Before You Renovate - Plan!
The word renovations often inspires a little bit of nervousness - the ‘before’ effect is not quite as desirable as the ‘after’!
However, renovations needn’t be stressful. With a comprehensive strategy, you can largely avoid those hiccups that seem to creep up during the process.
To get started, it is advisable to create a budget for yourself and stick to it. Conduct realistic estimates of what labour and materials will cost you - and leave room for a little error.
Next, develop your finance strategy. Do you have savings you can draw from or will you tap into your home equity? Will the work be completed in stages or all at once?
If you are unsure of the exact way you will go about funding your project, it is worth speaking to a mortgage broker.
These financial professionals are well-versed in the world of home loans and its related products. You may find that refinancing will suit your needs.
There are a variety of options that include redraw facilities, top-up loans and equity loans. What you choose will depend largely on the size of your project and your personal circumstances.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.