An interesting article out today says people are shying away from renovating their home because of being unsure how to finance it and bring it all together.
(source: The Advisor https://www.theadviser.com.au/breaking-news/31430-refinancing-for-renos-too-difficult-survey?utm_source=The+Adviser&utm_campaign=The_Adviser_Bulletin04_02_2015&utm_medium=email)
If this is you and you’re living in a tired old box you hate STOP! We’re here to help!
Sure, its less straight forward than a normal housing loan but it’s not rocket science. I love renovation and construction – I’ll happily give you stories (horror and otherwise) and take you through the right steps.
- Own a property anywhere in Sydney and you’ve been in it for more than 2 years – there’s every likelihood you have a bucket of equity to draw on, simple.
- Major renovations: We can use builders plans to show the bank how wonderful your new home will be
- Unsure about what it would cost – theres only one way to find out, ring a builder and get a quote
- Uncertain how much value it would add? I can prepare a report for you which shows other homes in your area that are like your finished project.
- Wondering if it wouldn’t be best to just move? I can help you work the maths on this too.
- Concerned about the repayments? Well this is the only bit we can’t take care of for you ongoing, but we’ll make sure they’re manageable or give you options like fixing while rates are low.
A current example:
I have beautiful clients local to me with an older solid red brick home – they need some more space and another bathroom. we’re currently refinancing them and because they have enough equity in their home they will be able to control all of the repayments to the builder in their own time. The end result will be a fabulous new master bedroom and ensuite with parents retreat for a little under $90,000 – for them to move and upgrade their home (and probably change the kids school, certainly lose Friday afternoon cocktails with the neighbours) it will cost them close to $60,000 so in this instance it makes much more sense to have the fabulously refreshed home they love for only another $30,000.
Truly, trust a construction loan expert and ask the questions before you give up on your beautiful dream home (with the same address). Ask me now!