Improve your property with a Home Renovation Loan

Renovating your home is a great way to improve the amenity of your property. Aside from the aesthetic improvements, renovation may also boost the capital value of your home (important if you are looking to sell it in the near future). Or, if it’s an investment property, a renovation may increase the rental income you are able to charge tenants. Kitchen upgrades, new bathrooms, landscaping, and wooden decking tend to generate the highest return on investment (ROI) from renovation loans in Australia

How to Finance A Home Renovation?

An average Australian homeowner may spend months or even years saving enough money to fund home renovations.

But this option can have adverse consequences. It may delay the start or urgent repairs, which can further damage the property. And you may be forced to choose below-average renovation solutions because of budget constraints.

This defeats the purpose of home renovation as poor-quality renovation may even reduce your property value.

To finance a major house renovation, it might be best to apply for a home renovation loan. Whether you just want to upgrade your kitchen or make the rooms more spacious, there are hundreds of loan options in Australia that could fit your financial needs.

What You Need to Do Before You Apply for a Home Renovation Loan

Before you shop around for home renovation loans, you should first come up with a game plan. Try to answer the following important questions:

  • Is your renovation project really worth it?
  • How long will it take to complete the renovation project?
  • Where will I (or my tenants) stay during the renovations?
  • How much can I borrow?
  • Will I have enough income to pay the loan?

You’ll avoid tons of stress if you have an organized plan for your home renovation project.

Be sure to take a good look at your financial health before you apply for a renovation loan.

In addition, when you are planning your home renovations, it helps to have enough buffer just in case you need more funds.

List down all the projected expenditures and be sure not to underestimate the prices.

Home renovations are notorious for cost over-runs, so be extra careful with your budgeting.

Shop around for Home Renovation Loans with us

Looking around for home renovation loans is exciting but can be overwhelming.

There are hundreds of lenders out there with thousands of different loan products. Comparing the detail of the credit policies, rates, fees and terms is a huge job.

To save you time and energy, it can be best to work with a mortgage broker loan specialist.

Remember, home renovations are expensive, so it is crucial that you get this right.

For home renovation loan inquiries, please call SYOM on 1 300 256 081 or send us an email to hello@syomortgage.com.au