Building and renovating
What you should know about building and renovating?
Building or renovating a home takes a lot more hard work and determination than simply buying an existing property. But it pays off: the emotional ownership you have over something brand new or with renovations you’ve been dreaming of for years, can’t be beat!
There are plenty of things to consider if you’re building your home or making some improvements. Have a read and think about how any of these could affect your plans.
Building your home
One of the main benefits is that building your own home allows you to tailor every single piece of the project – from floor plans to fittings.
But there are plenty of financial benefits you get from building as well. For instance, buying “off the plan” means you can access some certain government grants, while new homes often come with a warranty (ask your builder about that).
Additionally, building a new home from the ground-up means you can install more environmentally sustainable features, which can save you money down the track.
Before you build, though, there are some things you might want to consider. Take a look at each one of these before embarking on your building journey, and you may save yourself quite a bit of money:
Select the right financial package
You can select from house and land packages, off-the plan or custom build. Each option has its own benefits and drawbacks, so it’s wise to research all options first and decide which is right for you and your budget.
Choose a builder or contractor you can trust
Make sure they are licensed builders and research other properties that they have built, similar to the one you want. It’s important that you feel comfortable with your decision, before you sign on the dotted line.
Watch your spending
Factor in some extra funds for unexpected costs and have regular conversations with your builder to ensure your spending is on track.
Plan your budget for delays
While most builders aim to have your home completed on time, the weather or other unavoidable circumstances may mean there will be delays. If you are renting while the building is in progress, you may want to factor a bit extra into your budget to cover delays.
As you can see, there are a number of things to think about with building, not to mention what finance you’ll need. We offer finance for your building project, allowing for progress payments to be made to builders and contractors throughout the construction period.
But what about renovating?
Renovating your home
You may have been dreaming about making some changes for years – like a brand new kitchen or an outdoor entertaining area to spend more time with family and friends.
Renovations can breathe new life and make your home feel entirely new. But just like building a new home, there are some things you need to keep in mind too:
Get the right permits
Speak with your local council to determine what renovations are permitted (particularly for exteriors) and ensure you have all the right documentation before starting.
Use a builder or contractors you can trust
All renovations need to be built to code. You need a builder or contractor who knows their stuff and someone who is experienced with the type of renovations you’re doing.
Be careful with DIY
Doing renovations yourself can save a lot of money but you need to be careful that everything is up to code, you have the materials and you know what you’re doing. Make sure you get as much advice as possible from experienced tradespeople and those who have done similar renovations before.
Watch your spending and budget for delays
Just like building your own home, spending money on materials can quickly snowball. Watch your spending and set a budget to ensure you don’t go over what you can afford.
Pick the right financial option
It’s important to pick the right financial aid that can help you achieve your goals. Whether you’re building or renovating, we’re here to help and can offer you a range of loan products to assist with your property journey, no matter where you are.
We offer plenty of options like topping up on your existing home loan, redrawing on an existing loan or even access to an equity line of credit or personal loan. There are even financial products available if you want to base your renovation around sustainable improvements and environmentally friendly options.
Speak to one of our consultants today on 1300 654 822 and they will recommend the best option for your needs.