Consider the following questions before you embark on your project and be prepared from the get-go;
- Is renovating the right option? How much value will your renovation add? Is there a risk you'll over-capitalising? Would you be better off buying another house or building a home from scratch?
- What are your financial options? Know how you’ll fund the project. Do you have equity in your home? Are you redrawing on your mortgage? Or are you refinancing?
- What's your budget – Crunch the numbers and set a solid budget. It’s also a good idea to include a 10% buffer to cover unexpected extras or surprises that can pop up.
- What professionals will you hire? – Are you going to be using an architect, draftsperson or builder? Do your homework by looking at their previous work and perform some checks with regulatory bodies, like Master Builders Queensland.
- Is your property protected? – The right Home and Contents Insurance can protect your property if it's undergoing some renovations.
Home loan calculators
Whichever way you’re planning on funding your renovation, it’s a great idea to work out the figures so you know you’ll stick to budget, know what you’ll pay if you increase your mortgage and what your home could be worth in the future. Try out our online calculators and get your results in under 60 seconds.