One in two homeowners plan to renovate in 2015

February 19, 2015
Michelle Wishart

Almost 50 per cent of Australian homeowners intend to renovate their property in the next 12 months, according to Mortgage Choice’s latest Happy As Index.

Across the country, one in three respondents said the bathroom was on the top of their ‘to do’ list. This was followed closely by kitchen and lounge room renovation plans.

It was likely that television programs such as the latest season of The Block would motivate Australians to kick start their own home renovations early in the year.

Of course before any renovations are started, it is critically important for homeowners to research the costs involved and prepare a budget as well as a timeline plan.

Regardless of whether you are looking to make small cosmetic changes or demolish an entire room, you need to budget for the renovations and determine exactly how you will fund the project from the get-go.

Depending on the scale of the renovations, there are plenty of ways a person can fund the process, from using their savings, to a loan top-up, refinancing their mortgage or even a construction loan.

To help make the right financial decisions when renovating, it is a good idea to seek help from a home loan expert. Call George Cremona on 0429707655 or email george.cremona@mortgagechoice.com.au to find the best solutions for your financial needs.

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