Renovating your home always seems like a good idea when you get tired of your current decor. However things can become difficult if you haven’t budgeted your renovation correctly. The money always seems to run out.
Greenspan’s experienced lending staff have helped hundreds of clients renovate their properties and have put them on solid footing to make sure that they have their renovations completed on time and within budget. Our renovation budget planner allows you to take into account every detail so you can plan your budget effectively.
Depending on the scope of your renovation, you may need an equity loan or a loan with progress draw downs.
If your renovations are only cosmetic and do not require a builder or major structural works you may get away with an equity loan. This way, you control your funds and you determine how they are spent. As long as you keep to your budget, you’ll find that these small renovations can be completed over the course of a few weeks or even weekends.
Typically these renovations can include some landscaping up to replacing your kitchen or bathroom. Generally these reno’s won’t require you get council or planning approvals.
If your renovations are more extensive and require authority from local councils or require the use of a builder to conduct the works, you may need a renovation loan with progress draws. These loans are very similar to a construction loan. The reason this structure is used is to protect you by ensuring that your builder completes the work as specified in the Building Contract.
Typically your renovation would include some structural work, either the addition of rooms or levels and/ or removal of structural walls to your home.
These renovations can be easier to plan as the builder will cost the project for you and will allow for the costs within the contract. The only caution we recommend is to minimise your variations to keep costs reasonable. We recommend a contingency budget to allow for any of those unforeseen costs of your project.
If you’d like more assistance with financing your renovation, get in contact with us.
Call for a friendly chat when you are ready on 1300 500 300 or fill in the form below to learn more about the intelligent way we construct clever Renovation Loans.