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  • Steph Delaporte

Renovating: Where to start

So you've decided to renovate your existing home? Exciting! No matter how big or small your project is, from upgrading your kitchen or bathroom to a knock down project, you’ll need a budget and plan.

Creating a budget and a plan doesn't have to be difficult. Veteran renovator Cherie Barber says 'Before you get started on your home renovation, pick paint colours, fabrics or furniture, sit down & decide on a style – that is, a theme or general look for your whole home.' Creating mood boards is a great way to get your ideas down and lock in your style. Use Pinterest boards to find the things you love and sort your ideas into boards. You can then create your mood board online using Canva, Photoshop or a google docs so you can share with others. While you're creating a mood board it's good to have an idea of your budget so you're not picking all the expensive fixtures and finishing's that will blowout your spending. You'll thank yourself later if you're organised in the early stages.

The amount of money you should spend on your property really depends on many factors and we recommend doing your research first. What are similar properties in your area selling for? Is there buyer demand? Is your property close to local amenities? We can pull a free property report for you which will answer many of these questions. The general rule of thumb is to spend no more than 10% of the property price for cosmetic renovations and up to 40% for structural renovations.

Be realistic with your budget - allow for unexpected costs and don't over capitilise. Cherie says "No matter how experienced you are, there are some things that just can't be anticipated. You should ideally have at least 10 per cent of your budget for contingencies, otherwise you'll have to balance cost blowouts in one area by cutting costs in another."

Use a google docs or excel spreadsheet to list items and their cost and when you get quotes from trades be sure to question every detail and compare like for like.

Once you have a budget in mind, you may need to borrow money to fund your renovations. Increasing your current home loan or refinancing to another lender could be a good option for you if:

  1. You’ve built up enough equity

  2. Your home has increased in value since you purchased it

Lenders will let you borrow up to 80% of the home loan to fund your renovations which is a welcome relief with interest rates at a record low, you're most likely to pay less interest compared to personal loans and credit cards.

If you're ready to get started and would like to know if refinancing is the right option for you, contact Nicki to discuss your situation by emailing or calling 0498 050 002.


Image by Chris Ross Harris


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