Browse Forums Home Finance 1 Apr 15, 2007 4:46 pm Hi all,
We are looking to do a major renovation in the next few years involving the total installment of a new kitchen, reno of the old bathroom, adding a back verandah, and raising the house. I am not sure of the total costs yet (although I do have a horrorfying figure in my head). I have done a budget for the bathroom and I think we will pay cash for that. My partner wants to pay cash for the other things (big $$!) but I am wondering if I might have some other opinions? We don't have the cash together for a reno like that, we would have to save and that would take an estimated four to five years to save for. I was wondering what other payment options others have opted for? We only bought our house in September last year so we wont have much redraw power yet. The reno was planned right from the beginning of buying the house, as it is a great old Queenslander in the right area, so the $$ spent will still make it a great investment. Any opinions are welcome! Thanks, Kim Re: Finance options for renovations 2Apr 16, 2007 1:02 pm We bought our house (in Brisbane) in January 2006 at a good price and had the power to 'top up' our existing loan by $40,000 no problems after 12 months.
We're about to restump, build front and rear decks totalling 80m², remove an asbestos roof and a metal tile roof and replace with Zincalume, new gutters, insulation etc. If you want to finance all the renovations without using a builder, you'll need to do it as an Owner Builder, in which case I don't know of any bank who will lend you more than 80%. Otherwise, you're stuck with a builder, and they do cost a lot more. Cheers, Lotte Re: Finance options for renovations 3Apr 29, 2007 12:16 pm Hi if you are using a builder you will need to organise a fixed price contract, the lender may do a valuation on the end product which will give you an instant increase in equity. Wayne www.alphamortgagesolutions.com.au info@alphamortgagesolutions.com.au Contact us for a free consultation for advice on how to structure your loan for maximum benefit you were just referred to get advice from your solicitor. This is a legal matter. Separately, why would you use a buyers agent for a house and land package? 3 42812 I ran into trouble finding a lock that would fit my particular door, like your situation with your pivot door. I wanted a safe lock that couldn't be messed with easily. 4 25705 Standard uninsulated double brick has an R value of around 0.7. An insulated standard 90mm stud timber frame can have an R value of around 2.7. Even if you insulate a… 17 10156 |