How To Finance Your Renovation Project

How To Finance Your Renovation Project
Renovating your home not only increases the selling value but also improves the quality of your life by transforming the property into your dream home. According to the Westpac NZ Construction Lending Specialist Francis Reade the most popular reasons for renovation include: – Cosmetic tidy ups before selling – Sprucing up the garden – Upgrading the kitchen – Building an extension for a growing family – Building an outdoor living area for entertaining – Adding an extra room for a home business – Building a minor dwelling to rent it out There are several ways to finance your home or investment property renovation without breaking your bank account: A Home Equity Line of Credit If you have enough equity in your home (for example if you house is worth $1 million and your mortgage is $400,000) the bank would give you an overdraft-type of facility that has a mortgage interest rate and you spend it when you want to, providing there is no major structural alterations to the existing home.   A Home Equity or Home Improvement Loan If you don’t have a lot of equity the bank would let you know the pre-approval amount they are willing to lend. The bank would control the loan. The customer would send the bank a copy of the contract and invoices for the renovation and the bank would approve the loan and pay the invoice directly to the contractor when required. Banks usually allow the owner to borrow up to 70 per cent of the property value. Renovation loans can cover a wide range of home improvements including driveways, extensions, landscaping, basic spruce ups like painting and floor coverings, swimming pools and more.   Apply for a...

Full Interior Home Renovation at Glen Eden

Full Interior Home Renovation at Glen Eden
We had the opportunity to renovate the full interior of this home. The owners wanted to create an open plan kitchen and living space. When we made our inspection, we could see how beneficial this would be to the space. Our inspection revealed that the wall in question was load bearing and therefore required council consent. Our architects drew up the drawings and applied for the consent and then our builders installed 4.5m Flitch beam to bare the   of the rafters so that the space could be opened. We fully removed the wallpaper from the interior of the house and plastered and painted the walls throughout. There were some areas  We removed the flooring throughout the home and supplied new carpets and vinyl. The owners opted to remove the fireplace and replace with a heat pump. The was an issue with dampness in the basement so we applied waterproofing to the floors and back walls to stop the damp coming in. By applying waterproofing to the basement it stops the issue of moisture ingress. It is fairly common to see homes with this issue when the basement has been dug into the ground. The waterproofing solution is the best way to protect the contents from damp. In some cases extra external drainage can also help. Throughout the home we installed PVC double glazing windows and doors for added insulation and a clean and modern look. We installed in wall insulation and ceiling insulation by pumping it in. For the ceiling we had to lift the roofing and pump it in underneath because of the type of ceilings in the...

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