3 Things to Do Before You Renovate
Summer is the perfect time for home renovations. You’ve finally got a break from work, the warmer weather means fresh paint dries fast, and temporarily swapping the kitchen for the outdoor barbie is practically painless. But before you get started, you need to take care of some basics.
1. Put a price on your dreams
Planning home improvements should start with knowing what you can afford to spend. You’ll need to know how much your renovations are likely to cost and whether realistically within your budget. Start by getting three quotes for your project, or for every major aspect of your project. If you’re talking to tradies make sure to get your three quotes in writing, and ask about timing and availability as well as costs.
Renovation costs are a reality
2. Sort out your finance
If you need to borrow money for your renovations, it’s time to get that sorted. When it comes to funding for renovations, builders and renovators are spoilt for choice. Depending on your situation you might want to refinance your existing home loan, apply for a personal loan, or consider a building and construction loan.
Just as you seek professional advice on your home improvement project, you should ask for help with your finances. A professional adviser can investigate the available loan options and help you find financing options to match your circumstances. You can also get advice on costing the available options, so you’ll know if the monthly repayments will be within your budget.
3. Review your insurance
Home insurance policies can contain certain clauses that come into effect when you’re renovating. It’s worth checking with your insurer whether you need to take any measures to remain safeguarded during your renovations. And once you’ve finished renovating, it’s important to update your insurance policy to match the value of the work undertaken. If you’re already talking to a mortgage adviser, ask if they can help you review your cover too.
Preparing and planning the financial aspects of your home improvements first puts you in the best possible position for a successful build. Now you’re really, really ready to get started!