There are a number of vital facts you must consider:
- What is the cost of renovation to meet your current as well as future needs? Don’t just assess your immediate needs as you are likely to want more in the future. Also add 10% to 15% to quotes as you will want to change as you renovate.
- Is this expenditure going to over capitalise your property, meaning will you be able to sell it in the future and recover your costs?
- When looking at purchasing as an alternative, allow for costs you will not recover such as commission on the sale of your property, Stamp duty and legal fees and cost of moving. These add up.
- How much disruption will the renovation produce? Will you need to rent somewhere while the renovation takes place?
- How will you match your financing between selling your place and purchasing another?Will you need additional funding until your house is sold?
- Last but not least, budget for new household items. Don’t believe that all your existing furniture and appliances will simply be used in your new home. Never happens.
There are some very exciting loan solutions available and we can seek out the best financing alternatives to suit your needs.