September 30, 2017
With Christmas and the summer months fast approaching, many people start to think about renovating their home. The warmer weather means we have more daylight which means more hours to get the work completed. If the work is structural sometimes its best to be out of the way, and mini breaks away can be more enticing when you don't need to pack heavy winter gear.
Who wouldn't want to be splashing around in a new pool once the weather heats up. A new kitchen for Christmas may just ease some of the pressures of cooking for many. An updated bathroom could be worth its weight in gold when you entertain frequently, and an extra room for relaxing will be handy for when you just need to take a moment.
If you are planning on a large renovation, you do need to think about the work you want completed and a realistic timeframe. Living amongst construction works during Christmas would be memorable but perhaps not the memories you were hoping for if you had other plans.
You also need to think about how much you wish to spend. Even with a firm quote things can happen that are outside of your or your contractors control. This could mean you need to find extra cash quick to cover any extra works needed.
Before you start signing building contracts, it might be a good idea to review your current home loan to see if there is sufficient equity to pay for the quoted works plus any allowances for contingencies. If the value of your home is estimated to be $500,000 and you owe $380,000 this does not mean that all lenders will allow you to access the full $120,000 as equity. Some may only allow you to access a portion of that amount, and some lenders may want mortgage insurance included.
For a free home loan health check, and to see how much equity may be available for renovation works, Call today on 0413 848 063 or simply click on the Book Now link to make an online booking.