Is there the pitter-patter of little feet? Or is your home looking a little tired? If so, it may be time to extend or renovate. But beware, costs can go through the roof!
First, you need to work out what you’re doing. Are you decorating or is it a renovation? Is it home construction or home improvements? Is your renovation structural or non-structural? A big renovation like an extension is structural and needs council approval and permits. Others are usually not so big like a bathroom renovation or a kitchen renovation. Also, it’s crucial to work out exactly what you can afford, keeping in mind that renovation usually costs more than you planned for.
As for finance, you can either draw from your savings or get a loan. If you go for a loan then there’s no shortage of options, and a lot of lenders offer renovator loans.
Depending on how much you want, and how much home equity you have, you can pick from either a home improvement or a home equity loan. And instead of a lump sum you can often choose to get the money progressively during the construction phase.
Personal loans are better for smaller projects like painting or putting in a new bath. Or a redraw on any surplus mortgage repayments you have made can fund your home renovation.
More information:
Popular home loans for building or renovating:
