Home Renovation with a Commonwealth Bank Home Loan
The fastest way to add value to your home is to renovate. It can also save you having to experience the inconvenience of moving in order to obtain more room. When you decide to move you will have to uproot your family from their friends and schools and it could take quite a while before everything settles down again. Renovation can achieve the same end, by giving you that extra space, while the family remains settled.
Give your home that ‘x’ factor through renovation.
Renovation is also a great tool used by property investors to add that ‘X’ factor to a home that makes it stand out from the others. It adds value to the property immediately and is often the difference between a successful turnover or otherwise when it come to reselling.
Commonwealth Bank home loans are renovation friendly and you will be encouraged all the way to proceed with your renovation plans when adding value to either your own private residence or to a rental property you have invested in that the bank is financing. If the property you are renovating is an investment property you may also find the costs are tax deductible or can be depreciated over a period of years.
Renovation vs moving. Factors to consider.
If you are undecided on whether to renovate or sell up you should take into consideration what is happening concerning property prices in your neighbourhood at the present time. Are prices stable, are they tending to rise or are they in fact falling. What is happening in the market is important to what price you can expect for your existing home because you must keep in mind that you will need to buy another home and it will most likely be dearer especially if you are planning on upgrading.
Another aspect to consider is what it is you are actually leaving. Can you see changes occurring in your neighbourhood? Do you see a future there for yourself or your family, or as a an investment? Would your lifestyle be enhanced if you were to move or would you find your present lifestyle hard to replace? All worth serious consideration before you actually contact your Commonwealth Bank home loans officer to arrange your renovation financing or talk portability on your present home loan.
If you have come down on the side of remaining where you are and to go ahead with you renovation plans you must do it right by carrying out the following actions:
- Have your plans put to paper and professionally drawn up showing all details.
- Present your plans to your local council building department for approval.
- Prepare for the inconvenience of having the renovations taking place where you are living. It may be preferable to move out temporarily while the renovations are taking place.
- Decide if you are capable of carrying out any of the work yourself or how much will have to be carried out by qualified tradesmen.
If you feel it will all be too much to handle perhaps moving home would be a better choice. Whether you stay and renovate or sell up and move Commonwealth Bank home loans will be there to help you all the way.
Bringing in expert opinion.
Your renovation result will be considerably enhanced if you commission the assistance of an expert interior designer to give advice as regard to any colour scheme, floor plans and the like. Such professionals will also be of great help with any plans you have to renovate your kitchen or bathroom areas. An independent point of view can be of great help when it comes to complementing the existing appearance and feel of the property you are seeking to enhance.
Renovating costs.
It is important that you don’t go overboard and spend too much on your renovations so that your home becomes overvalued for the area it is in. This is especially important for property investors. If you spend more than the house will finish up being valued you will have lost money on your venture despite it being the best home in the street. For this reason it is also important to watch for cost blow outs. Stick to a tight budget and know what it is you wish to achieve and remain focused on your end result. Make sure that any work carried out by tradesmen is fully quoted for and in writing.
Source materials carefully.
Building materials can be the most expensive part of the whole renovation process. It is here where you must choose carefully. Don’t buy off the first retailer you come across and don’t be afraid to ask other people who you know, who have been renovating, where they sourced their materials from and why. In these days of being environmentally conscious look for products that could save on power and water usage into the future. Such things as insulation and energy efficient lighting are sound choices and could also pay dividends if you come to sell at a later date.
Manage your project professionally.
Only draw down on the funds from your Commonwealth Bank home loans as you need them. If you draw down on the entire cost you will pay interest on the whole amount from day one. If you only draw down as you need the money you will only be paying interest on the amount you are using. A Commonwealth Bank Viridian Line of Credit home loan is ideal for this type of usage. If you haven’t access to a line of credit option you can apply for a home loan increase that has a progressive draw down option built in.
Get written quotes from various tradespeople and only employ fully accredited and qualified people who are willing to sign their quotes. Have all appropriate contracts drawn up before any work starts and all should go reasonably smooth.
Related posts:
- Commonwealth Bank Interest In Advance Fixed Rate Investment Home Loan
- Commonwealth Bank Economiser Discounted Base Variable Loan
- Commonwealth Bank Viridian Line of Credit
- Negative Gearing Tax Implications with a Commonwealth Bank Home Loan
- Commonwealth Bank No Fee Variable Rate Home Loan
- Commonwealth Bank Complete Home Loan Standard
- Commonwealth Bank Wealth Package Loan ($500,000 plus)
- Commonwealth Bank Wealth Package ($150,000-$250,000)
- Commonwealth Bank Wealth Package ($250,000-$500,000)
- Home Renovation
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