With the ever increasing popularity of shows like The Block and House Rules it’s not surprising The Housing Industry Association reports that these shows act as advertising for home renovations. So are you feeling the urge?
Renovating your property can be an expensive, yet often profitable practice that can take you on a roller coaster ride of many emotions from beginning to end - but where do you begin?
You know you have some great ideas on how to transform your property, but you are also well aware that you don’t have the necessary dollars to bring it to fruition. Will I be overcapitalising my property? Will I be able to finance it? What loans are available to me?
When it comes to taking on a project such as a renovation, its best advised to seek the input and assistance of industry professionals before you commence. Your local real estate agent or builder is a good starting point - they are conversant with the latest trends and understand what buyers are looking for. You’ll also need to talk finance at this early stage to ensure you can finance your project. This is where a good finance broker becomes an essential member of your team.
There are several options available for financing your renovations. If your project is a major renovation, you may consider looking at taking out a separate loan utilising the equity in your property or adding to your existing mortgage (if it is a variable rate or line of credit facility). If your renovation is a small or cosmetic, i.e. refreshing bathrooms or kitchens, then a personal loan may be more suitable. The bank may consider making all of the funds available to you up front, or they may wish to control the funds by drawing down on the loan and paying the builder as stages are completed. Your mortgage broker will advise you how the funds will be disbursed.
At Mortgage Choice, we have assisted numerous renovators to turn their renovation dream into reality. We will meet with you to discuss your plans, conduct a review of your current finances, including a home loan health check and provide you with recommendations that best suit your needs. With over 20 lenders on our panel, we have access to hundreds of loan options. We take the stress out of financing your renovations and help you reach your dream with a minimum of fuss. And best of all, our Mortgage Choice broking service is at no charge to you!
If you would like to find out more about how Mortgage Choice can help you with your renovations, then why not call Steve Sims on 08 6144 3230 during office hours, or mobile on 0433 124 081.