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Renovating? Read this

Oktay Sengoz

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25/10/2022

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1 min read

In the absence of choice, what do you spend your extra savings on?

Is it a new car, new kitchen or a total makeover on your home? Most people are spending more time at home, with extra savings, and are looking at ways to spend their money.

One way to spend your extra savings is renovating or upgrade your home. I mean why not, you are spending more time there anyway and if you cannot go overseas to enjoy a pool in a resort, why not build a resort style in your home.

Whilst upgrading your home is a great idea as most times you add value to your property, it’s important to understand what’s involved.

Here are a few tips

Work out a budget...and stick to it

This is an important one as you can get carried away once you start. Spending more on tiles, kitchens, furniture is effortless to do.

Plan out the renovations yourself

Project management could get quite challenging, however you will save yourself thousands if you can manage the trades and plan it out.

Understand your end goal

Is this property your forever home, or will you be selling in the next few years? This should determine if you get Miele appliances or no name.

Understand your loan options

Obtaining a loan for renovations is very common and an acceptable reason to draw on your equity. Some lenders will give you the funds to control, and some may want to control the funds by way of progress payments (payments made as works have been completed).

Whatever you do, obtain the funds before you start the renovations as most lenders will not lend to a property that requires essential repairs, i.e., missing a kitchen or bathroom.

Talk to us today to about your loan options before renovating or starting that resort pool in your backyard.

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