Upsizing By Adding on
Although upsizing can be a dream, it also comes with its fair share of stress, upheaval and expenses.
Maybe a renovation is in order instead!?
If you’re thinking of renovating there are always a few things we need to know before we recommend the right lender.
- What’s your property worth now and what do you owe on it?
- What’s your budget?
- What sort of works are you doing?
- Will you be doing it yourself or through a licensed builder/tradie?
If you have enough equity in your home now to cover the renovation and the renovation is non-structural (that is we aren’t adding on, knocking down walls or changing the roofline) we can generally fund renovations without needing to go down the path of progress draws.
Be aware that once you start your renovation, previously unseen issues with the house can present themselves meaning budgets can be stretched or blown pretty quickly.
We’ll usually allow for some extra costs to be covered on top of your renovation budget just to make sure these events are provisioned for. You’ll only pay interest on the money you actually use, so if you don’t need it, don’t use it and we can adjust the loan amount and repayments when you’re finished.
So here are our recommendations before you renovate:
- What needs to be done and what are the priority jobs?
- What’s your budget
- Check the value of your property – ask an agent or a valuer, or we can get a pretty close idea through RP Datae for you
- Talk to your builder and make sure your budget and works are aligned
- Talk to your favourite mortgage broker (that would be us) about your loan options and approval process
- Get the loan approved, your plans into council, your contract signed and then:
- Get to work on upsizing that home!
Give us a call at Central Coast Mortgages to assess whether this might be the option for you.
CONTACT US TODAY
We are based on the beautiful Central Coast, between Sydney & Newcastle and we offer a complimentary home loan broking service.
Make an appointment today for an obligation-free chat, to talk about what you need and how we can help.