Whether you’ve been living in your home a long time and are after a change of pace, or are moving into an established house in need of a bit of love and care, renovations are often a big part of owning a property. With so many home improvement options available to get your creative juices flowing, it can be tempting to jump straight into a project without thinking things through completely – but you need to be aware of a few important points before getting hold of a construction loan.
Here are some helpful hints to guide your project in the right direction.
Do your math
Like most things in life, there’s a pretty large cost to renovating your home. Before you even look at a sledge hammer, think about the financial cost from all angles. You’ll need to be completely aware and entirely prepared before approaching your home loan provider – after all, you don’t want to be caught out in the rain after borrowing more than you can afford.
Make sure you have covered all the possibilities and go through your building plans with a fine-tooth comb. No matter how small your project is, it’s important to be aware of all the charges you’ll likely face throughout the process. The more thorough you are with your approach to budgeting, the less likely you are to overspend – or attempt to fit a large renovation into a shoestring budget.
Using your money wisely
Part of the budgeting process is figuring out where your money will have the most impact. If you intend to make your property a long-term home, think about how your needs will change and develop over time. A house that can adapt to your growing family or shifting requirements can also be an easier property to sell when the time comes.
Modern appliances and state-of-the-art design might appeal to you now, but will it need to be replaced in only a year’s time? Consider how you want to live both now and in the future, and plan your renovations accordingly.
You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we’ll call you!
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.