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8 ways to help finance your reno

May 22, 2015 Leave a Comment

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If the popularity of television shows like The Block is anything to go by, Australians donโ€™t just love theirย homes โ€“ theyย also love to decorate, renovate and generally improve them.

If youโ€™re bitten by the renovation bug, rest assured, a well-planned renovation can give your lifestyle — and your homeโ€™s value — a welcome boost. However, the key is to focus on improvements with broad market appeal and give careful thought to how you will fund the project, something that is often glossed over in renovation shows!

Arbour
ME customer Neil Ellis renovated this home and profited $335,000!

So here’s howย you can finance your project:

1. To avoid overcapitalising โ€“ where you spend more on the renovation than the value it adds to your home — consider the market in your area to be sure your improvements will fit in. Adding a fourth bedroom for instance, can make sense if you live in a family friendly suburb, less so if youโ€™re in an area popular with young singles.

2. Next, put your hard-earned cash to work where it will deliver the greatest benefit. High quality kitchen and bathroom renovations almost always add value to a property. The same canโ€™t be said of outdoor spas or swimming pools, which can be high maintenance and donโ€™t always deliver a fiscal return.

3. Itโ€™s also worth thinking about eco-friendly renovations. Home buyers canโ€™t get enough of green features like rainwater tanks, energy-efficient appliances and drip-feed irrigation systems. Along with adding value to your home, youโ€™ll also save on utility bills.

Fireplace
ME customer Neil Ellis renovated this home and profited $335,000

4. Planning a renovation is exciting, but before thumbing through colour charts or carpet samples, itโ€™s critical to think about how you will pay for it all. If youโ€™re starting from scratch, you may have to make a few lifestyle sacrifices in order to get a decent amount of money together. Your home loan is a valuable tool here offering a low-cost source of funds, and there are a number of options to weigh up.

5. If youโ€™re ahead with your loan, a redraw facility provides easy access to those extra payments. If you need a little more cash, a home loan top up could be the solution. This simply means bringing your loan back to its original level โ€“ or borrowing a bit extra, and itโ€™s a far simpler process than refinancing to a new loan.

6. A top up works best for non-structural improvements like painting, adding new floor coverings, or kitchen and bathroom makeovers. The funds are generally paid directly to you, providing the flexibility to complete the project in your own time.

Leadlight windows
ME customer Neil Ellis renovated this home and profited $335,000

7. For structural renovations like adding a new extension or an extra floor, a construction home loan can be the answer. Lenders will ask to take a look at your building plans, so youโ€™ll have the benefit of an extra set of eyes checking the quality of your project. Funding is then provided as a series of drawdowns as various stages of the project are completed. The beauty of this approach is that you only pay interest on the funds drawn down.

8. Finally, remember to be upfront and realistic about your budget. Itโ€™s very easy to get caught up in the excitement and go overboard โ€“ decide on a budget for your renovation project and stick to it.

—ย Patrick is head of home loans atย ME, a bank owned by the industry super funds committed to helping everyday Australians get ahead.

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One half of popular parenting podcast @wedonthavet One half of popular parenting podcast @wedonthavetimeforthis, turns out former Neighbours actor @gemma_peanut is even more multi-talented than we thought! Will you check out the joyful and colourful reno of her holiday home (and airbnb) @yo_caba_caba?!

Head over to the blog via link in bio to read all about why she went bold and full of pattern in this project, which is a stark contrast to her zen and neutral Northern Beaches abode.

There's also plenty of details about where things are from etc.

"Iโ€™m not an interior designer so I just chose what I liked and followed my gut. Ultimately this home has been an opportunity to explore my alter ego โ€“ it allowed me to do things that I wouldnโ€™t normally do.โ€

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Not many friends in life fall into the unofficial Not many friends in life fall into the unofficial family category and they're a special gift. So ends three weeks with @danisteve81 who left her husband and son in the UK (I'm forever grateful they lent her to me!) to come and cheer me up and help me in the most practical ways after I spent Christmas and New Year in hospital. There were tears and I miss her so much already but how amazing to have had all that time together as adults. Such a rare treat and would never have happened without having been through something so challenging. Silver linings and all that. So many other friends have also been incredibly thoughtful and kind. There aren't many times I'd say this without cringing but I am 100% blessed!

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Excuse me while I die of a cute attack ๐Ÿฅฐ @damia Excuse me while I die of a cute attack ๐Ÿฅฐ @damianfrancis 

This doesn't happen often these days!
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About Olivia Shead

When she's not writing for Interiors Addict, Olivia is now a TV and radio news producer. She's a journalism graduate of UTS Sydney.

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