a renovation.
So for those with renovation in mind, once you have settled on a renovation plan, it's important to turn your attention to how you intend to fund the project. Depending on the scale of changes, there may be a number of different finance options to consider such as a loan top up, personal loan, line of credit loan or even a construction loan.
To help local homeowners make the right finance decisions when renovating to create their dream home, seeking specialist help, like that from a mortgage broker, like myself, is a good first step.
While renovating is a great way to make lifestyle improvements, I encourage homeowners to consider a number of factors before redesigning their home, including but not limited to: ·
- Avoid over capitalising: Investigate whether you can achieve your renovation without over capitalising on the investment, that is, when the cost of the project outweighs the value it will add to your property.
- Add up all the costs: Do your homework so you know what costs you are up for from the beginning. Be realistic about what you can achieve with the budget you set yourself, and be sure to stick with it.
- Have a good builder on board: Undertake sufficient research to decide if you have chosen a builder and/or tradesperson who is fit for your renovation plans. Ask them for detailed quotes and testimonials.
If your thinking of renovation, for more information on how you could fund your home renovation, call Cherie Junek on 0414 877 696 or come and visit me at the Hills Homeshow this weekend.